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National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) have signed a Memorandum of Understanding (MoU) to strengthen data protection within Nigeria’s insurance industry.
The partnership, formalised on Friday, aims to enhance awareness and skills in data protection, establish privacy clinics, and provide specialised guidance on addressing data protection concerns.
Under the agreement, both agencies will prioritise regular monitoring and enforcement of compliance with data protection regulations. They will also promote awareness among insurance companies on the importance of safeguarding personal data and adhering to global best practices.
According to NAICOM, the collaboration will include the development of specialised guidelines for insurance institutions to effectively manage data protection responsibilities.
“This collaboration marks a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector,” NAICOM said in its statement.
To ensure seamless execution of the MoU, an implementation committee will be formed, comprising representatives from NAICOM, NDPC, and key industry bodies like the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB). The committee will oversee progress, foster stakeholder collaboration, and provide necessary guidance.
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