The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 40,000 (Forty Thousand Saudi Riyals) on Sanad Insurance and Reinsurance Cooperative Company due to its violation of clause (A) of Article (46) of the Capital Market Law and clause (A) of Article (41) of the Listing Rules. The company failed to inform CMA and the public about its Board of Directors decision on 20/01/2014 to accept the resignation of the (Independent) Chairman Mohammed bin Ibrahim Almojil. The company announced that after the market close on 21/01/2014.