Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.