The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission have signed a Memorandum of Understanding (MoU) aimed at strengthening data protection in the insurance sector.
The MoU was signed in Abuja on 22 November between the two government agencies to address critical concerns around data privacy and ensure that the insurance sector complies with global best practices in data management.
Committee
In a statement, NAICOM said that to ensure the effective implementation of the MoU, an implementation committee will be established. The committee will comprise representatives from the two agencies, as well as other key industry associations, including the Nigerian Insurers Association and the Nigerian Council of Registered Insurance Brokers.
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.
Some other objectives of the MoU include:
– Provide training to enhance awareness and skills in data protection
– Establish specialised clinics to address data protection concerns and provide guidance
– Monitor and enforce compliance with data protection regulations
– Promote awareness of the importance of data protection and the benefits of adhering to best practices.
– Develop data protection guidelines to help insurers to handle data protection responsibilities effectively.