The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) have entered into a Memorandum of Understanding (MoU) to bolster data protection in Nigeria’s insurance industry. The agreement, finalized on Friday, underscores a shared commitment to safeguarding the personal data of policyholders and promoting trust in the sector.
Key Objectives of the MoU:
- Strengthening Data Privacy Compliance:
The initiative aims to ensure adherence to global best practices in data management within the insurance sector. - Enhancing Industry Awareness and Skills:
- Joint training programmes will enhance stakeholders’ knowledge and skills in data protection.
- Privacy clinics will be established to address data-related concerns and provide expert guidance.
- Developing Specialized Guidelines:
New guidelines will be crafted to help insurance companies fulfill their data protection responsibilities effectively. - Compliance Monitoring and Enforcement:
Collaborative compliance activities will be conducted to ensure adherence to data privacy laws.
Implementation and Oversight:
To guarantee the success of the MoU:
- An Implementation Committee will be established, comprising representatives from NAICOM, NDPC, the Nigerian Insurers Association (NIA), and the Nigerian Council of Registered Insurance Brokers (NCRIB).
- The committee will oversee progress, offer guidance, and facilitate collaboration among stakeholders.
Anticipated Impact:
Both agencies expressed confidence that the partnership would:
- Boost public confidence in the insurance industry.
- Foster innovation and enhance sector credibility.
- Strengthen the overall framework for data privacy and compliance.
This collaboration marks a significant step toward modernizing Nigeria’s insurance sector and ensuring secure, trustworthy data management practices.
CREDIT: Allschoolabs, THE NATION
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