ANNUAL REPOip,j,iiJ;r

Transcription

1 CZl.^.'^'?'^ s^ CANE ZONE GOVERNMENT'^toRiaTM y0- --^S ANNUAL REPOip,j,iiJ;r.1 OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1974 Including Laws Concerning Licensing Of Insurance Companies

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3 CANAL ZONE GOVERNMENT ANNUAL REPORT OF INSURANCE BUSINESS transacted in the CANAL ZONE DURING THE CALENDAR YEAR 1974 Including Laws Concerning Licensing Of Insurance Companies

4 Digitized by tine Internet Arciiive in 2009 witii funding from University of Florida, George A. Smathers Libraries

5 Governor of The Canal Zone, Balboa Heights, C.Z. CANAL ZONE GOVERNMENT OFFICE OF THE GOVERNOR Balboa Heights, May 1, Sir: There is submitted herewith a report of insurance business transacted in the Canal Zone during the calendar year Respectfully, J. Patrick Conley, Executive Secretary. The following companies were authorized to transact business in the Canal Zone during the year Aetna Casualty and Surety Company American-Amicable Life Insurance Company American Capitol Insurance Company American Continental Life Insurance American Defender Life Insurance Company American Employers' Insurance Company American Fidelity Life Insurance Company^ American Home Assurance Company Hartford, Conn..Birmingham, Ala. Houston, Tex. Phoenix, Ariz. Raleigh, N.C. Boston, Mass. Pensacola, Fla. New York, N.Y. American International Life Assurance Company of New York- New York, N.Y. American Motorists Insurance Co Chicago, 111. American Re-Insurance Company^ New York, N.Y. Atlantic Southern Insurance Co. of Puerto Rico San Juan, P.R. Bankers Life Insurance Company of America Dallas, Tex. Beneficial National Life Insurance Company New York, N.Y. Citizens Standard Life Insurance Company Corpus Christi, Tex. Colonial Insurance Company of Panama Panama, R. of P. lamerican Fidelity Life Insurance Company licensed in the Canal Zone October 25, American Re-Insurance Company licensed in the Canal Zone July 3,

6 Compailia General de Seguros, S.A Panama, R. of P. Compania Interamericana de Seguros, S.A Panama, R. of P. Compania Internacional de Seguros, S.A Panama, R. of P. Compania Istmefia de Seguros, S.A.^ Panama, R. of P. Compania Nacional de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insurance Company New York, N.Y. Executive Fund Life Insurance Co Omaha, Nebr. Fidelity and Casualty Company of New York Udelity and Deposit Company Fidelity and Guaranty Life Insurance Company New York, N.Y. Baltimore, Md. Baltimore, Md. General Insurance Company of America Seattle, Wash. Gibraltar Life Insurance Company of America Dallas, Tex. Great American Insurance Company New York, N.Y. Hartford Accident and Indemnity Company Hartford, Conn. Insurance Company of North America Philadelphia, Pa. International Service Insurance Company Fort Worth, Tex. Investors Life Insurance Company of Nebraska^.Watertown, S. Dak. Jackson National Life Insurance Company Jackson, Mich. Lafayette Life Insurance Company^ Lafayette, Ind. 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 Chicago, 111. National Union Fire Insurance Company Pittsburgh, Pa. Panama Insurance Company, Inc Panama, R. of P. Pan-American Life Insurance Company New Orleans, La. Peninsular Life Insurance Company Jacksonville, Fla. Reliance Insurance Company Philadelphia, Pa. Royal Indemnity Company New York, N.Y. Seabord Surety Company New York, N.Y. Transamerica Insurance Company Los Angeles, Calif. 2

7 Travelers Indemnity Company United Benefit Life Insurance Company United Services General Life Company" United Services Life Insm-ance Co United States Fidelity and Guaranty Company Hartford, Conn. Omaha, Nebr. Washington, D.C. Washington, D.C. Baltimore, Md. United States Life Insurance Company in the City of New York- New York, N.Y. Wabash Life Insurance Co Indianapolis, Ind. World Service Life Insurance Company Fort Worth, Tex. 3 Compania Istmena de Seguros, S.A., discontinued doing business in the Canal Zone effective December 31, Investors Life Insurance Companv of Nebraska licensed in the Canal Zone December 10, The Lafayette Life Insurance Company licensed in the Canal Zone November 6, United Services General Life Company hcensed in the Canal Zone August 26, 1974.

