« l>'/' / x^'W^

L ZONE GOVERNMENT

NUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1966

Including Laws Concerning Licensing

Of Insurance Companies

CANAL ZONE GOVERNMENT

ANNUAL REPORT

OF

INSURANCE BUSINESS

transacted in the

CANAL ZONE

DURING THE CALENDAR YEAR

1966

Including Laws Concerning Licensing

Of Insurance Companies
Digitized by the Internet Archive

in 2009 with funding from

University of Florida, George A. Smathers Libraries

http://www.archive.org/details/annualreportofin1966cana
CANAL ZONE GOVERNMENT

OFFICE OF THE GOVERNOR

Balboa Heights, C.Z. March 29, 1967.

Governor of The Canal Zone,

Balboa Heights, C.Z.

Sir: There is submitted herewith a report of insurance business transacted

in the Canal Zone during the calendar year 1966.

Respectfully,

Paul M. Runnestrand,

Executive Secretary.

The following companies were authorized to transact business in the Canal

Zone during the year 1966:

Aetna Casualty and Surety Company Hartford, Corm.

American-Amicable Life Insurance Company Birmingham, Ala.

American Capitol Insurance Company Houston, Tex.

American Employers' Insurance Company^ Boston, Mass.

American International Life Assurance Company of New YorkNew York, N.Y.

American Motorists Insurance Co Chicago, 111. Bankers Life Insurance Company of America Dallas, Tex.

Citizens Standard Life Insmance Company, Coi-pus Christi, Tex.

Colonial Insurance Company of Panama Panama, R. of P.

Commercial Insurance Company Newark, N.J.

Compailia General de Seguros, S.A Panama, R. of P.

Compaiiia Interamericana de Seguros, S.A Panama, R. of P.

Companfa Internacional de Seguros, S.A Panama, R. of P.

Compaiiia Istmena de Seguros, S.A Panama, R. of P.

Continental Casualty Company Chicago, 111. Continental Instirance Company New York, N.Y.

Equity Annuity Life Insurance Company Washington, D.C.

Fidelity and Casualty Company of New York New York, N.Y.

Fidelity and Deposit Company Baltimore, Md.

Fidelity and Guaranty Life Insurance Company Baltimore, Md.

Firemen's Insurance Company of Newark Newark, N.J.

General Insurance Company of America Seattle, Wash.

Gibraltar Life Insurance Company of America Dallas, Tex.

Hartford Accident and Indemnity Company Hartford, Conn.

Insurance Company of North America Philadelphia, Pa.

1 American Employers' Insurance Company licensed in the Canal Zone January 20, 1966.
International Service Insurance Company Fort Worth, Tex.

Liberty Mutual Insurance Company Boston. Mass.

Lincoln National Life Insurance Company Fort Wayne, Ind.

Maryland Casualty Company Baltimore, Md.

Mutual of Omaha Insurance Company Omaha, Nebr.

National Surety Corporation New York, N.Y.

National Union Fire Insurance Company Pittsburgh, Pa.

National Western Life Insurance Company Denver, Colo.

Panama Insurance Company, Inc Panama, R. of P.

Pan-American Life Insurance Company New Orleans, La.

Peninsular Life Insurance Company Jacksonville, Fla.

Royal Indemnity Company New York, N.Y.

Seaboard Surety Company New York, N.Y.

Service Life Insurance Company Fort Worth, Tex.

Transamerica Insurance Company San Francisco, Calif.

Travelers Indemnity Company Hartford, Conn.

United Benefit Life Insurance Company Omaha, Nebr.

United Services Life Insurance Co Washington, D.C.

United States Fidelity and Guaranty Company Baltimore, Md.

United States Life Insurance Company in the City of New YorkNew York, N.Y.

Wabash Life Insurance Co Indianapolis, Ind.
AETNA CASUALTY AND SURETY COMPANY

(No transactions in Canal Zone during 1966)

AMERICAN EMPLOYERS' INSURANCE COMPANY

Net

Premiums

Workmen's compensation $2.10

Auto liability (B.I.) 623.00

Auto property damage 513.36

Auto physical damage 7.04

Total ~ $1,145.50

Premium tax paid in Canal Zone $17.18

AMERICAN MOTORISTS INSURANCE COMPANY

(No transactions in Canal Zone dining 1966)

COLONIAL INSURANCE COMPANY OF PANAMA

Net

Premiums

Auto liability (B.l.) $48,112.01

Auto property damage 28,023.80

Hospital and medical 3,753.82

Auto comprehensive 6,356.27

Auto colHsion 30,675.71

Fire 7,244.05

Burglary and theft 7,194.83

Total $131,360.49

Premium tax paid in Canal Zone $1,970.41

COMMERCIAL INSURANCE COMPANY

Net

Premiums

Automobile and motor vehicle $4,220.87

Burglary and theft 0.00

Workmen's compensation 39,068.79

Liability other than auto 7,525.05

Accident 138.10

Miscellaneous 0.00

Total $50,952.81

Premium tax paid in Canal Zone $764.29

COMPANL^ GENERAL DE SEGUROS, S.A.

