Cigna Corp. set aside $77 million to cover potential claim payments as part of a settlement with insurance regulators in five states over the company’s practices in handling long-term disability claims, the Connecticut Insurance Department said Wednesday.
Cigna Corp. wants to unload 475,000 annuity contracts, CEO David M. Cordani said at a healthcare conference, according to this Bloomberg report.
A Cigna Corp. executive said Thursday that taxes on the health insurance industry related to the Affordable Care Act, or federal health care reform, will be pushed onto customers in the form of higher premiums.
Cigna’s Chief Financial Officer Ralph J. Nicoletti responded to a question about the taxes during a conference call with financial analysts Thursday morning when the Bloomfield-based health insurer reported third-quarter earnings.
“If you look at the tax, just our philosophy on pricing is essentially to price underlying cost trends, which we’ve viewed as part of. So, beginning in 2013 with — for policies that overlap into 2014, we will include and reflect the industry tax in that pricing,” Nicoletti said.