Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe following are the grounds on which a show cause notice may be given to a body corporate that is a life company or a registered NOHC:
(a) that the body is, or is likely to become, unable to meet its policy or other liabilities as they become due;
(b) that the body may have contravened:
(i) this Act or the Life Insurance Act 1945 or the Financial Sector (Collection of Data) Act 2001 ; or
(ii) a direction given to the body under this Act or the Financial Sector (Collection of Data) Act 2001 ; or
(iii) a condition imposed, under Part 3, on the registration of the body;
(c) that the body has not complied with a requirement of a notice given to the body under section 131 or 132;
(ca) that a term of an undertaking referred to in section 133A that relates to the body has been breached by a person who is subject to the undertaking;
(d) if the body is a life company--that the ratio, for the most recent financial year of the company, of the expenses of conducting any life insurance business of the life company to the income derived from premiums is unduly high;
(e) if the body is a life company--that the method used by the life company to apportion income or expenditure between classes of life insurance business or between life insurance business and other business is inequitable;
(f) if the body is a life company--that the ratio, for the most recent financial year of the company, of the total amount of premiums falling due but not paid to the total premium income is unduly high;
(g) if the body is a life company--that information in the possession of the Regulator calls for the investigation of the whole or any part of the life insurance business of the life company;
(h) if the body is a registered NOHC--that information in the possession of the Regulator calls for the investigation of the business of the NOHC.