Net

Premiums

Fire $188.14

Surety 5,527.76

Liability other than auto 406.85

Workmen's compensation 11,264.37

Auto comprehensive 275.92

Auto liabihty (B.I.) 466.82

Auto collision 738.97

Auto property damage 363.47

Extended coverage 151.78

Hospital and medical 107.91

Total $19,491.99

Premium tax paid in Canal Zone $292.38

Losses
COMPANIA INTERAMERICANA DE SEGUROS, S.A.

Net Losses

Premiums Paid

Worlanen's compensation $338.67 $0.00

Liability other than auto 21. 07 0.00

Fire 1,853.15 0.00

Automobile 3,108.64 0.00

Inland marine 100.00 0.00

Total $5,421.53 $0.00

Premium tax paid in Canal Zone $81,32 $0.00

COMPA5JIA INTERNACIONAL DE SEGUROS, S. A.

Net Losses

Premiums Paid

Fire $902.15 $0.00

Total $902.15 $0.00

Premium tax paid in Canal Zone $13.53

COMPANIA ISTMENA DE SEGUROS, S. A.

(No transactions in Canal Zone during 1966)

CONTINENTAL CASUALTY COMPANY

Net Losses

Premiums Paid

Inland marine $7.87 $28.24

Accident 227.00 669.09

Accident and health 3,150.75 3,567.22

Hospital and medical (Cr.) 87.16 106.39

Group accident and health 2,039.63 1,718.16

Liability other than auto (B.I.) 30.10 13.14

Surety 115.00 0.00

Auto liability (B.I.) 2,088.72 0.00

Auto property damage 1,027.88 1,187.20

Auto physical damage 2,687.04 1,091.81

Total $11,286.83 $8,381.25

Premium tax paid in Canal Zone $169.30

CONTINENTAL INSURANCE COMPANY

Net Losses

Premiums Paid

Fire $2,266.20 $0.00

Extended coverage 631.15 0.00

Miscellaneous 858.00 0.00

Ocean Marine 0.00 11,016.60

Total $3,755.35 $11,016.60

Premium tax paid in Canal Zone $56.33

FIDELITY AND CASUALTY COMPANY OF NEW YORK

Net Losses

Premiums Paid

Workmen's compensation $100.42 $787.50

Total $100.42 $787.50

Premium tax paid in Canal Zone $1.51
FroELITY AND DEPOSIT COMPANY OF MARYLAND

Net Losses

Premiums Paid

Fidelity $604.16 $0.00

Surety 0.00 (Cr.) 127.16

Total $604.16 (Or.) $127.16

Premium tax paid in Canal Zone $9.11

FIREMEN'S INSURANCE COMPANY OF NEWARK

Net Losses

Premiums Paid

Fire $50,738.51 $347.08

Automobile and motor vehicle 251,162.62 108,264.25

Liability other than auto 7,371.68 1,452.15

Workmen's compensation 2,764.71 O.OO

Miscellaneoua 500.00 0.00

Total $312,537.52 $110,063.48

Premium tax paid in Canal Zone $4,688.06

GENERAL INSURANCE COMPANY OF AMERICA

(No transactions in Canal Zone during 1966)

