Hawaii Insurance Commissioner Gordon Ito on April 7 announcedthat Family Health Hawaii MBSwas ordered into liquidation.
The order of liquidation is effective immediately.
State First Circuit Court Judge Karen Nakasone signed the order,which authorizes Ito to take control of Family Health Hawaii's assets as the liquidatorand assume the powers of the company's directors and officers.
Family Health Hawaii's 2015 annual filings revealed that thecompany is below the minimum level required by law with no prospects of making upthe deficit. The company had been working with the state's examination team priorto the 2015 annual filing but had missed several key deadlines.
Family Health Hawaii currently insures about 420 employer groupplans and does not provide individual plans.