The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) have formalized an agreement to enhance data protection standards in the insurance industry. The collaboration, sealed through a Memorandum of Understanding (MoU) on Friday, aims to safeguard the personal data of insurance policyholders, boost public confidence, and ensure compliance with global data management best practices.
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The partnership includes initiatives such as training programs for industry stakeholders, the establishment of privacy clinics to address data-related issues, and enforcement of compliance through rigorous regulatory activities. The agencies will also develop specialized guidelines to help insurance companies manage data protection responsibilities effectively.
To oversee the implementation of the MoU, a dedicated Implementation Committee will be formed, comprising representatives from NAICOM, NDPC, the Nigerian Insurers Association (NIA), and the Nigerian Council of Registered Insurance Brokers (NCRIB). This committee will ensure progress monitoring, provide expert guidance, and foster collaboration across all stakeholders.
Both NAICOM and NDPC officials expressed optimism about the partnership’s potential to reinforce data privacy frameworks, foster innovation, and enhance credibility within the insurance sector. They believe the initiative will pave the way for a secure and trustworthy insurance environment in Nigeria.