HARTFORD ACCIDENT AND INDEMNITY COMPANY

Net Losses

Premiums Paid

Accident ,- $65.60 $0.00

Property damage other than auto 1.15 0.00

Surety 801.00 0.00

Workmen's compensation 0.00 160.00

Liability other than auto (B.I.) 1,227.49 0.00

Burglary and theft (Cr.) 431.52 OOO

Total $1,663.72 $160.00

Premium tax paid in Canal Zone $24.96

INSURANCE COMPANY OF NORTH AMERICA

Net Losses

Premiums Paid

ijcean marine $1,781.68 $0.00

Surety 5,328.39 0.00

Total- $7,11007 $0.00

Premium tax paid in Canal Zone $106.65

INTERNATIONAL SERVICE INSURANCE COMPANY

Net Losses

Premiums Paid

Auto hability (B.I.) $20,666.93 $202.00

Auto property damage 11,088.51 5,867.29

Auto physical damage 72,889.06 19,912.19

Miscellaneous 72.00 0.00

Total $104,716.50 $25,981.48

Premium tax paid in Canal Zone $1,570.75
THE LIBERTY MUTUAL INSURANCE COMPANY

Net Losses

Premiums Paid

Health and accident (Cr.) $54.00 $0.00

Group accident and health 0.00 ( Or. ) 312.00

Auto liability (B.I.) 53.00 0.00

Liability other than auto ( B.I. ) 4.00 0.00

Property damage other than auto 4.00 0.00

Auto propert)' damage 24.00 0.00

Total $31.00 (Cr.)$312.00

Premium tax paid in Canal Zone $0.47

MARYLAND CASUALTY COMPANY

Net Losses

Premiums Paid

Hospital $1,929.35 $0.00

Accident 332.06 68.80

Health 47.50 0.00

Group accident and health 1,308.00 1,255.07

Auto liability 31,070.39 4,771.46

Liabihty other than auto 6,800.29 29.50

Fidelity 2,804.50 223.15

Surety 53,134.00 0.00

Glass 28.00 0.00

Burglary and theft 5,959.61 2,135.45

Auto property damage 16,481.59 15,600.17

Inland marine 3,048.82 567.58

Property damage other than auto 2,610.47 671.32

Workmen's compensation 47,816.76 36,777.17

Automobile physical damage 45,427.90 18,188.10

Fire 3,442.26 45.00

Extended coverage 305.00 0.00

Miscellaneous 68.00 0.00

Total $222,614.50 $80,332.77

Premium tax paid in Canal Zone $3,339.22

MUTUAL OF OMAHA INSURANCE COMPANY

Net Losses

Premiums Paid

Group accident and health $11,986.32 $2,982.24

Accident 1,384.58 11.43

Health and accident 115,867.61 36,224.50

Hospital and medical 1,472,301.06 1,104,161.31

Total $1,601,539.57 $1,143,379.48

Premium tax paid in Canal Zone $24,023.09

NATIONAL SURETY CORPORATION

Net Losses

Premiums Paid

Surety $700.00 $0.00

Total $700.00 $0.00

Premium tax paid in Canal Zone $10.50
NATIONAL UNION FIRE INSURANCE COMPANY

Net

Premiums

Automobile and motor vehicle (Cr.) $4.85

Total (Cr.) $485

Premium tax paid in Canal Zone $0.00

PANAMA INSURANCE COMPANY

Net

Premiums

Fire $3,583.32

Workmen's compensation 88,332.66

Liability other than auto 10,797.82

Surety 27,627.43

Automobile 3,409.43

Miscellaneous 1,949.20

Total $135,699.86

Premium tax paid in Canal Zone $2,035.50

ROYAL INDEMNITY COMPANY

Net

Premiums

Extended coverage $11.00

Fire 31.00

Miscellaneous 165.00

Surety 0.00

Total $207.00

Premium tax paid in Canal Zone $3.11

SEABOARD SURETY COMPANY

(No transactions in Canal Zone during 1966)

