CMA fines Tawuniya, MetLife AIG ANB for violations

12/12/2017 Argaam

 

Saudi Arabia’s Capital Market Authority (CMA) has imposed a SAR 50,000 fine on the Company for Cooperative Insurance (Tawuniya) and a SAR 100,000 fine on MetLife AIG ANB Cooperative Insurance Company for violating the Companies Law.

 

Tawuniya did not obtain the ordinary general assembly’s approval before signing a medical insurance contract for employees of Arabian Internet Services and Telecom Company, a related party.

 

Meanwhile, MetLife AIG ANB failed to obtain general assembly approval to renew a Marine Cargo Open Cover policy in the name of Arab National Bank, which is a related party. 

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