Hong Kong’s Insurance Authority has appointed Stephen Yiu Kin-wah to succeed Moses Cheng Mo-chi as Chairman.
Cheng, who departs after six years of service, expressed confidence that Yiu is well-positioned to assume the role of IA’s Chairman.
Yiu’s appointment will be for a term of three years and is effective from December 28.
“The past six years were exciting and memorable, giving me the opportunity to witness the birth of the IA, and the smooth transition of the former Office of the Commissioner of Insurance as a government department to the IA as the independent regulator of the insurance industry,” Cheng added.
“I have treasured the experience of working closely with my colleagues in the IA and the insurance industry.
“Every moment of this journey will be cherished as a fond memory, and I am extremely grateful to my fellow Non-Executive Directors (NEDs), as well as the dedicated team of colleagues in the IA.”
Commenting on his appointment, Yiu said, “I am honoured by this appointment, which carries enormous responsibilities and high expectations.
“Dr Cheng has built a solid foundation, which should enable me to partner with stakeholders to maintain market stability and protect policy holders, while spurring the sustainable development of the local insurance industry.”
Clement Cheung, Chief Executive Officer of the IA, concluded, “My sincere gratitude goes to Dr Cheng and the outgoing NEDs for their vision, passion and leadership, which were instrumental in establishing the IA and in shaping its corporate strategy.
“I will follow in their footsteps and work closely with Mr Yiu to reinforce the status of Hong Kong as an asset management centre and a global risk management centre, as envisaged in the 14th Five-Year Plan.”
