The Day/Connecticut is reporting that Cigna has entered into a $77 million dollar regulatory settlement. The online story explained that “Insurance Commissioner Thomas B. Leonardi announced today that a regulatory settlement had been reached with CIGNA that calls for the company to set aside $48 million as it continues to re-evaluate claims. Another $29 million fund is intended to settle currently open claims, he added”
“Leonardi said an investigation of the company’s practices was conducted by the state in cooperation with regulators in California, Maine, Massachusetts and Pennsylvania. The probe examined claims procedures of CIGNA’s Pennsylvania-based subsidiary Life Insurance Company of North America, along with Connecticut General Life Insurance Company and CIGNA Health and Life Insurance Company (formerly Alta Health and Life).”
“It is a solid example of regulatory cooperation in protecting the policyholders of Connecticut and other jurisdictions,” Leonardi said.
The Day also stated, that “In addition to monetary considerations, the Connecticut settlement requires CIGNA and its susidiaries to improve their claims-handling processes, establish a remediation program to look back at previously denied or terminated claims and participate in ongoing claims sampling as well as a re-examination after the monitoring period.”
Original Article: http://www.theday.com/article/20130522/BIZ02/130529851/1047
- Maine Protects Insurance Consumers by Reaching Settlement with Three CIGNA Companies (necontact.wordpress.com)