TRANSAMERICA INSURANCE COMPANY

Net

Premiums

Fire $2,586.25

Extended coverage 362.65

Miscellaneous 46.00

FideUty 405.00

Total $3,399.90

Premium tax paid in Canal Zone $51.00

TRAVELERS INDEMNITY COMPANY

Net

Premiums

Miscellaneous $33.43

Inland Marine 375.00

Liability other than auto (B.I.) 15.00

Property damage other than auto 18.00

Auto liability ( B.I. ) 104.00

Auto property damage 41.00

Auto physical damage 22.00

Total $608.43

Premium tax paid in Canal Zone $9.13

Losses

Paid

$9.00

$9.00

Losses

Paid

$0.00

59,448.08

628.49

360.85

5,963.89

1,075.02

$67,476.33

Losses

Paid

$0.00

0.00

O.OO

39,667.61

$39,667.61

Losses

Paid

$0.00

aoo

0.00

O.OO

$0.00

Losses

Paid

$0.00

0.00

0.00

0.00

0.00

O.OO

O.OO

$0.00
UNITED STATES FIDELITY AND GUARANTY COMPANY

Net Losses

Premiums Paid

Extended coverage $1,091.76 $0.00

Auto collision 30,573.00 12,676.66

Fire 8,844.52 500.00

Inland marine 618.00 0.00

Accident 50.00 0.00

Workmen's compensation 26,297.43 9,624.19

Liability other than auto (B.I.) 2,990.02 655.76

Auto liabihty (B.I.) 35,496.00 13,842.50

Auto property damage 20,713.00 15,164.26

Auto physical damage 20,504.50 9,481 .93

Property damage other than auto 1,193.60 16.15

Fidelity 3,663.50 0.00

Surety (Cr.) 187.00 (Cr.) 50.00

Burglary and theft 8,694.00 768.16

Miscellaneous 15.00 0.00

Glass 45.00 0.00

Total $160,602.33 $62,679.61

Premium tax paid in Canal Zone $2,409.03

AMERICAN-AMICABLE LIFE INSURANCE COMPANY

Ordinary

Number

Policies in force December 31, 1965 17

Policies issued during 1966

Total 17

Ceased to be in force during 1966 1

Policies in force December 31, 1966 16

Losses and claims:

Unpaid December 31, 1965

Incurred during 1966

Settled during 1966

Total

Unpaid December 31, 1966

Amount

$119,972.00

0.00

$119,972.00

(-) 652.00

$120,624.00

$0.00

0.00

$0.00

0.00

$0.00

Group—None

Net premiums collected in Canal Zone diuing 1966:

Life Insurance $2,062.12

Accident and Health 0.00

Total $2,062.12

Premium tax paid in Canal Zone $30.93

8
AMERICAN CAPITOL INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1965 1,372 $5,088,884.00

Policies issued during 1966 853 3,612,155.00

Total 2,225 $8,701,039.00

Ceased to be in force during 1966 487 2,738,000.00

Policies in force December 31, 1966 1,738 $5,963,039.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 0.00

Total $0.00

Settled during 1966 0.00

Unpaid December 31, 1966 $0.00

Group—None

Net premiums collected in Canal Zone during 1966:

Life Insurance

' $166,585.31

Accident and Health 13,580.32

Total $180,165.63

Premium tax paid in Canal Zone $2,702.48

AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY

OF NEW YORK

Ordinary—None

Group

Number Amount

Policies in force December 31, 1965 $0.00

Policies issued during 1966 0.00

Total $0.00

Ceased to be in force during 1966 ( — ) 1 (-) 256,555.00

Policies in force December 31, 1966 1 $256,555.00

Losses and claims:

Unpaid December 31, 1965 $246.29*

Incurred during 1966 0.00

Total $246.29

Settled during 1966 0.00

Unpaid December 31, 1966 $246.29

Net premiums collected in Canal Zone during 1966:

Life Insurance $3,262.84

Accident and Health 0.00

Total $3,262.84

Premium tax paid in Canal Zone $48.94

•Portion of estimated incurred but not reported daim allocated on basis of in

force premiums.

9
BANKERS LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1965 1,696 $6,706,461.00

Policies issued during 1966 187 479,224.00

Total 1,883 $7,185,685.00

Ceased to be in force during 1966 339 1,254,968.00

Policies in force December 31, 1966 1,544 $5,930,717.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 12 11,875.00

Total 12 $11,875.00

Settled during 1966 8 8,375.00

Unpaid December 31, 1966 4 $3,500.00

Group—None

Net premiums collected in Canal Zone during 1966:

Life Insurance $167,449.98

Accident and Health 0.00

Total $167,449.98

Premium tax paid in Canal Zone $2,511.75

CITIZENS STANDARD LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1965 2,070 $7,858,958.00

Policies issued during 1966 718 3,273,033.00

Total 2,788 $11,131,991.00

Ceased to be in force during 1966 358 1,629,442.00

Policies in force December 31, 1966 2,430 $9,502,549.00

Losses and claims:

Unpaid December 31, 1965 1 $1,117.00

Incurred during 1966 12 12,565.53

Total 13 $13,682.53

Settled during 1966 13 13,682.53

Unpaid December 31, 1966 $0.00

Group—None

Net premiums collected in Canal Zone during 1966:

Life Insurance $245,431.78

Accident and Health 80,268.44

Total $325,700.22

Premium tax paid in Canal Zone $4,885.55

10
EQUITY ANNUITY LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1965 8 $8,000.00

Policies issued during 1966 0.00

Total 8 $8,000.00

Ceased to be in force during 1966 4 4,000.00

Policies in force December 31, 1966 4 $4,000.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 0.00

