The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 30,000 (Thirty Thousand Saudi Riyals) on Sanad Insurance and Reinsurance Cooperative Company due to its violation of clause (A) of Article (34) of the Listing Rules and the instructions mentioned in the electronic disclosure form number (6) approved by CMA’s Board resolution numbered (1-39-2012) and dated 10/2/1434H corresponding to 23/12/2012. The company did not update the electronic disclosure form number (6).Also due to its violation of clause (D) of Article (10) and clause (A) of Article (14) of the Corporate Governance Regulations. The Company did not lay down specific and explicit policies, standards and procedures, for the membership of the Board of Directors and implementing them after they have been approved by the General Assembly, and not adhering to the minimum number of members of the audit committee.