New Jersey Department of Banking & Insurance urges assistance for Marcal's former employees

| 20 Feb 2019 | 11:17

    TRENTON – Department of Banking and Insurance Commissioner Marlene Caride last week issued a bulletin encouraging entities regulated by the department to work assist Marcal employees who lost their jobs after a massive fire destroyed the historic factory.
    The bulletin has been issued to all insurers, banks, credit unions, mortgage lenders and brokers, consumer lenders, insurance producers, real estate brokers, and any other individuals and entitites or subject to state licensure or regulation. All are encouraged to be mindful of the difficulties Marcal workers now face before benefits or other employment begin.
    Last month’s fire left nearly 500 workers unemployed. The state is helping them obtain benefits while seeking new employment. Earlier this month, several state agencies participated in a resources fair and a job fair for affected employees where they provided information about unemployment benefits, health care coverage options and other resources.
    “The fire that ravaged the Marcal plant was catastrophic. While we are thankful that no one was hurt, we now have nearly 500 people who suddenly find themselves without work," NJ Governor Phil Murphy said.
    He further noted families may not be able to pay their mortgage, insurance, and loans while waiting for benefits or work.
    "The department strongly urges banks, insurance companies and other entities that it regulates to consider the financial strains facing these workers and their families and to work with them until they are able to receive new benefits and secure new employment,” said Commissioner Caride.
    The Department encourages the following entities to take the following actions;
    Insurance Division Regulated Entities/Individuals: Consistent with prudent insurance practices, relaxing due dates for premium payments, extending grace periods, waiving late fees and penalties, allowing forbearance with regard to the cancellation/non-renewal of policies, allowing payment plans for premium payments, and exercising judicious efforts to assist affected policyholders and work with them to make sure that their insurance policies do not lapse.
    Banking Division Regulated Entities/Individuals: Consistent with safe-and-sound banking and lending practices, relaxing due dates for loan and mortgage payments, extending grace periods, modifying terms on existing loans, easing credit card limits, extending new credit, waiving late fees and other fees, allowing customers to defer or skip payments, and delaying the submission of delinquency notices to credit bureaus.
    To read the bulletin, go to: