Here is the latest regarding Silicon Valley Bank (“SVB”) and Signature Bank as of Sunday, March 12th according to the FDIC. We expect to learn more by COB Monday, March 13th:
Depositors will have access to all of their money starting Monday, March 13.
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.