Fsdp Quarterly Newsletter Q4 2024 · Page 8

 
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Opinion Survey Regarding Facilitating the Procedures 
for Opening and Operating Investment Accounts  
The Capital Market Authority (CMA) called upon relevant 
and interested persons participating in the capital market 
to share their feedback on facilitating the procedures for 
opening investment accounts for various categories of 
investors within the project “Amendments of the 
Investment Accounts Instructions and the Rules for 
Foreign Investment in Securities and the Capital Market 
Institutions Regulations” for a period of 30 calendar days. 
The proposed draft aims to align with the regulatory and 
technological developments in the Kingdom of Saudi 
Arabia and facilitate investment in the Saudi capital 
market by improving the procedures for opening 
investment accounts, including new categories of 
investors, and regulating the operations related to these 
accounts. This will enhance the attractiveness of the 
Saudi capital market for both local and international 
investors, increase the level of investor protection, and 
strengthen the confidence of market participants. 
The Launch of the "Insurance Lab" Project to Enhance 
Innovation through the "Istitlaa" Platform 
In line with enabling insurance technology and supporting 
innovation, the Insurance Authority announced the 
launch of the regulatory framework for the legislative 
sandbox of the "Insurance Lab" project via the “Istitlaa” 
platform, inviting all interested parties to provide their 
comments and feedback on the project. The Insurance 
Authority explained that the project aims to enhance 
innovation in the insurance sector by providing a flexible 
regulatory environment that encourages companies to 
introduce innovative business models that contribute to 
driving economic growth. The project is also aligned with 
the Kingdom's strategy to position itself as a global hub 
for financial technology, supporting the objectives of 
Vision 2030, which focuses on the sustainability and 
development of vital sectors. 
Launch of a Healthcare Insurance Compliance Service 
for Organizations to Enhance Healthcare Inclusivity 
within the Kingdom 
A healthcare insurance compliance service has been 
launched recently, representing a joint effort of the 
Council for Health Insurance, the Ministry of Human 
Resources and Social Development, the Insurance 
Authority, and Masdar Company. This service is designed 
to facilitate organizations’ compliance with healthcare 
insurance policies and increase the overall compliance 
ratio in the Kingdom. This service provides advanced tools 
to enable organizations to monitor and enhance their 
healthcare coverage compliance. It enables them to 
access health policies, compliance ratios, and know the 
status of employees’ coverage (insured, uninsured, or 
pending insurance). Additionally, solutions are provided 
for the addition or deletion of employees from insurance. 
The Insurance Authority and the “Public Prosecution”
Sign a Cooperation Agreement to Combat Criminal
Activities in the Insurance Sector 
The Insurance Authority and the Public Prosecution 
signed a cooperation agreement aimed at enhancing their 
joint capabilities in combating criminal activities related 
to the insurance sector. This will be achieved through 
mutual coordination on cases related to criminal 
regulations, and the exchange of information and data,
particularly in combating fraud and violations associated 
with unlicensed insurance activities and supporting