HomeMy WebLinkAbout04-1538COMMONWEALTH OF PENNSYLVANIA
INSURANCE DEPARTMENT
Harrisburg, PA Al~ril 1, 2004
Whereas, the SELECTIVE INSURANCE COMPANY OF AMERICA, located at Branchville, N.J.,
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 thc Act of Assembly of the Commonwealth of
Pennsylvania, entitled "An act relating to insurance; amending, revising and consolidating the Law &c.,"
approved the 17th day of May, A.D. 1921, as well as with the requirements of the laws of this Commonwealth
applicable to such company in doing business herein.
Now Therefore, I, M. Diane Koken~ Insurance Commissioner of the Cormnonwealth of Pennsylvania, do
hereby certify, in accordance with Section 1, of the Act of Assembly approved June 29, 1923 and kno,vn as act
No. 373 of the Laws of 1923, that the Selective Insurance Company of America, of Branehville, N. J., 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, rules or regulations of any municipality, board, body, organization, or
public officer.
In Witness Whereof., 1 have hereunto set my hand and
affixed my official seal, the day and year first above written.
Selective Insurance Company of America
Selective Way Insurance Company
40 Wantage Avenue
Branchville, New Jersey 07890
973-948-3000
STATEMENT OF FINANCIAL CONDITION
I hereby certify that the following statement of Selective Insurance Company of America is true as taken from the records
of said Company as of December 31, 2003.
ADMITfED ASSETS
LIABILITIES AND SURPLUS
Bonds ......................................................................... $ 999,187
Preferred stocks-at convention values ............................... 47,445
Common stocks-at convention values ............................ 194,899
Subsidiary common stock-at convention valaes ...............26,503
Short-term investments .................................................... 14,066
Mortgage loans on real e~tate (including collateral lemans) ........ 38
Other invested a~sers ........................................................ 35,617
Interest and dividends due or accrued .............................. 11,625
Premiums receivable ....................................................... 399,418
Other admitted assets ..................................................... 143,213
Reserve fo~ losses and loss expenses ............................ $ 779,323
Reserve for unearned premiums ..................................... 331,396
Provision for unauthorized reinsurance .............................. 1,371
Contingent commissions .................................................. 2%813
Other accrued expenses .................................................... 34,230
Other Liabilities ............................................................. ~18,874
Total Liabilities ........................................................... !,495,007
Surplus a~ regards Policyholders ..................................... 377.004
(in tho,.tsands) ........................................................... $1,872,011 (in thousands) ........................................................... $1,872,011
I further certify that the following is a tree and exact excerpt from Article VII, Section 13 of the By-Laws of the Selective
Insurance Company of America which is still valid and existing.
"The Chairman of the Board, President, any Vice Presidents or the Secretary may, from time to rime, appoint attorneys
in fact, and agents to act for and on behalf of the Company and they may give such appointee such authority, as hither
certificate of authority may prescribe, to sign with the Company's nam~ ami ~ with du~ Compa~'s ~ Im~lr. ~
nizances, contracts of indemnity and other writing obligatory in dm ~'a ~ r~a~.or~mdJl:im~ ~
takin$ ~y of said Om~,~ ~y, ~. ~ ~ m~ ~,,~~ ~ ~1~~~
NOTARY
PUBLIC
IN WITNESS WHEREOF, I hereunto subscribe my name and affix the
~eal of ~aid Company, thJ~ 7th day of February, 2004.
Vice President, Acting General Coumel, [/~
Corporate Secretary, Corporate Governance Officer
Subscribed and Sworn to me on this 7th day of February, 2004.
Notary Public
My Commission Expire~ October 17, 2008
SEAL
1926
B-99 (2/04)