December 14, 1995 |
Cigna Insurance Group Fined $442,500: A one-year investigation found that the company had not filed proper rate increase applications in 255 of 468 policies for commercial property and casualty, commercial auto, directors and officers liability, marine and aviation lines. A small group of clients was therefore charged $1.3 million more in rates than had been approved, California Insurance Commissioner Chuck Quackenbush said.
April 22, 1992 |
Cigna Pays $150,000 to Settle Charges: The Cigna insurance companies agreed to pay $150,000 to settle charges of repeatedly failing to calculate premiums according to filed plans, Insurance Commissioner John Garamendi said. Cigna admitted no wrongdoing in agreeing to the fine, described as the largest ever assessed by the Insurance Department for violating insurance rating law.
July 29, 1989 |
A federal judge intends to dismiss a massive suit by California and 18 other states accusing some of the nation's largest insurers of conspiring to unfairly limit liability coverage for government and business, lawyers said Friday. In a tentative opinion, U.S. District Judge William W. Schwarzer concluded that the defendants are immune under an act that grants an exemption to insurance companies from most federal antitrust laws, the attorneys said.
December 23, 1998 |
Cigna Corp., the last major insurance company to combine health-care and employee benefits with other traditional insurance products, is negotiating to sell its property and casualty business for about $3 billion, the company confirmed Tuesday. In its efforts to shed this part of its business, Cigna joins other insurers that have decided that the only way to survive in the difficult era of managed care is to specialize.
March 23, 1988 |
The attorneys general of California and eight other states filed lawsuits Tuesday accusing major U.S. and British insurance companies of conspiring to restrict the availability of liability insurance for government and business and to eliminate coverage for damage from environmental pollution. As a result, the suits allege, rates skyrocketed in what became known as the liability crisis.