Cigna fined $3.5m for misleading customers

Tue, 17 Jan 2023

Life insurer Cigna has been told to pay a $3.5 million penalty for misleading people about its policies.The Financial Markets Authority (FMA) said the Wellington High Court handed down a $3.575m fine to Cigna for making “false and/or misleading representations” about inflation benefits in some life insurance policies.From early 2013 until early 2019, Cigna increased customers' premiums and cover under indexation benefits on various policies.When it did so, it used rates that greatly exceeded the Consumers Price Index and were no...

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