There are 22 people who have their fingers in the pie (can't remember their names now) and it may have changed a little in the last few years...
I have had Saudi Business VISA multiple times and Health Insurance has always been a requirement but never enforced. All they have done is tied it to a specific provider now because Bank-Abilad has heavy investment from Saudi Royal family.
Since its establishment in 2004 this Bank has quickly taken over most transactions in the Kingdom.
The corrupt Royal Family want a cut in every transaction and want to stick their fat fingers in every pie.
The key players in Banking are the Al-Rajhi family (see here and here) and note the overlap between banks. To be fair (Grandpa) Al-Rajhi is a nice guy and he used to be there every Fajar in the Masjid and read Qur'aan afterwards. Many times the Imam was late so (Grandpa) Al-Rajhi led and I suspsect that him and many of the Al-Rajhees are Hufaadh from their devotion to the Qur'aan. I actually liked them and the thinking in Saudia was that Al-Rajhi Bank will become the defacto bank in Saudia.
Then Osama Bin Ladin and Al-Qaeda hit. Then their ties with Islam were discovered and Bank-Abilad came out of nowhere. The speed at which this bank is progressing is astounding (and suspect).
Enjaz is basically the Saudi PAYPAL and if you do Business on the web you know that whether you make profit or lose money, PAYPAL always wins.
So Saudees have looked at the Banking financial remittance and decided that they want to be like PAYPAL and come win or lose, they want their pound of the flesh.

Actually not PAYPAL I meant SWIFT