Disruption of Coverage as a Result of Military Service

State of New Jersey State of New Jersey DEPARTMENT OF BANKING AND INSURANCE LEGISLATIVE AND REGULATORY AFFAIRS PO BOX 325 TRENTON, NJ 08625-0325 Tel (609) 984-3602 Fax (609) 292-0896 Visit us on the Web at www.njdobi.org New Jersey is an Equal Opportunity Employer • Printed on Recycled Paper and Recyclable JAMES E. MCGREEVEY Governor HOLLY C. BAKKE Commissioner BULLETIN NO.: 03-11 TO: ALL ENTITIES LICENSED OR REGULATED BY THE DEPARTMENT OF BANKING AND INSURANCE FROM: HOLLY C. BAKKE, COMMISSIONER RE: DISRUPTION OF COVERAGE AS A RESULT OF MILITARY SERVICE As a result of the recent activities of members of the United States Armed Forces in both overseas operations and within the United States, the Department of Banking and Insurance (“Department”) recognizes there are concerns regarding how entities licensed or regulated by the Department are affected by these events. The Department is also concerned about the effects that these events may have on residents of this State who are on active duty with the United States Armed Forces or the State’s resident Reserve and National Guard units. As a consequence of their being called to active duty service, it is likely that some of the State’s residents serving in the military and their families may suffer short or long-term emotional, financial and physical hardships. It is fitting and proper that the State recognize the sacrifices made by our residents in the United States Armed Forces, Reserves and the National Guard, and the debt owed by all of us to them and their families. Accordingly, this Bulletin is intended to advise and encourage all insurers, banks, savings banks, savings and loans, credit unions, licensed lenders, insurance 2 producers, real estate brokers and any other person or entity subject to licensure or regulation by this Department to take into consideration the difficulties encountered by persons now, or who recently have been on active duty with the military and their families. Therefore, persons and entities regulated by this Department are urged to give all due consideration to an active member of the United States Armed Forces, Reserve or National Guard, who, for example, has made an auto loan, a homeowner’s or auto insurance premium, or a mortgage payment in an untimely manner, or who is presently delinquent on such a payment. It is requested that due consideration be given to such individuals before suspending coverage or taking other similar actions. The Department will monitor this situation and issue further communications by bulletin or on our website, www.state.nj.us/dobi as deemed appropriate. Your cooperation regarding this matter is appreciated. _____5/21/03 /s/ Holly C. Bakke Date Holly C. Bakke Commissioner Dht03-09/INOORD