Cigna Life Insurance New Zealand Limited

Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the FMA.

January 2023

The Wellington High Court ordered Cigna Life Insurance New Zealand Limited to pay a final pecuniary penalty of $3,575,000 for making false and/or misleading representations relating to inflation benefits in certain life insurance policies provided by the company.

• Related media release: Cigna to pay $3.5 million penalty for making false and misleading representations about customers’ insurance premiums and cover
• The Parties have agreed to settle all matters that were the subject of the Investigation on the terms set out in this Settlement Agreement.

August 2022

The case was filed in the Wellington High Court and alleges that Cigna breached the Fair Dealing provisions of the Financial Markets Conduct Act 2013 (FMC Act), when communicating and charging customers for inflation increases to premiums and cover in respect of 52,363 policies.

• Related media release: Cigna admits making false and misleading representations over its communication of inflation adjustments to insurance cover.

June 2022

OnePath Life (NZ) Limited and Cigna Life Insurance New Zealand Limited jointly paid $180,000 to the FMA after admitting liability for breaching the fair dealing provisions of the Financial Markets Conduct Act 2013 (FMCA).

• Related media release: OnePath and Cigna admit to fair dealing breaches for credit card repayment insurance.