Hong Kong’s Insurance Authority Reappoints Clement Cheung as CEOby Fintech News Hong Kong August 16, 2023
Clement Cheung Wan-ching has been reappointed as the Chief Executive Officer (CEO) of the Insurance Authority (IA) for a three year term until August 2016.
Established in December 2015, the IA is an independent insurance regulator that supervises insurance companies from the former Office of the Commissioner of Insurance in June 2017 and assumed direct regulation of insurance intermediaries in September 2019.
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 insurance regulator while embarking on a number of initiatives to promote sustainable market development.
He is currently a member of the Executive Committee of the International Association of Insurance Supervisors and the Chairman of the Asian Forum of Insurance Regulators.
Financial Secretary Paul Chan said,
“During 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 Cheung will continue to strengthen the protection of policy holders 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.”