(ZZi3l%l ANNUAL REPORT CANAL Z< INSURANCE BJ DURING THE CALENDAR YEAR CANAL ZONE GOVERNMENT. Of Insurance Companies. transacted i

Transcription

1 (ZZi3l%l ^ CANAL ZONE GOVERNMENT ANNUAL REPORT OF INSURANCE BJ transacted i CANAL Z< DURING THE CALENDAR YEAR 1969 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 1969 Including Laws Concerning Licensing Of Insurance Companies

4 Digitized by the Internet Archive in 2009 with funding from University of Florida, George A. Smathers Libraries

5 CANAL ZONE GOVERNMENT OFFICE OF THE GOVERNOR Balboa Heights, June 1, 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 Respectftdly, Faxhu M. Rxjnnestrand, Executive Secretary. The following companies were authorized to transact business in the Canal Zone during the year 1969: Aetna Casualty and Surety Company Hartford, Conn. American-Amicable Life Insurance Company Birmingham, Ala. American Capitol Insurance Company Houston, Tex. American Employers' Insurance Company Boston, Mass. American Home Assurance Company New York, N.Y. American International Life Assurance Company of New York- New York, N.Y. American Motorists Insurance Co Chicago, 111. 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. Commercial Insurance Company Newark, N.J. Compaiiia General de Seguros, S.A Panama, R. of P. Compafiia Interamericana de Seguros, S.A Panama, R. of P. Compaiiia Intemacional de Seguros, S.A Panama, R. of P. Compafiia Istmeiia de Seguros, S.A Panama, R. of P. 1 Beneficial National Life Insurance Company licensed in the Canal Zone June 23, 1969.

6 Compania Nacional de Seguros, S.A Panama, R. of P. Continental Casualty Company Chicago, 111. Continental Insurance Company New York, N,Y. Equitable Life Assurance Society of the United States^ New York, N.Y. Executive Fund Life Insurance Co Omaha, Nebr. 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. Great American Insurance Company New York, N.Y. Hartford Accident and Indemnity Company Hartford, Conn. Insurance Company of North America Philadelphia, Pa. International Senice Insurance Company Fort Worth, Tex. Jackson National Life Insurance Company" Jackson, Mich. 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 Suret)- Corporation New York, N.Y. National Union Fiie 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. Reliance Insurance Company Philadelphia, Pa. Royal Indemnity Company New York, N.Y. Seaboard Surety Company New York, N.Y. 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 York- New York, N.Y. Wabash Life Insurance Co Indianapolis, Ind. World Sei-vice Life Insurance Company Forth Worth, Tex. 2 Equitable Life Assurance Society of the United States licensed in the Canal Zone, March 24, Jackson Naiional Life Insurance Company licensed in the Canal Zone July 1, 1969.

7 AETNA CASUALTY AND SURETY COMPANY (No transactions in Canal Zone during 1969) AMERICAN EMPLOYERS' INSURANCE COMPANY Premiums Paid Workmen's compensation $1.32 $0.00 LiabUity other than auto (B.I.) Property damage other than auto Auto LiabUity ( B.I.) Auto property damage Auto physical damage Total $54.92 $0.00 Premium tax paid in Canal Zone $0.82 AMERICAN HOME ASSURANCE COMPANY (No transactions in Canal Zone during 1969) AMERICAN MOTORISTS INSURANCE COMPANY (No transactions in Canal Zone during 1969) COLONIAL INSURANCE COMPANY OF PANAMA Premiums Paid Liability Other than auto $ $81.70 Auto liability (B.I.) 49, , Auto property damage 29, , Automobile and motor vehicle 17, , Auto comprehensive 7, , Auto collision 34, , Fire Burglary and theft _ Miscellaneous Total $140, $41, Premium tax paid in Canal Zone $2,113.89

8 COMMERCIAL INSURANCE COMPANY Premiums Automobile and motor vehicle $ Workmen's compensation 80, Miscellaneous 19, Total $100, Premium tax paid in Canal Zone $1, Paid $ , , $48, COMPA5rlA GENERAL DE SEGUROS, S.A. Premiums Fire $50.00 Surety 2, Liability other than auto Workmen's compensation 17, Auto comprehensive Auto liability (B.I.) Auto collision Auto property damage Extended coverage Hospital and medical Total $22, Premium tax paid in Canal Zone $ Paid $ , $2, COMPANIA INTERAMERICANA DE SEGUROS, S.A. Premiums Auto liability ( B.I. ) $45.81 Workmen's compensation 5, Fii«5, Automobile 46, Total $57, Premiimi tax paid in Canal Zone $ Paid $0.00 3, , ^9, COMPAJSJIA INTERNACIONAL DE SEGUROS, S.A. Premiums Miscellaneous $3, Total $3, Premium tax paid in Canal Zone $49.60 Paid $0.00 $0.00 COMPA5JIA ISTMENA DE SEGUROS, S.A. (No transactions in Canal Zone during 1969) COMPANIA NACIONAL DE SEGUROS, S.A. Premiums Workmen's compensation $52, Total $52, Premium tax paid in Canal Zone $ Complete infonnation unavailable. Paid $0.00' $0.00 4

