The Nigeria Data Protection Commission (NDPC) has formalised its collaboration with the National Insurance Commission (NAICOM) by signing a memorandum of understanding (MoU) aimed at enhancing data protection and privacy in the insurance sector.
The MoU was signed by the National Commissioner of the NDPC, Dr. Vincent Olatunji and the Commissioner for Insurance and chief executive officer of NAICOM, Mr. Olusegun Omosehin. This agreement cements the partnership between the two organisations in safeguarding data within the insurance sector.
Olatunji highlighted that the NDPC has been actively engaging with NAICOM to integrate robust data protection measures into the insurance industry. As part of these efforts, the NDPC recently trained NAICOM staff on data protection and privacy. Additionally, Olatunji had previously addressed NAICOM’s management and CEOs of insurance companies to deepen awareness and understanding of data privacy issues.
Providing context for the agreement, Olatunji said, “On the 7th of August, we were here to pay a courtesy visit to NAICOM and introduce what the ecosystem (data protection and privacy) is all about. A lot of the things we agreed to work on have been implemented already, including the training of NAICOM staff. The MoU we are signing today is just a formality as we have already started its implementation.”
He added, “Immediately after this signing, we will have an implementation committee to make it work as projected.” Olatunji described the MoU as a milestone in the NDPC’s mission to advance data privacy across all sectors in Nigeria.
In his remarks, Omosehin noted that the MoU was the result of extensive engagements between both agencies. He emphasised that it would mark a new era of data protection and privacy principles in NAICOM and the broader insurance sector.
According to the MoU, “the parties hereto may actively engage in assessments and initiatives related to data compliance and privacy for the insurance sector.”
A statement by the NDPC head of media unit, Itunu Dosekun emphasised that the partnership seeks to ensure compliance with relevant regulatory instruments governing data protection in the insurance industry. “By working together, NDPC and NAICOM aim to strengthen data compliance practices and uphold privacy standards within the Insurance sector, fostering a secure and legally compliant environment for handling personally identifiable information,” the statement added.
This collaboration signifies a critical step toward enhancing data security, protecting personal information and ensuring regulatory compliance in the insurance industry.