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9 AETNA CASUALTY AND SURETY COMPANY (No transactions in Canal Zone during 1974) AMERICAN EMPLOYERS' INSURANCE COMPANY (No transactions in Canal Zone during 1974) AMERICAN HOME ASSURANCE COMPANY Net Premiums Losses Paid Fire $49, $ Motor Vehicle 376, , Workmen's compensation 217, , Liability other than auto 146, , Total $790, $271, Pren)ium tax paid in Canal Zone $11, AMERICAN MOTORISTS INSURANCE COMPANY (No transactions in Canal Zone during 1974) AMERICAN RE-INSURANCE COMPANY (No transactions in Canal Zone diuring 1974) COLONIAL INSURANCE COMPANY OF PANAMA Net Premiums Losses Paid Liability other than auto (B.I.) $ $0.00 Auto liability (B.I.) 46, , Auto propert)' damage 27, , Automobile and motor vehicle 14, , Auto comprehensive 5, , Auto collision 34, , Fire 1, Burglary and theft Miscellaneous Suret)' Total $133, $46, Premitun tax paid in Canal Zone $1,995.25

10 Miscellaneous" COMPANIA GENERAL DE SEGUROS, S.A. Net Premiums $4, Losses Paid $0.00 Total Premium tax paid in Canal Zone. $4, $73.81 $0.00 Theft Automobile Fire COMPA5JIA INTERAMERICANA DE SEGUROS, S.A. _ Suret)' Workmen's compensation Total IVemium taxpaid in Canal Zone. _^ Net

11 CONTINENTAL INSURANCE COMPANY \ct Premiums Losses Paid Fire $ $4, Miscellaneous 34, Inland marine 1, Group accident and health Accident only Health and accident 6, Workmen's compensation 31, , Liability other than auto 7, Auto liability 54, , Auto physical damage 46, , Fidehty 1, Surety 1, Glass Burglary and theft 4, Total $189, $38, Premium tax paid in Canal Zone $2, FIDELITY AND CASUALTY COMPANY OF NEW YORK Net Prt Premiums Fire Miscellaneous Liability other than auto Losses Total $2, $0.00 Premium tax paid in Canal Zone $35.24

12 ) HARTFORD ACCIDENT AND INDEMNITY COMPANY Net Losses Premiums Paid Workmen's compensation (Cr.) $ $ Liability other than auto (B.I.) (Cr.) Fire Auto hability (B.I.) (Cr.) Miscellaneous , Auto physical damage , Inlandmarine , Fidelity (Cr.) Surety Total $ $9, Preniimn lax paid in Canal Zone $6.81 INSURANCE COMPANY OF NORTH AMERICA Net Pretniums Miscellaneous" (Cr.)_^ $33, Total (Cr.) $33, Premium tax paid in Canal Zone $0.00 Losses Paid $0.00 $0.00 INTERNATIONAL SERVICE INSURANCE COMPANY Net PTejniuTns Losses Paid Auto liability $11, $3, Auto physical damage 16, , Total $27, $13, Premium tiix paid in CanalZone $ THE LIBERTY MUTUAL INSURANCE COMPANY Glass Health and accident Liability other than auto (B.L) Net Premiums Total Premium tax paid in Canal Zone ( Breakdown by type of insurance unavailable.

