THE National Insurance Commission has signed a Memorandum of Understanding (MoU) with the Nigerian Data Protection Commission (NDPC), a significant step toward enhancing data protection within the insurance sector.
The move, which aims to strengthen data protection in the insurance sector, has some other objectives: Training and Capacity Building: Providing training to enhance awareness and skills in data protection; Establishing Privacy Clinics: Setting up specialized clinics to address data protection concerns and provide guidance, and Conducting Compliance Activities: Regularly monitoring and enforcing compliance with data protection regulations.
Others outlined in the MoU are: Promoting Awareness, Educating insurance companies on the importance of data protection and the benefits of adhering to best practices, and Developing Data Protection Guidelines: Creating specialised guidelines for insurance institutions to ensure they can effectively handle data protection responsibilities.
This collaboration marks a significant milestone in safeguarding the personal data of policyholders and promoting trust in the insurance sector.
To ensure the effective implementation of the MoU, an implementation committee will be established, and it will comprise representatives from the two 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.
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