Leah Katung-Babatunde.
The National Insurance Commission and the Nigerian Data Protection Commission are partnering to enhance data protection within the insurance sector.
To this end, both organisations signed a Memorandum of Understanding (MoU) Tuesday, November 22nd, 2024 aimed at strengthening data protection in the insurance sector.
NAICOM in a statement noted that the collaboration marks a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.
Some of the objectives of the MoU 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; Promoting Awareness: Educating insurance companies on the importance of data protection and the benefits of adhering to best practices; as well as Developing Data Protection Guidelines: Creating specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.
The statement added that to ensure the effective implementation of the Memorandum of Understanding (MoU), an Implementation Committee will be established and will comprise representatives from the 2 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.
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