Clement Lau has been appointed as Executive Director, Policy and Legislation of the Insurance Authority (IA), the insurance regulator of all authorised insurance companies and licensed insurance intermediaries in Hong Kong.
The Government’s Financial secretary appointed Lau to his new role for a term of three years, from January 25, 2024, to January 24, 2027.
Lau will be responsible for coordinating the corporate planning exercise, reviewing legislative frameworks and regulatory instruments for necessary refinement, engaging with industry stakeholders to understand their aspirations, steering of research and public education efforts as well as formulating policies and initiatives to promote Hong Kong as a premier insurance hub.
Stephen Yiu, Chairman of the IA, commented “Armed with an impressive track period in public administration and financial supervision, Mr Lau is an ideal candidate to take up this senior position and contribute towards fulfilling our statutory functions. I firmly believe that his arrival will add vitality and strength to the management team in the IA.”
A spokesman for the Financial Services and the Treasury Bureau, said: “Mr Lau has years of experience in public administration and is well versed with financial regulation work.
“We are confident that he will contribute towards the effective performance of the IA’s statutory functions of regulating the insurance industry for promoting general stability of the industry and protecting policy holders.”
A separate recruitment exercise for the two Executive Directors in charge of Long Term Business and General Business respectively is taking place and making good progress, the IA stated.
