CMA imposes SAR 40,000 fine on Allianz SF for violation of regulatory rules

07/04/2022 Argaam
Logo of Allianz Saudi Fransi Cooperative Insurance Co.

Logo of Allianz Saudi Fransi Cooperative Insurance Co.

The Capital Market Authority (CMA) imposed a SAR 40,000 fine on Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) on violation of the regulatory rules related to offering of securities and continuing obligations, the market regulator said in a statement.

 

Allianz SF did not disclose changes in its board of directors’ structure within the specified period before Dec. 13, 2021. The company disclosed the news on the Saudi Exchange (Tadawul) website on Feb. 14, 2022.

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