Commonwealth Consolidated Acts Commonwealth Consolidated ActsOn an application under section 157, the Court may make an order that a life company, or part of the business of a life company, be placed under judicial management if the Court is satisfied:
(a) that the life insurance business of the company has been investigated under Division 3 of Part 7; and
(b) that, having regard to the results of the investigation, it is in the interests of owners of policies issued by the company that the order be made.
Note: This section and other provisions relating to judicial management do not apply to the aspects described in subsection 16ZE(3) of the business and management of an eligible foreign life insurance company.