HomeMy WebLinkAbout03-2722COMMONWEALTH OF PENNSYLVANIA
INSURANCE DEPARTMENT
Harrisburg, PA April 1~ 2003
Whereas, the MERCHANT AND BUSINESS MEN'S MUTUAL INSURANCE COMPANY, located at
Camp Hill, PA, has filed in this Department a certified copy of its charter and a detailed statement of its Assets
and Liabilities, and otherwise complied with the requirements of Section 661 of the Act of Assembly of the
Commonwealth of Pennsylvania, entitled "An act relating to insurance; amending, revising and consolidating
the Law &e.," approved the 17th day of May, A.D. 1921, as well as with the requlremcms of the laws of this
Commonwealth applicable to such company in doing business herein.
Now Therefore, I, M. Diane Koken~ Insurance Commissioner of the Commonwealth of Pennsylvania, do
hereby certify, in accordance with Section 1, of the Act of Assembly approved June 29, 1923 and known as act
No. 373 of the Laws of 1923, that the Merchant and Business Men's Mutual Insurance Company, of Camp
Hill, PA, is duly authorized to become and be accepted as sole surety on all bonds, undertakings and obligations
required or permitted by law or the ordinances, roles or regulations of any municipality, board, body,
organization, or public officer.
In Witness Whereof, I have hereunto set my hand and
affixed my official seal, the day and year first above written.
Insurance Commissioner
MERCHANTS AND BUSINESS MEN'S MUTUAL INSURANCE COMPANY
I certify that the following individuals are officers of Merchants and Business Men's Mutual Insnrance
Company as of January 31, 2003, to wit:
Roger L. Jean ............................... Chairman of the Board Thomas G. Moylan ......................... Senior Vice Presidents
Donald Waardenburg .......... President/Chief Executive Officer David J. Conway ............................................ Treasurer
Philip Guymont ........ Senior Vice President, Chief Finance Officer Michael J. DiRusso ........................................ Secretary
A. Alex Fontanes-Executive Vice President~Chieflnveslment Officer Brenda W. Radle ...................................... Vice President
Mark E. Fiebrink-Executive Vice PresidenUAssistant Treasurer Deborah A. Giss ................................. Assistant Secretary
I further CERTIFY that the following Financial Statement of the Company is true, as taken from the hooks of said Company as of
December 31, 2002 to wit:
ASSETS
Bonds at Amortized Values $25,285,028
Real Estate 723,987
Cash (1,347,139)
Short-term investments 1,343,018
Agent Balances 4,698,508
Reinsurance Recoverable 7,380,382
Accrued Interest and Dividends 401,841
Other Assets 11,881,483
Receivable from Parent, Subsidiaries, and Affiliates 2,736,333
TOTAL ADMITTED ASSETS 53,103,441
LIABILITIES
Reserve for Losses $24,901,380
Reinsurance Payable on Paid Losses (9,000)
Reserve for Loss Adjustment Expenses 4,745,849
Reserve for Contingent Commissions 59,425
Reserve for Other Underwriting Expenses 968,749
Reserve for Taxes, Licenses, and Fees 733,596
Reserve for Unearned Premiums 6,451,345
Fund Held for Others 2I 1,976
Reserve for Outstanding Loss DraRs 643,166
Other Liabilities 5,877,978
TOTAL LIABILITIES 44,584,464
Capita!
0
Surplus 8,518,977
Surplus to Policyholders 8,518,977
TOTAL LIABILITIES AND CAPITAL 53,103,441
Securities carried at $1,146,861 on the above statement are deposited as required by law.
I further CERTIFY the following is a true copy of the Restated By-Laws of Merchants and Business Men's Mutual Insurance
Company, relating to the execution of bonds and all other writings obligatory in the nature thereof.
ARTICLE IV, ~SECTION 12
"An '
y officer or other official of the Corporation authorized for that purpose in writing by the Chairman or the President, and subject to
such Iimitation as the Chairman or the President may prescribe, shall appoint such attorneys-in-fact, as may be necessary to act in behalf
of the Corporation to make, execute, seal acknowledge and deliver as surety any and all undertakings, bonds, recognizances and other
surety obligations. Such attorneys-in-fact, subject to the limitations set forth in their respective powers of attorney, shall have full power
to bind the Corporation by their signature and execution of any such instruments and to attach thereto the seal of the Corporation. When
so executed, such instruments shall be as binding as if signed by the President and attested to by the Secretary. Any power or authority
granted to any representative or attorney-in-fact under the provisions of this article may be revoked at any time by tile Board, the
Chairman, the President or by the officer or officers granting such power or authority."
Use of facsimile signatures by Merchants and Business Men's Mutual Insurance Company is made pursuant to Resolution of the Board
of Directors of Merchants and Business Men's Mutual Insurance Company, dated May I5, 2001.
IN TESTIMONY WHEREOF, 1 hereunto subscribe my name and affix the seal of said Company, this /~'day of
President
Subscribed and Sworn to before me this /$~ dayof /~ .~
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~txa~r ~ember 19, 006
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