The Nigerian Data Protection Commission (NDPC) and the National Insurance Commission (NAICOM) have entered into a Memorandum of Understanding, strengthening data protection in the insurance sector. This partnership is aimed at raising awareness and improving skills in data protection, while also establishing privacy clinics to provide specialized guidance on handling data security issues.
According to a statement from NAICOM, the MoU aims to ensure that the insurance industry maintains high privacy and data protection standards. The statement said, “Some of the objectives of the MoU include training and capacity building to enhance awareness and skills in data protection, setting up specialized clinics to address data protection concerns and provide guidance, regularly monitoring and enforcing compliance with data protection regulations.
“Educating insurance companies on the importance of data protection and the benefits of adhering to best practices and creating specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively. This collaboration marks a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.”
As part of the agreement, both agencies will work together on training programs aimed at improving awareness and enhancing data protection skills among key stakeholders in the industry. They also plan to set up privacy clinics to offer guidance and address data-related concerns. In addition, the partnership will involve conducting compliance activities to ensure adherence to regulations and raising awareness within insurance companies about the critical importance of data protection.
To ensure successful implementation of the MoU, an Implementation Committee will be established, comprising representatives from NAICOM, NDPC, and major industry bodies like the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB). The committee will oversee progress, offer guidance, and promote collaboration among stakeholders to ensure the effective execution of the agreement.
This partnership is set to create a more secure and reliable insurance environment in Nigeria, safeguarding personal data while supporting the continued growth of the industry.
