Cigna restructuring plan still point of controversy.

National Underwriter Property & Casualty-Risk & Benefits Management, October, 1996 by Jennings, John

BERMUDA--Although it has long since received regulatory approval, Philadelphia-based Cigna Corps.'s move to split its property and casualty insurance operations into two separate entities--one for ongoing operations and another to run off old liabilities connected with environmental and asbestos claims--continues to be a point of controversy within the industry.

Speaking here as part of a panel discussion, James Corcoran, a partner with the New York law firm of Cadwalder, Wickersham and Taft, took Pennsylvania Insurance Commissioner Linda S. Kaiser to task for "acting more like an insurance commissioner of commerce" rather than as merely an insurance regulator. "Saving companies is not an insurance commissioner's role," he said. "Protecting the interests of...

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