Canada News
Markham General Insurance Company has told its brokers that all existing policies for auto insurance will be cancelled as of 12:01 a.m. on June 15, 2002.
Rumors had been circulating in the industry that such a move might be taken, after Markham General’s financial woes came to light just weeks ago. The company was suffering a capital crunch, having written large amounts of business, specifically in Ontario auto insurance, where losses have been heavy. Markham General was asked to go out of business by the Financial Service Commission of Ontario because its cash reserves fell below legal requirements.
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