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CGLIC

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AcronymDefinition
CGLICConnecticut General Life Insurance Company (a Cigna company)


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CGLIC, through a subsidiary, will retain an ownership interest in the new owner partnership.
The settlement, said Feldman, will pay out to all current or former owners of CGLIC individual whole, universal and participating life insurance policies bought between August 1, 1983, and March 26, 1996.
The class actions alleged that: (1) CGLIC committed fraud and misrepresentation in the sale of life insurance policies by, among other things, falsely representing the number of payments that would be required for the life insurance policies sold to the Class; and, (2) CGLIC improperly included the effects of certain provisions of the Omnibus Budget Reconciliation Act of 1990, known as the "DAC Tax," in determining flexible components in certain life insurance policies.
 
 
 
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