NAICOM, NDPC Sign MoU To Enhance Data Protection In Insurance Sector
L-R: the Deputy Commissioner for Insurance, Finance & Admin Mr. Ekerete Ola Gam-Ikon; the National Commissioner/CEO, NDPC, Dr. Vincent Olatunji; the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin and the Deputy Commissioner for Insurance, Technical, Dr. Usman Jankara.
The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) have taken a significant step in enhancing data protection within the insurance sector.
The move was formalized today, November 22nd, 2024, when the two agencies signed a Memorandum of Understanding (MoU) aimed at strengthening data protection in the insurance sector.
Some of the objectives of the MoU include: Training and Capacity Building to enhance awareness and skills in data protection; Establishing Privacy Clinics to address data protection concerns and provide guidance and Conducting Compliance Activities to ensure regular monitoring and enforcing compliance with data protection regulations.
Others are Promoting Awareness by Educating insurance companies on the importance of data protection and the benefits of adhering to best practices and Developing Data Protection Guidelines aimed at Creating specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.
L-R: NDPC Commissioner/CEO and Commissioner for Insurance/CEO, NAICOM, Dr. Vincent Olatunji and Mr Olusegun Ayo Omosehin.
This collaboration marks a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.
To ensure the effective implementation of the Memorandum of Understanding (MoU), an Implementation Committee will be established.
This committee will comprise representatives from the 2 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.
L-R: NDPC Commissioner/CEO and Commissioner for Insurance/CEO, NAICOM, Dr. Vincent Olatunji and Mr Olusegun Ayo Omosehin.