13 26, MARYLAND CASUALTY COMPANY Net Premiums Losses Paid Accident only $ $95.00 Accident and health 1, Group accident and health 1, Auto liability 41, , Liability other than auto 13, Fidelity 1, Suret)- 57, Glass' Burglary and theft. 1, Inland marine 4, , Workmen's compensation 82, , Auto physical damage 29, , Fire 3, Miscellaneous Total $265, $256, Premium tax paid in Canal Zone $3, MUTUAL OF OMAHA INSURANCE COMPANY Group accident and health $10,493, $6,665, Individual and health 270, , Total - $10,764, $6,856, Premium tax paid in Canal Zone $161, Surety NATIONAL SURETY CORPORATION (Cr.). Net Premiums $ Losses Paid $0.00 Total Premium tax paid in Canal Zone (Cr.)_ $ $0.00 $0.00 Theft Workmen's compensation Fire Automobile Surety NATIONAL UNION FIRE INSURANCE COMPANY (No transactions in Canal Zone during 1974) PANAMA INSURANCE COMPANY Total $2, Premium tax paid in Canal Zone $ Net Premiums $

14 RELIANCE INSURANCE COMPANY Net Premiums Losses Paid Worbiien's compensation (Or.) $ $0.00 Ocean marine (Or.) Inland marine Total : (Cr.) $ $0.00 Premimn tax paid in Canal Zone $0.00 ROYAL INDEMNITY COMPANY Net Ln.^^ps Pramiiims Paid Workmen's compensation $ $0.00 Liability other than auto Surety', 0.00 (Cr.) $153, Total $ (Cr.) $153, Premium rax paid in Canal Zone $3.48 SEABORD SURETY COMPANY (No transactions in Canal Zone diuring 1974) TRANSAMERICA INSURANCE COMPANY (No transactions in Canal Zone during 1974) TRAVELERS INDEMNITY COMPANY Net Losses Premiums Paid Auto physical damage $ $0.00 Surety^.' 11, Total ^ $12, $0.00 Premium tax paid in Canal Zone $

15 UNITED STATES FIDELITY AND GUARANTY COMPANY Net Premiums Losses Paid Accident only $ $0.00 Fire 1, Inland marine Accident and health Workmen's compensation 124, , LiabUit}' other than auto (B.I.) 22, , Auto liability (B.I.) 154, , Auto physical damage 95, , Fidelit)' 7, Suretyl (Cr.) Burglary and theft 2, , Miscellaneous (Cr.)._ Total - $407, $131, Premium tax paid in Canal Zone. $6, AMERICAN-AMICABLE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $165, Policies issued during , Total 25 $275, Ceased to be in force during , Policies in force December 31, $177, Unpaid December 31, $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1974 $0.00 Group None Net premiums collected in Canal Zone during 1974:,; Life Insurance $6, Accident and Health 0.00 Total $6, Preniiuni tax paid in Canal Zone _,,-:^ $

16 AMERICAN CAPITOL INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $3,042, Policies issued during , Total 793 $3,101, Ceased to be in force during , Policies in force December 31, $2,895, Unpaid December 31, 1973 $0.00 Incurred during , Total ^ 7 $10, Settled during , Unpaid December 31, $1, Group None Net premiums collected in Canal Zone during 1974: Life Insurance $84, Accident and Health 5, Total $89, Premium tax paid in Canal Zone $1, AMERICAN CONTINENTAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $15, Policies issued during Total. 2 $15, Ceased to be in force during , Policies in force December 31, 1974 $0.00 Unpaid December 31, 1973 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1974 $0.00 Group None Net premiums collected in Canal Zone during 1974: Life Insurance $0.00 Accident and Health Total $ Premium tax paid in Canal Zone $

17 AMERICAN DEFENDER LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $1,563, Policies issued during ,381, Total 87 $2,944, Ceased to be in force during ,268, Policies in force December 31, $1,676, Unpaid December 31, 1973 $0.00 Incurred during Total $0.00 Setded during Unpaid December 31, 1974 $0.00 Group None Net premiums collected in Canal Zone during 1974: Life Insurance $20, Accident and Health 0.00 Total $20, Premium tax paid in Canal Zone $ AMERICAN FIDELITY LIFE INSURANCE COMPANY (No transactions in Canal Zone dicing 1974) 13

