The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) have joined forces to enhance data protection within Nigeria’s insurance sector. On November 22, 2024, the two agencies signed a Memorandum of Understanding (MoU) designed to strengthen privacy and compliance standards in the industry.
The agreement outlines key objectives, including:
Training and Capacity Building: Equipping industry stakeholders with the skills and knowledge to uphold data privacy.
Establishing Privacy Clinics: Providing dedicated resources to address data-related concerns and offer expert guidance.
Compliance Monitoring: Regular assessments to ensure adherence to data protection regulations.
Awareness Promotion: Educating insurance companies on the significance of data protection and its operational benefits.
Developing Tailored Guidelines: Creating industry-specific data protection frameworks for insurance institutions.
To oversee the implementation of the MoU, an Implementation Committee will be set up, featuring representatives from NAICOM, NDPC, the Nigerian Insurers Association (NIA), and the Nigerian Council of Registered Insurance Brokers (NCRIB). This committee will monitor progress, provide direction, and foster collaboration among stakeholders to ensure the success of the initiative.
This partnership represents a pivotal step toward safeguarding the personal data of policyholders while promoting trust and compliance in the insurance sector.
