On Friday, February 3, 2017, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) issued a Finding of Violation (FOV) against B Whale Corporation, a Member of the TMT Group of Shipping Companies, (BWC) for alleged violations of the Iranian Transactions and Sanctions Regulations (ITSR). The surprise in the announcement was the unique basis on which OFAC asserted jurisdiction over BWC, a non-U.S.

In Berryman v Zurich Australia Ltd [2016] WASC 196 it was decided that a bankrupt's entitlement to claim a TPD benefit under a life insurance policy is not an entitlement that is divisible amongst the bankrupt's creditors, and therefore such an entitlement does not vest in the Official Trustee in bankruptcy. Tottle J of the Supreme Court of Western Australia ruled that the bankrupt insured could continue an action in his own name to recover the TPD benefit. Life insurers may need to adjust their claims' payment practices in light of the Berryman decision.