Annual Report of Insurance Business Transacted in the Canal Zone, Including Laws Concerning Licensing of Insurance Companies 1968

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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 certffied 19 copy of its annual report to an authorized oflBeial of the State or countiy in which the company is organized. Upon a showing of good c...ause 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 Ucensed pursuant to this chapter shall pay before March 1 of each year, in lieu of all other taxes except the amiual fee provided for by section 876 of this title, a license tax equal to IV2 percent of its net premium receipts in the Canal Zone for the proceeding 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 pohcy of administering the Canal Zone as an adjunct of the Panama Canal he may issue a license to do business in the Canal Zone.


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