Hamaty
McPherse Thompson, Staff Reporter
GOVERNMENT Senator Fred Hamaty said he was still trying to persuade Finance and Planning Minister, Dr. Omar Davies, to establish a compulsory 'public register' for all unclaimed funds in dormant accounts rather than place it in the consolidated fund after 15 years, as is now done under the law.
Senator Hamaty, who first raised the matter during debate on the Insurance Act, which was passed in the Senate earlier this month, said he has written Leader of Government Business, Senator Burchell Whiteman, asking him to 'follow up' with Dr. Davies with a view to making provision for the public register in the regulation to the Act.
Although the Insurance Act has been passed by both Parliament and the Senate, he said the regulations were not yet generated.
During his presentation, Senator Hamaty said he understood the concept that by law and for the protection of the public, banks, insurance and investment companies have to surrender inactive accounts to the state.
However, his concerns were raised against the background of what he said were difficulties experienced by lawyers and other professionals handling the assets of deceased persons, in ensuring that all the assets of those persons have been located.
"You are faced with tremendous frustration, including having to write to every bank, building society, insurance company, pension fund which have existed during the lifetime of the deceased in case by good fortune you stumble on undiscovered asset," said Senator Hamaty, himself an attorney who handles estates of deceased persons.
In calling for the establishment of a compulsory public register, the Senator said "the treasury should serve as custodian of this money until you can claim it. The treasury should never take ownership of the money if you can prove you are entitled to the money."
Senator Hamaty told Sunday Business that although the Insurance Act has been passed, there was still provision for the establishment of the public register to be included in the regulations. He said that would harmonise and buttress the Access of Information Act which is expected to be passed before the end of the current financial year.
According to Senator Hamaty, the concerns he expressed during the debate in the Senate, were apparently neither raised when the Insurance Act was discussed at the Parliamentary Committee stage nor during debate in Parliament.
Senator Hamaty said he has also asked Public Defender, Howard Hamilton, to interest himself in getting the Government to put in place measures that would make it easier for the public to access information on inactive accounts.
The Financial Gleaner reported recently that more than $16 million in inactive current and savings accounts were being held by the Bank of Nova Scotia (BNS) and National Commercial Bank (NCB) and would be surrendered to the Government unless the owners came forward by a specified time. An unspecified un-claimed amount was also being held by CIBC.
