Cigna Gets No Breaks In Missouri
CIGNA'S EMBATTLED PLAN TO split its property-and-casualty company in half--with one inactive unit to hold billions of dollars in asbestos and environmental liabilities--has run into still more trouble. Missouri insurance regulators say the plan, as designed, would be illegal. A letter to CIGNA dated Dec. 7 and obtained by BUSINESS WEEK on Dec. 13 says such a plan needs approval by Missouri regulators--not just those in CIGNA's home state of Pennsylvania--and would be subject to approval by policyholders in Missouri. CIGNA insists it does not need the state's approval.