Insurance Commissioner of the State of Delaware, Appellee Below, Appellant v. Sun Life Assurance Company of Canada…

Summary

The court held that the term “a private placement” in the Delaware Insurance Code means one private placement memorandum, so an insurer may aggregate premiums into a single “case” only when the policies were offered through the same private placement. The 1998 amendment removing the word “single” did not materially or substantively change that meaning. Because Sun Life’s policies were issued through separate private placements, the court reversed the Superior Court’s judgment.