Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 159

                   On 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:

                              (i)  the company is, or is likely to become, unable to meet its policy or other liabilities as they become due; or

                             (ii)  the company has failed to comply with the prudential standards in relation to solvency; or

                            (iii)  the company has failed to comply with a direction under section 230B in relation to solvency; or

                            (iv)  there are reasonable grounds for believing that the financial position or management of the company may be unsatisfactory; and

                     (b)  that the time needed to make or complete an investigation of the life insurance business of the company under Division 3 of Part 7 would be likely to be such as to prejudice the interests of owners of policies issued by the company.