18 AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK Ordinary Number Amount Policies in force December 31, $100, Policies issued during Total 1 $100, Ceased to be in force during , Policies in force December 31, $96, Unpaid December 31, 1973 $0.00 Incurred during Total ^ $0.00 Settled during 1974 ' 0.00 Unpaid December 31, 1974 i $0.00 Group Policies in force December 31, $964, Policies issued during Total 1 $964, Ceased to be in force during , Policies in force December 31, $364, Unpaid December 31, 1973 ^ $0.00 Incurred during Total $0.00 Setded during Unpaid December 31, 1974 $0.00 Net premiums collected in Canal Zone during 1974: Life Insurance $2, Accident and Health 0.00 Total $2, Premium tax paid in Canal Zone $40.02 ATLANTIC SOUTHERN INSURANCE COMPANY OF PUERTO RICO (No transactions in Canal Zone during 1974) 14

19 BANKERS LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amotmt Policies in force December 31, $2,788, Policies issued during Total 658" $2,788, Ceased to be in force during , Policies in force December 31, $2,537, Unpaid December 31, $2, Incurred during , Total "lo" $12, Settled during , Unpaid December 31, 1974 "T" $2, Groxjp None Net premiums collected in Canal Zone during 1974: Life Insurance. ^ -^.^ ^ $78, Accident and Health 0.00 Total ^^^^J.;>... $78, Premium tax paid in Canal Zone $1, BENEFICIAL NATIONAL LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1974) CITIZENS STANDARD LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, ,072 $3,782, Policies issued during , Total ^-_- 1,073 $3,787, Ceased to be in force during , Policies in force December 31, $3,426, C Unpaid December 31, 1973 $0.00 Incurred during , Total 5 $15, Settled during , Unpaid December 31, 1974 _ _ ^ $0.00 Group None Net premiums collected in Canal Zone during 1974: " ' Life Insurance $111, Accident and Health 33, Total $144, Premium tax paid in Canal Zone $2,169.4ii 15

20 EXECUTIVE FUND LIFE INSURANCE COMPANY Ordinary Number Ainount Policies in force December 31, $196, Policies issued during Total 19 $196, Ceased to be in force during , Policies in force December 31, $168, Unpaid I>ecember 31, 1973 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1974 $0.00 Group None Net premiums collected in Canal Zone during 1974: Life Insurance $1, Accident and Health 0.00 Total $1, Premium tax paid in Canal Zone $26.23 FIDELITY AND GUARANTY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $1,638, Policies issued during 1974 _22_ 805, Total 140 $2,443, Ceased to be in force during (61,235.00) Policies in force December 31, $2,504, Unpaid December 31, 1973 $0.00 Incurred during Total $0.00 Settled during ^ OOP Unpaid December 31, 1974 $0.00 Group None Net premiums collected in Canal Zone during 1974: Life Insurance $32, Accident and Health 0^ Total $32, Premiiun tax paid in Canal Zone $

21 THE GIBRALTAR LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Ainount Policies in force December 31, $9,164, Policies issued during , Total 1,031 $9,722, Ceased to be in force during , Policies in force December 31, $9,030, Unpaid December 31, 1973 $0.00 Incurred during , Total 17 $42, Setded during , Unpaid December 31, 1974 $0.00 Group None Net premiums collected in Canal Zone during 1974: Life Insvirance $197, Accident and Health 0.00 Total $197, Premium tax paid in Canal Zone $2, INVESTORS LIFE INSURANCE COMPANY OF NEBRASKA (No transactions in Canal Zone diuing 1974) 17

22 JACKSON NATIONAL LIFE INSURANCE COMPANY Ordinary Number Policies in force December 31, Policies issued during 1974 Total 2 Ceased to be in force during 1974 Policies in force December 31, Amount $43, $43, $43, Unpaid December 31, 1973 Incurred during 1974 Total Settled during 1974 Unpaid December 31, 1974 $ $ $0.00 Group None Net premiums collected in Canal 2^ne during 1974: Life Insurance Accident and Health Total Premium tax paid in Canal Zone _ $1, $1, $26.70 THE LAFAYETTE LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1974) 8