Total $0.00

Settled during 1966 0.00

Unpaid December 31, 1966 $0.00

Group—None

Net premiums collected in Canal Zone during 1966:

Life Insurance $2,694.94

Accident and Health 0.00

Total $2,694.94

Premium tax paid in Canal Zone $40.42

FIDELITY AND GUARANTY LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1965 97 $633,538.00

Policies issued during 1966 1 10,000.00

Total 98 $643,538.00

Ceased to be in force during 1966 21* 170,839.00*

Policies in force December 31, 1966 77 $472,699.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 0.00

Total $0.00

Settled during 1966 0.00

Unpaid December 31, 1966 $0.00

Group—None

Net premiums collected in Canal Zone during 1966:

Life Insurance $11,661.59

Accident and Health 0.00

Total $11,661.59

Premium tax paid in Canal Zone $172.30

•Adjusted to correct previous year's report.

11
THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA

Ordinary

Number Amount

Policies in force December 31, 1965 1,586 $9,108,235.00

Policies issued during 1966 84 947,004.00

Total 1,670 $10,055,239.00

Ceased to be in force during 1966 236 1,008,824.00

Policies in force December 31, 1966 1,434 $9,046,415.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 50 49,124.42

Total 50 $49,124.42

Settled during 1966 50 49,124.42

Unpaid December 31, 1966 $0.00

Group—None

Net premiums collected in Canal Zone during 1966:

Life Insurance $251,133.45

Accident and Health 10.00

Total $251,143.45

Premium tax paid in Canal Zone $3,767.15

12
LINCOLN NATIONAL LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1965 643 $4,208,232.00

Policies issued during 1966 45 523,838.00

Total 688 $4,732,070.00

Ceased to be in force during 1966 (-) 32 (-) 139,797.00

Policies in force December 31, 1966 720 $4,871 ,867.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 6 54,720.00

Total 6 $54,720.00

Setded during 1966 6 54,720.00

Unpaid December 31, 1966 $0.00

Group

Number Amount

Policies in force December 31, 1965 $47,728.00

Policies issued during 1966 0.00

Total $47,728.00

Ceased to be in force during 1966 0^ (-) 3,770.00

Policies in force December 31, 1966 $51,498.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 0.00

Total $0.00

Setded during 1966 OOO

Unpaid December 31, 1966 $0.00

Net premiums collected in Canal Zone during 1966:

Life Insiurance $123,836.67

Accident and Health 2,237.30

Total $126,073.97

Premium tax paid in Canal Zone $1,891.11

13
NATIONAL WESTERN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1965 3 $40,000.00

PoHcies issued during 1966 3 34,000.00

Total 6 $74,000.00

Ceased to be in force during 1966 2 9,500.00

Policies in force December 31, 1966 4 $64,500.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 0.00

Total $0.00

Settled during 1966 OOO

Unpaid December 31, 1966 $0.00

Groxjp—None

Net premiimis collected in Canal Zone during 1966:

Life Insurance $532.00

Accident and Health OOP

Total $532.00

Premium tax paid in Canal Zone $7.98

14
PAN-AMERICAN LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1965 140 $1,150,660.00

Policies issued during 1966 9 105,000.00

Total 149 $1,255,660.00

Ceased to be in force during 1966 11 86,252.00

Policies in force December 31, 1966 138 $1,169,408.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 2 13,000.00

Total 2 $13,000.00

Settled during 1966 2 13,000.00

Unpaid December 31, 1966 $0.00

Group—None

Net premivmis collected in Canal Zone during 1966:

Life Insurance $27,415.67

Accident and Healtli 0.00

Total $27,415.67

Premium tax paid in Canal Zone $411.24

PENINSULAR LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1966)

THE SERVICE LIFE INSURANCE COMPANY

Ordinary

Policies in force December 31, 1965

Policies issued during 1966

Total

Ceased to be in force during 1966

Policies in force December 31, 1966

Losses and claims:

Unpaid December 31, 1965

Incurred during 1966

Total

Setded during 1966

Unpaid December 31, 1966

Group—None

Net premiums collected in Canal Zone during 1966:

Life Insurance

Accident and Health

Total

Premium tax paid in Canal Zone

umber

48

3
UNITED BENEFIT LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1965 677 $2,915,438.00

Policies issued during 1966 59 259,180.00

Total 736" $3,174,618.00

Ceased to be in force during 1966 220 1,336,801.00

Policies in force December 31, 1966 516 $1,837,817.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 2 6,000.00

