​The Capital Market Authority the issuance of a CMA Board resolution to impose a fine of SR 40,000 (Forty Thousand Saudi Riyals) on Allianz Saudi Fransi Cooperative Insurance Co. due to its violation of paragraph (E) of Article (12) and paragraph (A) of Article (14) of the Corporate Governance Regulations. The company did not comply with the sufficient number of independant members when forming its Board of directors. The company also failed to comply with the specified number of members in the Audit Committee as its members shall not be less than three non executive board members.