In DaimlerChrysler Corporation v. Delaware Department of Insurance, (Del. Supr. Mar. 2, 2007), read opinion here, the Delaware Supreme Court provides an example of how quickly it can act when the circumstances warrant. This March 2 decision reversed a decision of the trial court dated Feb. 27.
The case involves the review by the Superior Court of a decision by the Delaware Insurance Commissioner. The Superior Court refused to stay a decision of the Delaware Insurance Commissioner pending its review, in connection with the approval of an insurance company acquisition (i.e., Arrowpoint Capital’s acquisition of Royal Indemnity Co.) The Commissioner did not allow the policyholder, DaimlerChrysler, to participate in the hearing, but the Commissioner stayed his decision in order to allow DaimlerChrysler an orderly opportunity to seek judicial relief. The Superior Court refused to stay the Commissioner’s decision pending review, but did certify an interlocutory appeal to the Supreme Court.
The Supreme Court accepted the interlocutory appeal and reversed the Superior Court. The Supreme Court ordered both a stay of the Commissioner’s decision and ordered that the Superior Court conduct expedited proceedings to consider the appeal of the Commissioner’s decision. In the process, the high court discussed the factors to be considered for interlocutory appeals as well as the criteria for granting a stay pending an appeal.
UPDATE: The case settled at some point after this decision was published.