28 November 2024
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 opinions
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.
The Insurance Authority further
noted that the "Insurance Lab" offers a comprehensive regulatory view
that helps stakeholders understand the objectives of the sandbox and use it as
a tool to foster the development of advanced technological solutions in the
insurance sector. It is also a key step towards creating new investment
opportunities that enhance the competitiveness of the insurance market both
locally and internationally. The Insurance Authority invited all specialists
and experts to visit the Istitlaa platform via the following
link https://istitlaa.ncc.gov.sa/ar/Finance/IA/InsuranceLap2024 to
share their opinions and suggestions on the project, which is part of efforts
to stimulate digital transformation and promote sustainable growth in the
insurance sector.