The National Insurance Commission and the Nigerian Data Protection Commission have signed a Memorandum of Understanding to strengthen data protection in the insurance sector.

According to a statement from NAICOM, this is a significant step in enhancing data protection within the insurance sector.

The statement said, “Some of the objectives of the MoU include training and capacity building to enhance awareness and skills in data protection, setting up specialised clinics to address data protection concerns and provide guidance, regularly monitoring and enforcing compliance with data protection regulations.

“Educating insurance companies on the importance of data protection and the benefits of adhering to best practices and creating specialised guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.

“This collaboration marks a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.”

It added that to ensure the effective implementation of the MoU, an implementation committee will be established comprising representatives from the two agencies, as well as other key industry associations, including the Nigerian Insurers Association) and the Nigerian Council of Registered Insurance Brokers.

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.

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