National Insurance Commission (NAICOM) has put measures in place to prevent funds from unwholesome sources from being invested in the industry during this period of recapitalisation of insurance companies.
One of the measures is that operators would have to clearly state the sources of new capital injections.
NAICOM sources said other measures being put in place include continuous issuance of circulars to guide the operators whenever it is observed that they are moving away from the required rules.
The guidelines will be drafted in conformity with the Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulation, the commission is working assiduously to ensure the industry is not made a haven for illicit funds.
A recent circular issued by the commission clearly stated how the operators should go about in raising the required capital.