9 CONTINENTAL CASUALTY COMPANY Premiums Paid Accident and health $1, $ol0.00 Group accident and health 2, , Inland marine Auto liabihty (B.L) (Cr.) Auto property damage Auto physical damage Total $3, $5, Premium tax paid in Canal Zone $58.47 CONTINENTAL INSURANCE COMPANY Premiums Paid Fire $luu.u0 $0.00 Auto liability ( B.I. ) (Cr.) 2, Auto property damage (Cr.) Auto physical damage (Cr.) 1, Surety Miscellaneous Total (Cr.) $4, $19.72 Premium tax paid in Canal Zone $0.00 FIDELITY AND CASUALTY COMPANY OF NEW YORK Premiums Paid Surety $2U.U0 $0.00 Miscellaneous Workmen's compensation Total $ $ Premium tax paid in Canal 2^ne $1.50 FIDELITY AND DEPOSIT COMPANY OF MARYLAND Premiums Paid Fidelity- $ $0.00 Surety 6, Total $6, $0.00 Premiiun tax paid in Canal Zone $98.31 FIREMEN'S INSURANCE COMPANY OF NEWARK Premiums Paid Fire $74, $38, Automobile and motor vehicle 259, , Miscellaneous 15, , Workmen's compensation 8, , Total $357, $144, Premium tax paid in Canal Zone $5,366.46

10 GENERAL INSURANCE COMPANY OF AMERICA (No transactions in Canal Zone during 1969) GREAT AMERICAN INSURANCE COMPANY (No transactions in Canal Zone during 1969) HARTFORD ACCIDENT AND IDEMNITY COMPANY Premiums Paid Fire $ $0.00 Workmen's compensation Liability other than auto (B.I.) , Property damage other than auto Extended Coverage \uto property damage Auto physical damage (Cr.) Surety Total $1, $1, Premiimi tax paid in Canal Zone $21.66 INSURANCE CO^^PANY OF NORTH AMERICA Premiums Ocean marine $1, Surety (Cr.) Total $1, Premiimi tax paid in Canal Zone $20.79 INTERNATIONAL SERVICE INSURANCE COMPANY Premiums Auto liability (B.I.) $9, Auto property damage 4, Auto physical damage 29, Total $43, Premium tax paid in Canal Zone $ THE LIBERTY MUTUAL INSURANCE COMPANY Premiums Health and accident $86.00 Liabihty other than auto (B.I.) Property damage other than auto Total $ Premium tax paid in Canal Zone $5.21 Paid $ $0.00 Paid $ , , $25, Paid $ $0.00

11 MARYLAND CASUALTY COMPANY Premiums Paid Accident and health $1, $2, Group accident and health 2, Auto liability ( B.L ) 38, , Liability other than auto (B.I.) 6, Fidelity 2, , Surety 47, Glass Burglary and theft , Auto property damage 19, , Inland marine 5, , Property damage other than auto 2, Workmen's compensation 46, , Auto physical damage 55, , Fire 4, , Extended coverage Miscellaneous Total $238, $165, Premium tax paid in Canal Zone $3, MUTUAL OF OMAHA INSURANCE COMPANY Premiums Paid Group accident and health $17, $43, Individual and health 2,646, ,089, Total $2,663, $2,132, Premium tax paid in Canal Zone $39, NATIONAL SURETY CORPORATION (No transactions in Canal Zone during 1969) NATIONAL UNION FIRE INSURANCE COMPANY (No transactions in Canal Zone during 1969) PANAMA INSURANCE COMPANY Premiums Paid Fire $1, $0.00 Workmen's compensation 115, , Liability other than auto 18, , Surety 28, , AutomobUe 3, , Miscellaneous 3, , Total $170, $136, Premiirm tax paid in Canal Zone $2, RELIANCE INSURANCE COMPANY (No transactions in Canal Zone during 1969)

