35 Projects Opened for Feedback through the Public Consultation Platform, Istitlaa
The Saudi Competitiveness & Business Center's (SCBC) unified electronic Public Consultation Platform, Istitlaa, has put forward 35 projects related to economic and development affairs, in cooperation with 24 government entities. The platform enables stakeholders to share their feedback and proposals on the projects before their approval.
Projects presented on the platform include the Insurance Authority's “Risk-Based Capital Rules." The project aims to establish a regulatory framework for insurance and reinsurance companies that aligns capital requirements with the nature, scale, and level of risks to which each company is exposed, enhances their ability to measure and manage those risks, and supports the maintenance of appropriate solvency levels.
The Authority has also put forward the project “Amendments to the Implementing Regulations of the Cooperative Insurance Companies Control Law." The project aims to amend a number of provisions of the Implementing Regulations to enable the application of the risk-based capital model and update provisions related to solvency, capital, and investment requirements in line with a risk-based approach. Public feedback on both projects is open until October 10, 2026.
The platform also features the National Center for Non-Profit Sector's project “Family Funds' Rules." The project aims to contribute to the growth of the number of non-profit organizations, respond to societal aspirations regarding family funds, and provide the wider community with opportunities to expand participation in family funds. Public feedback on the project is open until October 10, 2026.
The introduction of draft laws, regulations, and similar projects through the Istitlaa platform reflects the Kingdom's continued commitment to enhancing transparency in the legislative environment, promoting a culture of public consultation among the general public, government entities, and the private sector, and engaging them in shaping projects related to the business environment.