Expenses of adjustment and settlement of losses.. Commissions or brokerage..... Salaries and expenses of special and general agents.. Salaries, fees and all other charges of officers, directors, trustees and 146 13 7,541 82 629 60 4,477 79 332 50 195 00 118 85 13 76 10 42 42 34 14 53 119 55 4 62 454 62 178 99 475 $36,188 80 $134,924 44 LEDGER ASSETS. Mortgage loans on real estate, first liens.. Loans secured by pledge of bonds, stocks or other collateral.. .$115,500 00 7,500 00 6,677 93 Agents' balances representing business written subsequent to Oct. 1, 1915. GULF AND ATLANTIC INSURANCE COMPANY. Annual Statement for the Year Ending December 31, 1915, of the Condition and Affairs of the Gulf and Atlantic Insurance Company. Organized under the laws of the State of South Carolina, made to the Insurance Commissioner of the State of South Carolina pursuant to the laws thereof. Incorporated December, 1908. Commenced Business December 28, 1908. Home Office Palmetto Building, Columbia, S. C. B. F. TAYLOR, President; R. M. JONES, Secretary and Treasurer. DIRECTORS. B. F. Taylor, Columbia, S. C.; R. M. Jones, Columbia, S. C.; F. H. Weston, Columbia, S. C.; Geo. S. Mower, Newberry, S. C.; W. W. Abbott, Columbia, S. C.; D. O. Herbert, Orangeburg, S. C.; C. K. Henderson, Aiken, S. C.; D. A. Spivey, Conway, S. C.; J. E. McDavid, Columbia, S. C. Commissions or brokerage, less amount received on return premiums and reinsurance for the following classes: Surety $817 73 Salaries, fees and all other compensation of officers, directors, trustees and home office employees... 1,541 10 Salaries, traveling and all other expenses of agents not paid by commission 25 00 Rents 231 00 Insurance department licenses and fees. 45 50 Agency supervision and traveling expenses of supervisors (except compensation for home office supervision). 238 88 Salaries home office employees... 871 00 Rent 439 00 Printing and stationery, $501.45; postage, telegraph, telephone and ex 35 00 269 73 269 73 50 00 9 01 62 00 131 25 34 35 $3,521 40 $19,299 21 116 19 7,277 78 $30,098 39 $72,487 99 $25,234 64 20,534 74 22,000 00 $1,439 11 1,625 49 336 96 56 NON-LEDGER ASSETS. Interest due, $229.11, and accrued, $913.21, on mortgages.. Interest due and accrued, $542.50 on bonds.... Interest due, $237.19, and accrued, $368.52, on collateral loans.. Gross assets DEDUCT ASSETS NOT ADMITTED. Furniture and fixtures... Premiums in course of collection effective prior to October 1, 1915...... Total admitted assets.. LIABILITIES. $7,142 32 542 50 605 71 2,290 53 $74,778 52 $795 47 1,170 95 $73,607 57 Total unearned premiums in Surety Department... Net present value of policies in Life and Casualty Department..... Estimated amount hereafter payable for Federal, State and other taxes based upon the business of the year of this statement.. Special reserve Total amount of all liabilities, except capital. Capital actually paid up in cash.. Surplus over all liabilities... Surplus as regards policyholders..... Total liabilities $3,679 10 23 94 49 10,000 00 $13,703 53 56,957 33 2,946 71 59,904 04 In force December 31, 1914.. EXHIBIT OF PREMIUMS. Written or renewed during the year... Total.. Deduct expirations and cancellations.. In force at the end of the year... Amount at risk December 31, 1915.. SOUTHEASTERN LIFE INSURANCE COMPANY. $73,607 57 Surety. $13,903 81 6,545 61 7,358 20 $1,645,005 60 Columbia, S. C., January 28, 1916. Hon. F. H. McMaster, Insurance Commissioner, Columbia, S. C.: Pursuant to your instructions, an examination of the Southeastern Life Insurance Company, of Greenville, S. C., has been completed and a report showing the condition of such company's affairs is herewith submitted: HISTORY. The Southeastern Life Insurance Company was chartered on November 3, 1905, under the Code of 1902 of South Carolina, to "transact the business of life, accident and health insurance, to grant, purchase and dispose of annuities, make endowments, receive and execute trusts," etc. On May 14, 1910, the charter was amended changing the principal place of business from Spartanburg to Greenville. So far the company has operated only in South Carolina. CAPITAL STOCK. The authorized capital stock is $100,000, divided into 1,000 shares of $100 each. The capital stock was sold for par at the organization of the company, premium was charged in order to create a surplus. as no ORGANIZATION. By the by-laws, the corporate powers of the Southeastern are vested in and exercised by a Board of Directors of not to exceed fifteen. Each director must be a stockholder and elected by the stockholders in annual session. Any vacancies may be filled by the board for the unexpired term. The directors have the power to elect or discharge the officers and to fix their compensation. The executive committee, elected by the directors from their board, is composed of the president, agency manager and five other directors. This committee possesses and exercises all powers of the directors in their absence and makes a report to the board of directors at the annual meeting and at such other meetings as may be required. The investments of the company are controlled by this committee and the minutes show that this feature of the company's business is under its close supervision. SCOPE. This examination covers the period since the last examination on December 31, 1913. The financial statement for 1914 was verified through ledger assets. FINANCIAL STATEMENT. The income and disbursements for 1915 and the financial condition of the company as of December 31, 1915, are herewith submitted: 21. Premium notes and liens voided by lapse.. $38,836 15 22. Surrender values paid in cash, or applied in liquidation of loans or notes 26,490 42 23. Paid for claims on supplementary contracts not involving life contingencies 24. Paid stockholders for interest or dividends. 600 00 3,000 00 25. Commissions to agents (less commission on reinsurance): First year's premiums.. $41,154 03 Renewal premiums 12,242 07 53,394 10 270,883 23 $839,577 34 |