12 ROYAL INDEMNITY COMPANY Premiums Paid Auto physical damage $ $0.00 LiabUity other than auto ( B.I. ) AutoliabUity (B.I.) Auto property damage Surety 0.00 (Cr.) 53, Total $ (Cr.) $53, Premium tax paid in Canal Zone $6.85 SEABOARD SURETY COMPANY (No transactions in Canal Zone during 1969) TRANSAMERICA INSURANCE COMPANY (No transactions in Canal Zone diuing 1969) TRAVELERS INDEMNITY COMPANY Premiums Paid Suret)' $ $0.00 Liability other than auto (B.I.) Property damage than auto Total $ $0.00 Premium tax paid in Canal Zone $6.51 UNITED STATES FIDELITY AND GUARANTY COMPANY Premiums Paid Extended coverage $ >0.00 Auto collision 55, , Fire 3, Inland marine Accident Workmen's compensation 18, , Liability other than auto (B.I.) 4, , Auto liabihty (B.I.) 54, , Auto property damage 32, , Auto physical damage 35, , Property damage other than auto 1, Fidelity 6, , Surety (Cr.) 2, Burglary and theft 4, , Miscellaneous Glass (Cr.) Total $218, $107, Premium tax paid in Canal Zone $3,

13 AMERICAN-AMICABLE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $113, Policies issued during Total 16 $113, Ceased to be in force during , Policies in force December 31, $107, and claims: Unpaid December 31, 1968 $0.00 Incurred during , Total 1 $14, Settled during , Unpaid December 31, 1969 $0.00 Group None premiiuns collected in Canal Zone during 1969: Life Insurance $2, Accident and Health 0.00 Total $2, Premium tax paid in Canal Zone. $35.84 AMERICAN CAPITOL INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, ,074 $4,806, Policies issued during ,485, Total 1,774 $10,293, Ceased to be in force during ,126, Policies in force December 31, ,141 $6,167, and claims: Unpaid December 31, 1968 $0.00 Incurred during , Total 5 $11, Setded during , Unpaid December 31, 1969 $0.00 Group None premiums collected in Canal Zone during 1969: Life Insurance $160, Accident and Health 9, Total $169, Premimn tax paid in Canal Zone $2,

14 AMERICAN INTERNATIONAL LIFE ASSURANCE COMPANY OF NEW YORK Ordinary None Group Number Amount Policies in force December 31, $333,3u2.00 Policies issued during , Total 1 $351, Ceased to be in force diu-ing Policies in force December 31, $351, and claims: Unpaid December 31, 1968 $ Incurred during Total $ SetUed during Unpaid December 31, 1969 $0.00 premiiuns collected in Canal Zone during 1969: Life Insurance $6, Accident and Health 0.00 Total $6, Premium tax paid in Canal Zone $93.69 BANKERS LIFE INSURANCE COMPANY OF AMERICA Ordinary Number Amount Policies in force December 31, ,105 $4,399, Policies issued during Total 1,105 $4,399, Ceased to be in force during , Policies in force December 31, ,014 $4,036, and claims: Unpaid December 31, $2, Incurred during , Total 5 $15, Settled during , Unpaid December 31, $12, Group None premiums collected in Canal Zone during 1969: Life Insurance $132, Accident and Health 0.00 Total $132, Premium tax paid in Canal 2^ne $1,

15 BENEFICIAL NATIONAL LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1969) CITIZENS STANDARD LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, ,734 $6,177,lo0.00 Policies issued during ,281, Total 1,759 $7,458, Ceased to be in force during ,562, Policies in force December 31, 1969 _ 1 _ J 1 1,647 $5,896, and claims: Unpaid December 31, 1968 $0.00 Incurred during ::^: _, I.. _ 5 13, Total 5 $13, Settled during , Unpaid December 31, 1969 $0.00 Group None premiums collected in Canal Zone during 1969: Life Insurance $176, Accident and Health 64, Total $240, Premiiun tax paid in Canal Zone $3, EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES Ordinary None* Group Number Amount Policies in force December 31, 1968 $0.00 Policies issued during 1969 NA* Total $0.00 Ceslsed to be in force during 1969 '. NA Policies in force December 31, ^ $0.00 and claims: Unpaid December 31, 1968 $0.00 Incurred during 1969 NA 403, Total O" $403, Settled during 1969 NA 403, Unpaid December 31, 1969 $0.00 premiums collected in Canal Zone during 1969: Life Insurance $31, Accident and Health 3, Total $34, Premium tax paid in Canal Zone $ ' Figures not available.

