The National Insurance Commission and the Nigerian Data Protection Commission today in Abuja signed a Memorandum of Understanding (MoU) aimed at strengthening data protection in the insurance sector. NAICOM says this collaboration marks a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.
The MoU which takes significant step in enhancing data protection within the insurance sector has several outlined enhancers to include training and capacity building to upscale awareness and skills in data protection. Privacy concern is also marked with the setting up of specialised clinics to address data protection concerns and provide guidance.
The two bodies would also be engaged in conducting compliance activities which would require regular monitoring and enforcing compliance with data protection regulations.
Under the MoU space has been created to promoting awareness by educating insurance companies on the importance of data protection and the benefits of adhering to best practices.
Also enhanced is focus on developing special data protection guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.
Already in the works is the formation of an Implementation Committee that will will comprise representatives from both2 agencies, as well as other key industry associations, including the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB). The committee’s primary responsibility will be to monitor progress, provide guidance, and facilitate collaboration among stakeholders to guarantee the successful execution of the MoU.
Featured picture, From left: the Deputy Commissioner for Insurance, Finance & Admin Mr. Ekerete Ola Gam-Ikon, the National Commissioner/CEO NDPC Dr. Vincent Olatunji, the CFI Mr. Olusegun Ayo Omosehin and the Deputy Commissioner for Insurance Technical, Dr. Usman Jankara
