January 14, 2010 by Canadian Underwriter
As of the end of October 2009, Facility Association (FA) has paid and incurred more than $11.5 million in statutory accident benefit claims connected to insolvent insurer Markham General Insurance Company.
Markham General was ordered wound-up under the provisions of the Winding-up and Restructuring Act on July 24, 2002.
Facility Association entered into an agreement with the liquidator of Markham General, Deloitte & Touche Inc., to fund Markham’s statutory accident benefit claims, with the right of subrogation against the estate.
FA’s update bulletin, posted online on Jan. 12, 2010, also noted there are outstanding claims provisions related to Markham that currently total $350,000.
“Facility Association has not accrued this amount,” the bulletin says. “Facility Association will be responsible for funding the payment of this amount in due course and will expense it to bad debts at that time.”
Genworth Financial Mortgage Insurance Company Canada and Habitat for Humanity Canada have announced a new three-year relationship, in which Genworth Financial Canada has committed $1 million to a project called “The Path to Home.”
The Path to Home will support home building grants, access to educational material and resources and employee volunteer commitments planned throughout each year of the project.
“This new effort will expand our work with Habitat in helping Canadian families become homeowners,” said Peter Vukanovich, president and chief operating officer of Genworth Financial Canada. “As The Homeownership Company, we are proud to support Habitat’s efforts to break the cycle of poverty by building homes for those who need them the most.”