16 EXECUTIVE FUND LIFE INSURANCE COMPANY Ordinary None Group None premiums collected in Canal Zone during 1969: Life Insurance $0.00 Accident and Health ^ Total $ Premium tax paid in Canal Zone $8.72 FIDELITY AND GUARANTY LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $323, Policies issued during , Total 72 $755, Ceased to be in force during ^ 432, Policies in force December 31, $323, and claims: Unpaid December 31, 1968 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1969 $0.00 Group None premiums collected in Canal Zone during 1969: Life Insurance $7, Accident and Health 0.00 Total $7, Premium tax paid in Canal 2k>ne $

17 THE GIBRALTAR LIFE INSURANCE CX)MPANY OF AMERICA Ordinary Number Amount Policies in force December 31, ,248 $8,891, Policies issued during , Total 1,319 $9,682, Ceased to be in force during , Policies in force December 31, ,199 $8,921, and claims: Unpaid December 31, 1968 $0.00 Incurred during , Total 22 $36, Settled during , Unpaid December 31, 1969 $0.00 Group None premiums collected in Canal Zone during 1969: Life Insurance $228, Accident and Health Total $228, Premium tax paid in Canal Zone $3, JACKSON NATIONAL LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1969) 13

18 LINCOLN NATIONAL LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $4,137, Policies issued during , Total 622 $4,139, Ceased to be in force during , Policies in force Etecember 31, $3,768, and claims: Unpaid December 31, $97, Incurred during , Total 10 $128, Settled during , Unpaid December 31, $10, Group Policies in force December 31, 1968 $44, Policies issued during Total - $44, Ceased to be in force during , Policies in force December 31, 1969 r::u $42, and claims: Unpaid December 31, 1968 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1969 $0.00 premiums collected in Canal Zone during 1969: Life Insurance $97, Accident and Health 1, Total $98, Premium tax paid in Canal Zone $1,

19 NATIONAL WESTERN LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $81, Policies issued during , Total 18 $126, Ceased to be in force during , Policies in force December 31, $105, and claims: Unpaid December 31, 1968 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1969 $0.00 Groxjp None premiums collected in Canal Zone during 1969: Life Insurance $1, Accident and Health 0.00 Total $1, Premium tax paid in Canal Zone $28.94 PAN-AMERICAN LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, 1968 llo $l,073,3u5.00 Policies issued during , Total 117 $1,138, Ceased to be in force during , Policies in force December 31, $1,117, and claims: Unpaid December 31, 1968 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1969 $0.00 Group None premiums collected in Canal Zone during 1969: Life Insurance $36, Accident and Health 0.00 Total $36, Premium tax paid in Canal Zone $

20 PENINSULAR LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1969) UNITED BENEFIT LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $2,6«U,2j3.00 Policies issued during , Total 577 $3,266, Ceased to be in force during , Policies in force December 31, $3,002, and claims: Unpaid December 31, 1968 $0.00 Incurred during , Total 3 $25, Setded during , Unpaid December 31, $15, Group Policies in force December 31, $112,553, Policies issued during Total 3 $112,553, Ceased to be in force during , Policies in force December 31, $112,255, and claims: Unpaid December 31, 1968 $0.00 Incurred during , Total 86 $416, Settled during , Unpaid December 31, $9, premiums collected in Canal Zone during 1969: Life Insurance $752, Accident and Health 11, Total $763, Premium tax paid in Canal 2^ne $11,

21 UNITED SERVICES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $3,814, Policies issued during ,129, Total 502 $5,944, Ceased to be in force during ,771, Policies in force December 31, $3,172, and claims: Unpaid December 31, 1968 $0.00 Incurred during , Total 1 $1, Settled during , Unpaid December 31, 1969 $0.00 Group None premiums collected in Canal Zone during 1969: Life Insurance $65, Accident and Health 0.00 Total $65, Premiima tax paid in Canal Zone $ UNITED STATES LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $368, Policies issued during Total 23 $368, Ceased to be in force dming , Policies in force December 31, $350, and claims: Unpaid December 31, 1968 $0.00 Incmred during , Total 3 $32, Settled during , Unpaid December 31, $5,

