To create awareness and enhance capacity among consumers of insurance products on data protection,
the National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) on Friday signed a Memorandum of Understanding (MoU) for the insurance sector.
The MoU signed on behalf of the two organisations by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, and the National Commissioner/CEO of NDPC, Dr. Vincent Olatunji, would help strengthen data protection in the insurance sector.
A statement from NAICOM highlighted some of the objectives of the MoU to include
training and capacity building to create awareness and enhance skills in data protection;
establishment of specialised privacy clinics to address data protection concerns and provide guidance as well as regular compliance activities by monitoring and enforcing compliance with data protection regulations.
Also, the MoU would help in promoting awareness by educating insurance companies on the importance of data protection and the benefits of adhering to best practices;
developing data protection guidelines, by creating specialised guidelines for insurance institutions to ensure they were equipped to handle data protection responsibilities effectively.
The statement said the collaboration between the two agencies marked a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.
To ensure the effective implementation of the MoU, an Implementation Committee was constituted comprising of representatives from the two 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 would be to monitor progress, provide guidance, and facilitate collaboration among stakeholders to guarantee the successful execution of the MoU.