23 O" LINCOLN NATIONAL LIFE INSURANCE COMPANY Ordinary Sumher Amount Policies in force December 31, $3,103, Policies issued during , Total 393 $3,123, Ceased to be in force during , Policies in force December 31, $2,828, Unpaid December 31, 1973 $0.00 Incurred during , Total 3 $6, Settled during , Unpaid December 31, 1974 $0.00 Group Policies in force December 31, 1973 $23, Policies issued during Total $23, Ceased to be in force during 1974 (814.00) Policies in force December 31, 1974 $24, Unpaid December 31, 1973 $0.00 Incurred during 1974 : 0.00 Total. $0.00 Settled during Unpaid December 31, 1974 $0.00 Net premiiuns collected in Canal Zone during 1974: Life Insurance _ $63, Accident and Health Total $64, Premium tax paid in Canal Zone $

24 PAN-AMERICAN LIFE INSURANCE COMPANY Ordinaby Number Amount Policies in force December 31, $1,292, Policies issued during , Total 114 $1,513, Ceased to be in force during , Policies in force December 31, $1,385, Unpaid December 31, 1973 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1974 $0.00 Group None Net premiums collected in Canal Zone during 1974: Life Insurance $33, Accident and Health 0.00 Total $33, Premium tax paid in Canal Zone $ PENINSULAR LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1974) 20

25 UNITED BENEFIT LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $4,291, Policies issued during ,433, Totals ^ ^ _ 787 $7,725, Ceased to be in force during ,022, Policies in force December 31, $5,702, Unpaid December 31, v$2, Incurred during , Total 6 $14, Settled during , Unpaid December 31, $2, Group Policies in force December 31, $123,299, Policies issued during Total 2 $123,299, Ceased to be in force during ,315, Policies in force December 31, $121,983, Unpaid December 31, $31, Incurred during , Total 128 $534, Setded during , Unpaid December 31, $35, Net premiums collected in Canal Zone during 1974: Life In.surance $627, Accident and Health 84, Total $712, Premium tax paid in Canal Zone $10,

26 UNITED SERVICES GENERAL LIFE COMPANY (No transactions in Canal Zone during 1974) UNITED SERVICES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $6,959, Policies issued during ,485, Total 617 $10,445, Ceased to be in force during ,917, Policies in force December 31, $5,528, Unpaid December 31, 1973 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1974 $0.00 GROtnp Policies in force December 31, $1,819, Policies issued during Total 162 $1,819, Ceased to be in force during ,819, Policies in force December 31, 1974 $0.00 Unpaid December 31, 1973 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1974 $0.00 Net premiums collected in Canal Zone during 1974: Life Insurance $102, Accident and Health 0.00 Total $102, Premium tax paid in Canal Zone $1,

27 UNITED STATES LIFE INSURANCE COMPANY Policies in force December 31, 1973_ Policies issued during 1974 Ordinary iter Total Ceased to be in force during 1974 Policies in force December 31, 1974_ Unpaid December 31, 1973 Incurred during 1974 Total Settled during 1974 Unpaid December 31, 1974 Group Policies in force I>ecember 31, 1973 Policies issued during 1974 Total. Ceased to be in force during 1974 Policies in force December 31, 1974 Unpaid December 31, 1973 Incurred diu-ing 1974 Total._ Settled during 1974 Unpaid December 31, 1974 Net premiums collected in Canal Zone during 1974: Life Insurance Accident and Health Total Premium tax paid in Canal Zone

