NAICOM Signs Agreement with NDPC on Data Protection in Insurance Sector

The National Insurance Commission (NAICOM), has signed agreement with the Nigerian Data Protection Commission (NDPC) with the aim of enhancing data protection within the insurance sector.

According to NAICOM, the Memorandum of Understanding (MoU) has as its objectives training and capacity building in the area of providing training to enhance awareness and skills in data protection, establishing privacy clinics by setting up specialised clinics to address data protection concerns and provide guidance.

NAICOM said other objectives of the agreement include conducting compliance activities, regularly monitoring and enforcing compliance with data protection regulations, promoting awareness in the area of educating insurance companies on the importance of data protection and the benefits of adhering to best practices.

Developing data protection guidelines through creation of specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.

NAICOM said the collaboration marked a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.

The commission said to ensure the effective implementation of the agreement, an implementation committee would be established. The committee, the commission said, would comprise of representatives from the two agencies, as well as other key industry associations, including the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB).