Hunte: Act 'a toothless bulldog'
Government Senator, Reggie Hunte, described the Catastrophe Fund Act as “a toothless bulldog”.
Hunte expressed this view while speaking in the Senate on amendments to the Catastrophe Fund Act Wednesday. He said the act of 2007 clearly had no teeth for the task it was designed to execute.
He added that even though an Opposition senator feared that someone may have access to funds, not a single cent had been disbursed. Referring to the 2009 Annual Report of the National Insurance Board Catastrophe Fund, Hunte said the fund had accumulated $5,874,571.
He further disclosed that of this amount, $2,747,938 were contributions collected from employees and self-employed persons during the year and $626,633 representing investment income. Hunte said that in addition, $2,500,000 was received by the fund in respect of a contribution voted by Parliament.
He contended that after contributing $2.7 million to the fund, no regulations were put in place to make those funds available to the workers.