Document ID: chunk:federal_register_of_legislation:C2025C00135:section:137
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 137
Character Range: 220051–221616

137  Decision to investigate
 (1) The Regulator may investigate life insurance business of a body corporate that is a life company, or business of a body corporate that is a registered NOHC, if:
 (a) the Regulator has given the body a show cause notice in respect of the business; and
 (b) the body has consented to an investigation under this Division of that business.
 (2) The Regulator may investigate life insurance business of a body corporate that is a life company, or business of a body corporate that is a registered NOHC, if:
 (a) the Regulator has given the body a show cause notice in respect of the business; and
 (b) the period specified in the notice for the purpose of paragraph 135(2)(b) has expired; and
 (c) either:
 (i) the body has not given the Regulator a statement in accordance with the notice; or
 (ii) after having considered the statement given to the Regulator by the body, the Regulator is satisfied of the existence of the ground, or a ground, set out in the show cause notice; and
 (d) the Regulator is satisfied that:
 (i) if the body is a life company—it is in the best interests of owners of policies issued by the company that the business be investigated under this Division; or
 (ii) if the body is a registered NOHC—it is in the public interest that the business be investigated under this Division.
 (3) To avoid doubt, this section applies to a life company that is, or becomes, a Chapter 5 body corporate (within the meaning of the Corporations Act 2001) in the same way as the section applies to any other life company.