Total 2 $6,000.00

Settled during 1966 1 1,000.00

Unpaid December 31, 1966 T $5,000.00

Group Number Amount

Policies in force December 31, 1965 2 $100,525,300.00

Policies issued during 1966 1 1,251,500.00

Total 3 $101,776,800.00

Ceased to be in force during 1966 528,500.00

Policies in force December 31, 1966 3 $101,248,300.00

Losses and claims:

Unpaid December 31, 1965 3 $19,000.00

Incurred during 1966 95 498,500.00

Total 98 $517,500.00

Settled during 1966 95 498,500.00

Unpaid December 31, 1966 3 $19,000.00

Net premiimis collected in Canal Zone during 1966:

Life Insurance $817,241.23

Accident and Health 73,110.91

Total $890,352.14

Premium tax paid in Canal Zone $13,355.28

UNITED SERVICES LIFE INSURANCE COMPANY

Ordinary Number Amount

Policies in force December 31, 1965 163 $1,501,500.00

Policies issued dm-ing 1966 32 350,500.00

Total l95 $1,852,000.00

Ceased to be in force during 1966 46 342,990.00

Policies in force December 31, 1966 149 $1,509,010.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 0.00

Total $0.00

Setded during 1966 0.00

Unpaid December 31, 1966 $o.OO

Group—None

Net premivmis collected in Canal Zone during 1966:

Life Insurance $23,920.55

Accident and Health 0.00

Total $23,920.55

Premium tax paid in Canal Zone $358.81

16
UNITED STATES LIFE INSURANCE COMPANY

Ordinary

Number Amount

Policies in force December 31, 1965 31 $446,135.00

Policies issued during 1966 395.00

Total 31 $446,530.00

Ceased to be in force during 1966 (-)l (-) 4,017.00

Policies in force December 31, 1966 32 $450,547.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 0.00

Total $000

Settled during 1966 0.00

Unpaid December 31, 1966 $0.00

Group

Number Amount

Policies in force December 31, 1965 1 $179,000.00

Policies issued diuring 1966 0.00

Total 1 $179,000.00

Ceased to be in force during 1966 (-) 21 ,000.00

Policies in force December 31, 1966 1 $200,000.00

Losses and claims:

Unpaid December 31, 1965 $0.00

Incurred during 1966 0.00

Total $0.00

Settled during 1966 0^

Unpaid December 31, 1966 $0.00

Net premiiuns collected in Canal Zone during 1966:

Life Insurance $13,316.44

Accident and Health 9,117.16

Total $22,433.60

Premium tax paid in Canal Zone $336.50

WABASH LIFE INSURANCE COMPANY

(No transactions in Canal Zone during 1966)

17
RECAPITULATION

MISCELLANEOUS COMPANIES

Net

Premiums

Accident $2,197.34

Automobile and motor vehicle 261,896.71

Auto comprehensive 6,632.19

Auto coUision 61,987.68

Auto hability (B.I.) 138,680.87

Auto property damage 78,276.61

Auto physical damage 141,537.54

Burglary and theft 21,416.92

Extended coverage 2,553.34

Fidelity 7,477.16

Fire 81,679.55

Class 73.00

Group accident and health 15,333.95

Health and accident 119,011.86

Hospital and medical 1,478,004.98

Inland marine 4,149.69

Liability other than auto 37,189.37

Miscellaneous 3,706.63

Ocean Marine 1,781.68

Property damage other than auto 3,827.22

Surety 93,046.58

Workmen's compensation 215,985.91

Total $2,776,446.78

Premium taxes paid in Canal Zone . $41,646.83

Losses

Paid

$749.32

114,438.88

1,977.55

23,701.42

30,681.06

52,404.78

48,674.03

5,005.83

0.00

223.15

989.97

0.00

5,643.47

39,791.72

1,104,390.70

595.82

5,240.16

1,304.40

11,016.60

687.47

39,851.30

129,070.25

$1,616,437.88

LIFE INSURANCE COMPANIES

Ordinary

Number

Policies in force December 31, 1965 8,551

Pohcies issued during 1966 1,994

Total 10,545

Ceased to be in force during 1966 1,699

Policies in force December 31, 1966 8,846

Losses and claims:

