HomeMy WebLinkAbout01-2140- 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, 2000.
ADMITTED ASSETS LIABILITIES AND SURPLUS
Bonds ...........
.............................................................. $ 640,571 Reserve for losses and loss expenses ........................ $ 608,081
Preferred stocks-at convention values ................................ 96,888 Reserve for unearned premiums ................................. 223,900
Common stocks-at convention values ............................. 138,684 Provision for unauthorized reinsurance ............................. 835
Subsidiary common stock-at convention values ................. 28,702 Excess of statutory reserves over
Short-term investments ..................................................... 60,119 case basis reserves ........................................................... 604
Contingent commissions ................................................ 6,005
Mortgage loans on real estate (including collateral loans) ......... 77
Other invested assets ......................................................... 13,246 Other accrued expenses ................................................. 14,628
Other Liabilities ........................................................... 47.380
Interest and dividends due or accrued ............................... 11,758
Premiums receivable ............
............................................. 165,538
Total Liabilities .......................................................... 901,433
Other admitted assets ...........
........................................... <3,103> Surplus as regards policyholders ................................. ~
(in thousands) $1,152,480 (in thousands) $1,152,480
I further certify that the following is a true 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 time, appoint attorneys
in fact, and agents to act for and on behalf of the Company and they may give such appointee such authority, as his/her
certificate of authority may prescribe, to sign with the Company's name and seal with the Company's seal, bonds, recog-
nizances, contracts of indemnity and other writing obligatory in the nature of a bond, recognizance or conditional under-
taking, and any of said Officers may, at any time, remove any such appointee and revoke the power and authority given
him/her".
IN WITNESS WHEREOF, I hereunto subscribe my name and affix the
seal of said C, ompany, this 28th day of February, 2001.
Executive Vice President and General Counsel
Subscribed and Sworn to me on this 28th day of February, 2001.
Notary Public
My Commission Expires October 17, 2003.
B-99 (2/01)
COMMONWEALTH OF PENNSYLVANIA
INSURANCE DEPARTMENT
Harrisburg, PA April 1, 2001
·
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 the 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 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 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, I have hereunto set my hand and
affixed my official seal, the day and year first above written.
Insurance Commissioner -~-