DOBI Issues Bulletin on Workers Displaced by Marcal Paper Mill Fire

Nearly 500 employees of the Marcal paper products facility in Elmwood Park have lost their jobs due to the 10-alarm fire that destroyed the plant on January 31.

The State of New Jersey is taking steps to assist these individuals in obtaining benefits and seeking new employment. Thursday the NJ Department of Banking and Insurance (DOBI) issued Bulletin No. 19-03 encouraging all insurers, banks, credit unions and other financial services providers regulated by DOBI to take into consideration the difficulties the displaced employees have endured and will continue to endure until they begin to receive benefits or obtain other employment. DOBI specifically encourages the entities it regulates to assist those affected by taking actions such as:

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.

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.

Questions should be directed to DOBI at: legsregs@dobi.nj.gov