CMA fines Allianz Saudi Fransi, Al Alamiya Insurance for violations

The Capital Market Authority (CMA), Saudi Arabia’s market regulator, has imposed a fine of SAR 10,000 on Allianz Saudi Fransi Cooperative Insurance Co. and a fine of SAR 50,000 on Al Alamiya for Cooperative Insurance Co. (Al Alamiya) for violating the Companies Law.

Allianz Saudi Fransi failed to determine the bonuses of the audit committee members during the set period, which ended on April 21, 2017, the CMA said in a statement.

Al Alamiya, meanwhile, did not get prior approval from its shareholders for an agreement signed with Riyad Bank to provide insurance coverage for the lender’s auto leasing program for one year.