Financial Services Industry
Industry: Email Alert RSS FeedSeven more states okay Cigna plan.(restructuring plan)
National Underwriter Property & Casualty-Risk & Benefits Management, February, 1996 by Sclafane, Susanne
Cigna's proposed restructuring was approved by seven more states last week, while the Commonwealth Court of Pennsylvania rejected a request by plan opponents to stay approval of Cigna's home state, Pennsylvania, pending an appeal. "That brings to an end the delaying tactics of our competitors - and we move forward," said James S.
Ely, assistant vice president of communications for Philadelphia-based Cigna. Mr. Ely noted that the domiciliary states of California, Connecticut, Illinois, Indiana, New Jersey, Ohio and Texas approved the restructuring plan a day prior to Judge James Gardner Colins' ruling on the stay request. But according to Lawrence T. Hoyle, a lawyer for insurers and policyholders from the Philadelphia-based firm Hoyle Morris & Kerr, Cigna had...
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