22 Group Policies in force December 31, $197, Policies issued during Total T $197, Ceased to be in force during 1969 (-) 35, Policies in force December 31, $232, and claims: Unpaid December 31, 1968 $0.00 Incurred during Total $0.00 Settled during Unpaid December 31, 1969 $0.00 premiums collected in Canal Zone during 1969: Life Insurance $9, Accident and Health 8, Total $17, Premium tax paid in Canal Zone $ WABASH LIFE INSURANCE COMPANY (No transactions in Canal Zone during 1969) WORLD SERVICE LIFE INSURANCE COMPANY Ordinary Number Amount Policies in force December 31, $456, Policies issued during , Total 51 $473, Ceased to be in force during _ 107, Policies in force December 31, $366, and claims: Unpaid December 31, 1968 $0.00 Incurred during Total $0.00 Setried during ^ Unpaid December 31, 1969 _ $0.00 Group None premiums collected in Canal Zone dining 1969: Life Insurance $6, Accident and Health 0.00 Total $6, Premium tax paid in Canal Zone $

23 RECAPITULATION MISCELLANEOUS COMPANIES Premiums Paid Accident $50.00 $0.00 AutomobUe and motor vehicle 327, , Auto comprehensive 7, , Auto couision 90, , Auto hability (B.I.) 150, , Auto property damage 86, , Auto physical damage 118, , Burglary and theft 9, , Extended coverage Fidelity 8, , Fire 90, , Glass (Cr.) Group accident and health 21, , Health and accident (includes hospital and medical) 2,649, ,092, Inland marine 5, , Liability other than auto 31, , Miscellaneous 42, , Ocean Marine 1, Property damage other than auto 4, Surety 86, , Workmen's compensation 345, , Total $4,080, $2,767, Premium taxes paid in Canal Zone $61, LIFE INSURANCE COMPANIES Ordinary Number Policies in force December 31, ,895 Policies issued during ,060 Total 7,955 Ceased to be in force during ,315 Policies in force December 31, ,640 and claims: Unpaid December 31, Incurred during Total 55 Settled during Unpaid December 31, Amount $37,325, , $48,160, ,825, $37,335, $99, , $279, , $42,

24 Group Number Amount Policies in force December 31, $113,128, Policies issued during , Total 5 $113,147, Ceased to be in force during , Policies in force December 31, $112,881, and claims: Unpaid December 31, 1968 $ Incurred during , Total 86 $821, Settled during , Unpaid December 31, $9, premiums collected in Canal Zone during 1969: Life Insurance $1,714, Accident and Health 99, Total $1,813, Premium tax paid in Canal Zone $27, 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, Value of property involved Amount of damage by fire Panama Canal Company $14,794, $8, Canal Zone Government 4,115, Other U.S. Government 101, U.S. Armed Forces 10,214, , Ships in Canal waters 39,216,000.00* 15,330.00' Private property other than above 2,385, , Total $70,627, $259, " Complete figures unavailable. The following is an extract from Tide 2 of the Canal Zone Code, as revised effective January 2, 1963, pertaining to the licensing of foreign corporations under which insurance companies are authorized to do business in the Canal Zone. 20

25 CANAL ZONE CODE-TiUe 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 until 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 desii'es to engage in the Canal Zone; (2) A copy, duly certified by the officer authorized by law to ceiiify 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 diiectors 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 tlie 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 knowti 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 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, showing that the company is authorized to transact business in the State or covmtry under whose laws the company is organized; 21

26 (2) A duly certified copy of the last annual statement of the insurance company to an authorized official in the State or coimtry 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 insm-ance policies that it may issue. Sec 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 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 companv 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 l^/z percent of its net premium receipts ia 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 contraiy to public policy or to the policy of administering the Canal Zone as an adjunct of the Panama Canal. 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. 22

27 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. Every contract made by or on behalf of such a corporation aflfecting (c) 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 coi-poration licensed pursuant to Chapter 79 of this title is not required to comply with sections of this title. 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 b)' 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 serv'ed upon the executive secretary of the Canal Zone Government; (5) A post office address to which the executive secretaiy 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 surrendered foreign corporation" signed and acknowledged by the president, a vice president, secretary, assistant secretary, or treasurer. (h) The license shall be attached to the certificate of surrender unless the license has been lost or destioyed, in which case there shall be attached an affidavit of the president, vice president, secretary, assistant secretaiy, or treasurer to that effect. (c) Mere retirement from doing business in the Canal Zone without filing a certificate of surrender of license does not revoke the appointment of anv agent for the serx'ice of process within the Canal Zone. 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 secretaiy of the Canal Zone Govemment in any action upon a liabilit)' or obligation incurred within the Canal Zone prior to the revocation or the filing of the certificate of surrender. 23

28 (b) Section 872(b) of this title applies to service of process upon the executive secretary pursuant to this section. The revocation or surrender of a license does not a Fect any action (c) pending at the time

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