The Government of Hong Kong Special Administration announced on August 14th the reappointment of Clement Cheung Wan-ching as the Chief Executive Officer (CEO) of the Insurance Authority (IA), accepting the decision made by the Government.
The reappointment is for a term of three years, from August 15th, 2023, to August 14th, 2026, and was approved by the Chief Executive under the Insurance Ordinance.
The IA is an independent insurance regulator, established under the Ordinance in December 2015. Taking over the responsibility of supervising insurance companies from the former Office of the Commissioner of Insurance in June 2017, and assuming direct regulation of insurance intermediaries in September 2019.
Paul Chan, the Financial Secretary, commented: “During Mr Cheung’s tenure, he has been committed to promoting the development of Hong Kong as an international risk management centre and has made great contributions to the work of the IA. I am confident that Mr Cheung will continue to strengthen the protection of policyholders by enhancing prudential regulation of the insurance industry; and work in collaboration with the industry to bolster competitiveness, explore new opportunities in the Mainland and international markets, and promote rapid yet stable development of the insurance sector.”
Cheung was first appointed as the CEO of the IA in August 2018. Under his leadership, the IA has taken up the full range of statutory functions as an insurance regulator and embarked on a number of initiatives to promote sustainable market development.
Stephen Yiu, Chairman of the IA, said: “Mr Cheung has played a key role in navigating the IA through its period of formation, setting strategic visions and performance indicators for sustainable development of the insurance market amidst an external environment of rising volatility and complexity.”
Currently, Cheung is a member of the Executive Committee of the International Association of Insurance Supervisors and the Chairman of the Asian Forum of Insurance Regulators.
“Under the capable and determined leadership of Mr Cheung, the IA has accomplished a host of achievements that not only helped to bolster financial stability and resilience, but also to realise the social value of insurance. Some prominent examples include design and calibration of the Risk-based Capital Regime, implementation of the group-wide supervision framework, advent of four virtual insurers, introduction of innovative products to facilitate retirement planning, nurturing of an ecosystem for insurance-linked securities, as well as drawing up of a mechanism for conduct supervision and disciplinary enforcement. The IA, and indeed the insurance industry, will continue to benefit from his guidance and shepherding,” Yiu added.
Cheung said: “I will treasure the opportunity to strive to build a team of professional staff with the skills, knowledge, passion and commitment to realise corporate goals of the IA, thereby strengthening the competitiveness of Hong Kong as an international financial centre.”
Yiu also paid tribute to Carol Hui and Simon Lam, Executive Directors who left the IA after completing their respective tenures: “The two colleagues have served with dedication over the past six years, contributing significantly towards enhancing the protection of policyholders and promoting Hong Kong as a global risk management hub. I wish them good health and every success in pursuing the next chapter in life.”