28 WABASH LIFE INSURANCE COMPANY (No transactions in Canal Zone diuring 1974) WORLD SERVICE LIFE INSURANCE COMPANY Ordinaky Number Policies in force December 31, Policies issued during Total 12 Ceased to be in force during Policies in force December 31, Amount $134, , $149, , $32, Unpaid December 31, 1973 Incurred during 1974 Total Settled during 1974 Unpaid December 31, 1974 $ $ $0.00 Group Policies in force December 31, 1973 Policies issued diuing 1974 Total Ceased to be in force during 1974 Policies in force December 31, 1974 $53, $53, , $0.00 Unpaid December 31, 1973 Incurred during 1974 Total Settled during 1974 Unpaid December 31, 1974 $ $ $0.00 Net premiums collected in Canal Zone during 1974: Life Insurance Accident and Health Total Premium tax paid in Canal Zone $11, $11, $

29 RECAPITULATION MISCELLANEOUS COMPANIES Net Losses Premiums Paid Accident $ $95.00 Automobile and motor vehicle 393, , Auto comprehensive 5, , Auto collision 34, , Auto liability (B.I.) 308, , Auto property damage 27, , Auto physical damage 188, , Burglary and theft 33, , Extended coverage Fidelity 10, Fire 60, , Glass Group accident and health 10,501, ,670, Health and accident ( includes hospital and medical) 279, , Inland marine 6, , Liability other than auto 191, , Miscellaneous 9, , Ocean Marine (Cr.) Propert) damage other than auto Suret)' 82, (Cr.) 153, Workmen's compensation 454, , Total $12,590, $7,476, Premium taxes paid in Canal Zone $189,

30 LIFE INSURANCE COMPANIES Ordinary Number Amount Policies in force December ,231 $38,348, Policies issued during , Total 5,763 $48,442, Ceased to be in force during ,339, Policies in force December 31, ,848 $38,102, Unpaid December 31, $4, Incurred during , Total 48 $101, Settled during , Unpaid December 31, $5, Group Policies in force December 31, $126,334, Policies issued during Total 166 $126,334, Ceased to be in force during , Policies in force December 31, $122,516, Unpaid December 31, $31, Incurred during , Total 130 $536, Settled during , Unpaid December 31, $35, Net premiums collected in Canal Zone during 1974: Life Insurance $1,379, Accident and Health 123, Total $1,502, Premium tax paid in Canal Zone $22, The following is an extract from Title 2 of the Canal Zone Code, as revised eflfective January 2, 1963, pertaining to the licensing of foreign corporations under which insurance companies are authorized to do business in the Canal Zone. 26

31 CANAL ZONE CODE-Title 2, Chapter 61 Sec Corporation; joint stock company. As used in this chapter, "corporation" includes joint stock companies. Sec 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 or maintain an office therein imtil it has filed with the executive secretary of the Canal Zone Government: it, (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 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 certffied 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 last known address. A default judgment may not be entered against the its corporation in an action in which process is served on the executive secretary until at least 60 days after the date of the sei-vice. (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 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 certfficate of an authorized official, 27

32 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 any judgment that may be rendered against the company, under insurance policies that it may issue. Sec, 874. Annual statement and license tax for insurance companies. An insurance company licensed 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 official 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 pax 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 IVz percent of its net premium receipts in the Canal Zone for the preceeding calendar year. Sec Issuance of license Upon compliance by a corporation with the conditions prescribed by sections 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 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 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 public policy or to the policy of administering the Canal Zone as an adjunct of the Panama Canal. 28

33 Sec 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 Penalties for 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 officer 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. (c) Every contract made by or on behalf of such a corporation afifecting the liability 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 Corporations dealing in securities. A corporation licensed pursuant to Chapter 79 of this tide is not required to comply with sections of this tide. Sec Surrender of license to do business. (a) 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 ofiice 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 entided "certificate of change of address of surrendered foreign corporation" signed and acknowledged by the president, a vice president, secretary, assistant secretary, or treasurer. (b) The Hcense 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 treasiirer 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. 29

34 Sec 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 Uability 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 applies to service of process upon the executive secretary pursuant to this section. (c) The revocation or surrender of a license does not aflfect any action pending at the time

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