FSCO seizes assets of Markham General

The Financial Services Commission of Ontario (FSCO) has issued notice that the regulator will take possession of the assets of troubled insurer, Markham General Insurance Co. The insurer recently cancelled active policies and ceased writing new business.FSCO says its action against Markham had followed close monitoring of the company’s financial affairs, and after having been supplied by financial records from the board of directors, it became apparent that the assets were insufficient to warrant the insurer remaining in business. "The superintendent took this action to protect policyholders because Markham General Insurance Co. could no longer meet its obligations." FSCO observes that policyholders will receive some protection of their interests through the insurance industry’s Property and Casualty Insurance Compensation Corp. (PACICC).