NAICOM, NDPC Sign Pact To Strengthen Data Protection In Insurance Sector
By Sunday Etuka, Abuja
The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) have signed a Memorandum of Understanding (MoU) aimed at strengthening data protection in the insurance sector.
NAICOM, in a statement made available on Friday said the strategic agreement was signed by the agencies of government on Friday.
Some of the objectives of the MoU, according to the Commission, include Training and Capacity Building: 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: Regularly monitoring and enforcing compliance with data protection regulations.
Others include Promoting Awareness: Educating insurance companies on the importance of data protection and the benefits of adhering to best practices, and Developing Data Protection Guidelines: Creating specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.
NAICOM said, the collaboration marks a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.
The Commission informed that to ensure the effective implementation of the Memorandum of Understanding (MoU), an Implementation Committee would be established.
It said the committee would comprise representatives from the two (2) agencies, as well as other key industry associations, including the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB).
It said the committee’s primary responsibility would be to monitor progress, provide guidance, and facilitate collaboration among stakeholders to guarantee the successful execution of the MoU.
