Joy Agwunobi
The National Insurance Commission (NAICOM) and the Nigerian Data Protection Commission (NDPC) have joined forces to enhance data protection across Nigeria’s insurance sector.
The collaboration, formalised through a Memorandum of Understanding (MoU) on Friday, seeks to protect the personal data of insurance policyholders while fostering confidence in the industry.
Under the agreement, both agencies aim to strengthen data privacy practices, ensuring the sector aligns with global standards for data management. This initiative is expected to not only safeguard sensitive information but also support the growth and sustainability of the insurance industry.
Key measures outlined in the MoU include joint training programmes to boost the data protection expertise of industry stakeholders. The agreement also involves setting up privacy clinics to address data-related concerns, offering solutions to challenges, and promoting compliance with regulatory standards. Furthermore, insurance companies will be encouraged to adopt a proactive approach to data security through targeted awareness campaigns.
To provide structured guidance, the MoU mandates the development of specialised guidelines for data protection within the insurance sector. An Implementation Committee, comprising representatives from NAICOM, NDPC, and major industry associations such as the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB), will oversee the rollout of these initiatives.
The committee will play a central role in monitoring progress, ensuring adherence to the agreement, and fostering collaboration among all parties.
Through this partnership, NAICOM and NDPC are laying the groundwork for a secure and trustworthy insurance sector that prioritises the protection of personal data and builds public trust.
