NAICOM, NDPC Partner to Enhance Data Protection in Insurance Sector

The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) have entered into a strategic partnership to strengthen data protection practices within Nigeria's insurance sector. The agreement was formalized through the signing of a Memorandum of Understanding (MoU).

Key objectives of the collaboration include:

• Training and Capacity Building: Providing specialized training programs to enhance awareness and skills in data protection.
• Privacy Clinics: Establishing dedicated clinics to address data protection concerns and offer professional guidance.
• Compliance Monitoring: Conducting regular assessments to ensure adherence to data protection regulations.
• Awareness Campaigns: Educating insurance firms on the critical importance and benefits of robust data protection.
• Guidelines Development: Creating tailored data protection frameworks to support insurance institutions in managing data responsibly.

NAICOM’s Commissioner for Insurance and CEO, Mr. Olusegun Ayo Omosehin, described the partnership as a groundbreaking step toward safeguarding personal data, fostering trust among policyholders, and advancing the insurance sector’s reputation for transparency and accountability.

According to Omosehin, “To ensure the effective implementation of the Memorandum of Understanding (MoU), an Implementation Committee will be established.”

This committee will comprise 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).

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.