Markham General Insurance Co. can no longer meet its obligations. As a result, the Superintendent of the Financial Services Commission of Ontario has issued an order under the Insurance Act, taking possession and control of the assets of Markham General.

As permitted under Section 58 of the Insurance Act, the Superintendent took this action to protect policyholders. The Superintendent had been closely monitoring the company and took the action after receiving financial information from the board of directors of the company showing that the assets were insufficient to warrant Markham General continuing in business.

Policyholders are protected, within program limits, by the Property and Casualty Insurance Compensation Corp. PACICC is an insurance industry operated and funded compensation plan.