The National Insurance Commission (NAICOM) and the National Information Technology Development Agency (NITDA) have agreed to activate the process of institutionalising cyber insurance to help strengthen the digital ecosystem in Nigeria.
The was consummated on Tuesday in Abuja when the Management of the National Information Technology Development Agency (NITDA) led by its Director General/CEO, Kashifu Inuwa Abdullahi, paid a courtesy visit to the National Insurance Commission, NAICOM.
The team, which was received by the Commissioner for Insurance/Chief Executive Officer, Olorundare Sunday Thomas, and his Management team deliberated extensively on the subject matter.
Arising from their meeting, the NAICOM Management said “The purpose of the visit is to activate the process of institutionalizing cyber insurance to help strengthen the digital ecosystem in Nigeria”.
Rasaaq Salami, Head, Corporate Communication and Market Development of NAICOM said the two Agencies discussed the enormous benefits the programme would have to the nation and agreed to partner to ensure it is realised.
In a bid to actualise its strategic objective to drive innovation of products and services and ensure operators are professional in the conduct of their businesses in line with best practices, the NAICOM recently issued operational guidelines on insurance regulatory sandbox and market conduct for Takaful and Retakaful insurance operators.
The operational guidelines also cover the enterprise risk management framework for Takaful and Retakaful Operators in Nigeria, which the Commission charged all Operators to ensure compliance in order for the benefit of all stakeholders.
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