The National Insurance Commission and the Nigerian Data Protection Commission have signed a Memorandum of Understanding to improve data protection in the insurance sector in Nigeria.
The agreement, which was formalized on Friday, marks a significant step towards protecting policyholders’ personal data and strengthening trust in the sector.
The MoU outlines key objectives to improve data privacy standards and ensure compliance among insurance organisations.
This includes, providing specialist training to raise awareness and improve data protection skills in the insurance sector, creating dedicated clinics to address data protection concerns and provide specialist advice, and undertake compliance activities, conduct regular monitoring and enforcement to ensure compliance with data protection regulations.
Others are to raise awareness, educate insurers on the importance of data protection and the benefits of adopting best practices.
According to the MoU, an Implementation Committee will be established to oversee the implementation of these initiatives. The Committee will comprise representatives from NAICOM, NDPC, the Nigerian Insurance Companies Association and the Nigerian Board of Licensed Insurance Brokers.
The primary role of the committee will be to monitor progress, facilitate collaboration between stakeholders, and ensure the successful implementation of the objectives of the MoU.
This strategic collaboration highlights the commitment of both regulators to protecting policyholder data and promoting best practices in the insurance industry.
The initiative is expected to improve transparency, enhance consumer confidence, and align the Nigerian insurance industry with global data protection standards.
