INSURANCE
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.
For the record:
12:00 a.m. April 23, 1992 For the Record
Los Angeles Times Thursday April 23, 1992 Home Edition Business Part D Page 2 Column 2 Financial Desk 2 inches; 43 words Type of Material: Correction
Cigna--The Cigna insurance companies admitted wrongdoing in agreeing to pay a $150,000 fine to settle charges of repeatedly failing to calculate premiums according to filed plans, a violation of California insurance rating law. A brief in Wednesday’s editions said Cigna had not admitted wrongdoing.
