The Hawaii State Insurance Division has successfully closed HIH America Insurance Company of Hawaii, a Hawaii workers’ compensation insurance company.
Financial problems of its affiliated companies in Australia and California led to the downfall of the company in March 2001, when its ability to pay its claims and vendors was jeopardized, according to the Insurance Division. The Insurance Commissioner seized HIH Hawaii’s operations when it became insolvent, and, under the Hawaii Insurance Division’s control, paid 100 percent of all claims of injured workers, policyholders, and Hawaii creditors.
More than $18 million of assets were recovered and paid out to creditors located in Hawaii and California, the Insurance Division said.
HIH Hawai’i has received court approval to disburse its remaining assets and dissolve the corporation before the end of the year.
Was this article valuable?
Here are more articles you may enjoy.