The Delaware Department of Insurance is reviewing Aquarian Capital’s application to acquire control of Brighthouse Life Insurance Company.

The proposed acquisition has attracted significant interest and questions about the regulatory process, prompting the department to publicly discuss a pending Form A application—something it does not typically do.

The department is reviewing the application, requesting additional information and coordinating with other state, federal and international regulators. It has also retained outside specialists, which may include actuaries, valuation experts, financial advisers, auditors, accountants, attorneys and investigators.

If the application is deemed complete and satisfies Delaware law, the department will schedule a public hearing that may include public comments and will be accessible virtually. The deal can proceed only after Insurance Commissioner Trinidad Navarro issues a final order.

The department did not provide a timeline or indicate the current stage of its review. Navarro has delegated oversight of the transaction to Deputy Insurance Commissioner Tanisha Merced to preserve his neutrality ahead of any recommendations from the hearing officer.