The National Insurance Commission ( NAICOM) and the Nigerian Data Protection Commission( NDPC ) have resolved to synergize to protect data pilfering in the insurance industry.

To solidify the cooperation between the two government agencies, a Memorandum of Understanding ( MoU) was signed Friday in Abuja.

Some of the objectives of a MoU include training and capacity building to enhance awareness and skills in data protection, setting up specialized clinics to address data protection concerns and provide guidance; conducting compliance activities by regularly, monitoring and enforcing compliance with data protection regulations and educating insurance companies on the importance of data protection and the benefits of adhering to best practices.
Speaking to the synergy Commissioner For Insurance/ NAICOM Chief Executive Officer Mr Olusegun Ayo Omosehin said, “The 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