Hawaii Insurance Commissioner J.P. Schmidt has been authorized by the First Circuit Court of Hawaii to be liquidator of AG Airgroup Insurance Inc.
According to court documents, AG Airgroup is insolvent and “in such condition that the further transaction of business would be hazardous financially, to its policyholders, creditors or the public … and rehabilitation efforts would be futile and would substantially increase the risk of loss” to the company’s creditors, its policyholders or the public, “and would serve no useful purposes.”
As liquidator, Schmidt is authorized to take possession and control of all of the assets, real and personal property, books, accounts, documents and other records of AG Airgroup and the premises occupied by the company, its agents and affiliates. He also is authorized to cancel all policies insured by the company and to terminate such policies for nonpayment of premiums.
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