The National Insurance Commission (NAICOM), in collaboration with the Nigerian Data Protection Commission (NDPC), on Friday signed a Memorandum of Understanding (MoU) aimed at strengthening data protection in the insurance sector.
The MoU seeks to train, raise awareness in data protection, set up specialized clinics to address data protection concerns, and provide regulatory guidance while enforcing compliance in the insurance sector of the economy.
In a release sent to THE WHISTLER, the collaboration marks a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.
The contents of the MoU signed includes, “Training and Capacity Building by Providing training to enhance awareness and skills in data protection.
“Establishing privacy clinics, setting up specialized clinics to address data protection concerns and provide guidance.
“Conducting compliance Activities by regularly monitoring and enforcing compliance with data protection regulations.
“Promoting awareness, educating insurance companies on the importance of data protection and the benefits of adhering to best practices.
“Developing data protection guidelines, by creating specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively”.
To ensure the effective implementation of the just-signed MoU, an Implementation Committee with representatives from NAICOM, NDPC, the Nigerian Insurers Association (NIA), the Nigerian Council of Registered Insurance Brokers (NCRIB), among other key industry associations, will be established.
The committee is tasked with the primary responsibility to monitor progress, provide guidance, and facilitate collaboration among stakeholders to guarantee the successful execution of the MoU.