Unpaid December 31, 1965 1

Incurred during 1966 84

Total 85

Settied during 1966 80

Unpaid December 31, 1966 5

Amount

$40,213,621.00

9,696,982.00

$49,910,603.00

8,445,553.00

$41,465,050.00

$1,117.00

147,284.95

$148,401.95

139,901.95

$8,500.00

18
Group

Number Amount

Policies in force December 31, 1965 3 $100,752,028.00

Policies issued during 1966 1 1,251,500.00

Total ,___ 4 $102,003,528.00

Ceased to be in force during 1966 (-)l 247,175.00

Policies in force December 31, 1966 5 $101,756,353.00

Losses and claims:

Unpaid December 31, 1965 3 $19,246.29

Incurred during 1966 95 498,500.00

Total 98" $517,746.29

Settled during 1966 95 498,500.00

Unpaid December 31, 1966 3 $19,246.29

Net premiimis collected in Canal 5k)ne during 1966:

Life Insurance $1,861,943.96

Accident and Health 178,324.13

Total $2,040,268.09

Premium tax paid in Canal Zone $30,601.43

The relatively small amount of fire insurance business written is due to the

fact that practically all structures in the Canal Zone are owned by the

Government of the United States and are not covered by fire insurance.

Following is a statement of property in the Canal Zone involved in fires

and the damages resulting therefrom during the year ended December 31,

1966:

Value of Amount of

property damage

involved by fire

Panama Canal Company $16,852,111.73 $12,614.95

Canal Zone Government 2,022,679.43 129.00

Other U.S. Government 57,348.66 2,000.00

U.S. Armed Forces 10,042,826.00 9,159.94

Ships in Canal waters 13,276,978.96° 26,968.00*

Private property other than above 1,127,255.85 25,008.54

Total $43,379,200.63 $75,880.43

•Complete figures unavailable.

The following is an extract from Title 2 of the Canal Zone Code, as revised

effective January 2, 1963, pertaining to the licensing of foreign corporations

imder which insurance companies are authorized to do business in the

Canal Zone.

CANAL ZONE CODE-Title 2, Chapter 61

Sec. 871. Corporation; joint stock company.—As used in this chapter,

"corporation" includes joint stock companies.

Sec. 872. Application for license to do business; service of process;

filing fee— (a) A corporation organized under the laws of a State of the

United States or of a foreign country may not do business in the Canal Zone

19
or maintain an office therein until it has filed with the executive secretary of

the Canal Zone Government:

(1) An application for a license setting forth:

A. The name of the corporation;

B. The names of its officers and directors; and

C. The general nature of the business in which it desires to

engage in the Canal Zone;

(2) A copy, duly certified by the officer authorized by law to certify

it, of the:

A. Articles of incorporation;

B. Charter; or

C. Statutory, executive, or governmental acts creating the

corporation, when it has been so created;

(3) An affidavit sworn by an authorized officer of the corporation

stating the amount of its authorized capital stock at or within 60 days

prior to the filing.

(4) A designation of a person residing within the Canal Zone upon

whom process issued under any law of the Canal Zone may be served,

and his place of business or residence, and a certified copy of the minutes

of the board of directors of the corporation authorizing the designation.

(b) Process served on the person designated by the corporation or, if he

can not be found at the place designated, or if a person is not designated,

on the executive secretary of the Canal Zone Government, is a valid service

on the corporation. When the executive secretary is served with process he

shall without delay communicate the same to the corporation concerned at

its last known address. A default judgment may not be entered against the

corporation in an action in which process is served on the executive secretary

until at least 60 days after the date of the service.

(c) A corporation licensed pursuant to this chapter shall also file with

the executive secretary any change in the provisions of its original articles

of incorporation.

(d) With the application for license there shall also be paid $10, which

shall cover the filing fee and annual license fee for the remainder of the

calendar year during which the license is issued.

Sec. 873. Additional requirements for insurance companies.—In addition

to the other requirements of this chapter, an insurance company organized

under the laws of a State of the United States or of a foreign country shall

file the following documents: (1) A certificate of an authorized official,

showing that the company is authorized to transact business in the State or country under whose laws the company is organized;

(2) A duly certified copy of the last annual statement of the insurance

company to an authorized official in the State or country where the company

is organized;

( 3 ) A deposit with the executive secretary of the Canal Zone Government

of $10,000 in cash or current marketable securities, which shall be held in

trust by the executive secretary for the account of the company, to satisfy

20
any judgment that may be rendered against the company, under insurance

poUcies that it may issue.

