July 24, 2002 — Markham General Insurance Company has been ordered to wind up its business by the Ontario Superior Court of Justice, following an application made by the Superintendent of Financial Services at the Financial Services Commission of Ontario (FSCO). The wind up order came today, under the “Winding-up and Restructuring Act.” The court has appointed Deloitte and Touche Inc as the provisional liquidator.
Alex Kennedy, president and CEO of the Property and Casualty Insurance Compensation Corporation (PACICC) says, “PACICC will consider claims arising from events that occurred on or before the date of the cancellation of all the policies – June 15, 2002.” PACCIC was named as an Inspector in the liquidation.
While Markham General was licensed in Ontario, British Columbia and Alberta, it had already stopped writing business in the three jurisdictions.
Although licensed for Accident and Sickness, Automobile, Boiler and Machinery, Fidelity, Liability and Property Insurance, the bulk of its business was related to Ontario Automobile insurance. PACICC’s coverage does not extend to Fidelity insurance.
PACICC is an industry-funded, not-for-profit corporation established by the property and casualty insurance companies in Canada to respond to the claims of policyholders under most policies written by insurance providers that have become insolvent.
For more information, visit the PACICC Web site at www.pacicc.comTags: Deloitte, Financial Services Commission of Ontario (FSCO), Property and Casualty Insurance Compensation Corporation (PACICC)