Thousands of Hawaii residents will be losing their health insurance after a local company called Family Health Hawaii (FHH) was ordered into liquidation Thursday.
The order, signed by First Circuit Court Judge Karen Nakasone, authorizes insurance commissioner Gordon Ito to take possession and control of FHHs assets as the liquidator and assume the powers of the companys directors and officers for the protection of policyholders, creditors, and the public.
Health insurance companies in Hawaii are required to meet statutory solvency requirements which include maintaining minimum net worth to ensure that they are able to meet their obligations. FHHs 2015 annual filings revealed that the company is below the minimum lev…
Read the full article at: http://khon2.com/2016/04/07/thousands-affected-as-local-insurance-company-ordered-into-liquidation/