Sec. 874. Annual statement and license tax for insurance companies.—

An insurance company hcensed pursuant to this chapter shall file with the

executive secretary of the Canal Zone Government before March 1 of each

year a verified statement showing the business transacted within the Canal

Zone by the company during the previous calendar year and a duly certified

copy of its annual report to an authorized oflBcial of the State or country in

which the company is organized. Upon a showing of good cause therefor,

the executive secretary may extend the time for filing the statement for a period not exceeding two months after March 1. An insurance company licensed pursuant to this chapter shall pay before

March 1 of each year, in lieu of all other taxes except the annual fee provided

for by section 876 of this title, a license tax equal to iy2 percent of its net

premium receipts in the Canal Zone for the preceeding calendar year.

Sec. 875. Issuance of license—Upon compliance by a corporation with

the conditions prescribed by sections 872-874 of this title, and if the Governor

is satisfied that the business desired to be transacted is proper, legitimate and

permissible under the laws of the Canal Zone, and not in conflict with the

policy of administering the Canal Zone as an adjunct of the Panama Canal,

he may issue a license to do business in the Canal Zone.

Sec. 876. Continuance after first license period.—The right of a corporation to continue to do business for the calendar year, and the successive

calendar years, after the calendar year during which the original license

was issued, shall be contingent upon: (1) Compliance with the provisions

of this chapter applicable to corporations licensed under it;

(2) Payment of a license fee of $10, payable in advance, on January 1

of each year; and

(3) Designation of a new process agent before March 1, if the process

agent previously designated has ceased during a preceding calendar year

to reside within the Canal Zone.

Sec. 877. Revocation of license.—The Governor may revoke a license

issued pursuant to this chapter if, upon examination, he is satisfied that the

operations of the corporation are conducted in an illegal manner, or in a manner contrary to pubhc policy or to the policy of administering the Canal

Zone as an adjunct of the Panama Canal.

Sec. 878. Loss of benefit of statute of limitations.—Corporations doing

business in the Canal Zone which fail to comply with this chapter are not

entitled to the benefit of the laws of the Canal Zone limiting the time for

the commencement of civil actions.

Sec. 879. Penalties far violation; validity of contracts.— (a) A corporation which does business in the Canal Zone without having complied with

this chapter shall be fined not more than $500.

(b) Whoever acts as an ofiicer of, or agent for, a corporation which

has not complied with this chapter, shall be fined not more than $100 or imprisoned in jail not more than 30 days, or both.

21
(c) Every contract made by or on behalf of such a corporation a£Fecting

the hability thereof or relating to property within the Canal Zone is void

on its behalf and on behalf of its assigns, but is enforceable against it or them.

Sec. 880. Corporations dealing in securities.—A corporation licensed

pursuant to Chapter 79 of this title is not required to comply with sections

871-879 of this title.

Sec. 881. Surrender of license to do business.— (sl) A corporation

licensed to do business in the Canal Zone may surrender its license by filing

with the executive secretary of the Canal Zone Government a certificate

signed and acknowledged by its president or a vice president and its secretary

or an assistant secretary or treasurer, setting forth:

(1) The name of the corporation as shown on the records of the

executive secretary, and the State or place of incorporation;

(2) That it revokes its designation of agent for the service of process;

(3) That it surrenders its authority to do business in the Canal Zone

and returns its license for cancellation, or that the license has been

lost or destroyed, if such is the fact;

(4) That it consents that process against it in any action upon a

liability or obligation incurred within the Canal Zone prior to the filing

of the certificate of surrender may be served upon the executive secretary

of the Canal Zone Government;

(5) A post office address to which the executive secretary may mail

a copy of any process served upon him, which address may be changed

from time to time by filing a certificate entitled "certificate of change of

address of svurendered foreign corporation" signed and acknowledged

by the president, a vice president, secretary, assistant secretary, or

treasurer.

(b) The license shall be attached to the certificate of surrender unless the

license has been lost or destroyed, in which case there shall be attached an

affidavit of the president, vice president, secretary, assistant secretary, or

treasurer to that eflFect.

(c) Mere retirement from doing business in the Canal Zone without filing a certificate of surrender of license does not revoke the appointment of any

agent for the service of process within the Canal Zone.

Sec. 882. Service of process after revocation or surrender of license.—

(a) After the license of a corporation has been revoked or surrendered,

process against the corporation may be served upon the executive secretary

of the Canal Zone Government in any action upon a liability or obligation

incurred within the Canal Zone prior to the revocation or the filing of the

certificate of surrender.

(b) Section 872(b) of this title apphes to service of process upon the

executive secretary pursuant to this section.

(c) The revocation or surrender of a license does not affect any action

pending at the time.

17737-500

22

UNIVERSITY OF FLORIDA

3 1262 08507 9720