By Adedapo Adesanya
The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) have signed a Memorandum of Understanding (MoU) to strengthen data protection within the insurance sector.
The Commissioner for Insurance/Chief Executive Officer of NAICOM, Mr Olusegun Ayo Omosehin describe the partnership as a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.
Nigeria’s insurance sector while largely under-tapped remains vulnerable to data hacks and misuse.
Some of the objectives of the MoU include training and capacity building, providing training to enhance awareness and skills in data protection, establishing privacy clinics, setting up specialized clinics to address data protection concerns and providing guidance.
Others are conducting compliance activities, regularly monitoring and enforcing compliance with data protection regulations, promoting awareness: educating insurance companies on the importance of data protection and the benefits of adhering to best practices, developing data protection guidelines: creating specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.
The Insurance commissioner, added that there will an implementation committee set up to ensure that the utilisation of the partnership.
“To ensure the effective implementation of the Memorandum of Understanding (MoU), an Implementation Committee will be established.”
This committee will comprise representatives from the twl 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.
Modupe Gbadeyanka