News Regulations30 Jul 2018

Hong Kong:Clement Cheung appointed to be Insurance Authority CEO

| 30 Jul 2018

The government has appointed Mr Clement Cheung Wan-ching as the CEO and a Member of the Insurance Authority (IA). Mr Cheung was Commissioner of Insurance from 2006 to 2009.

The appointment is for a period of two years from 15 August 2018 to 14 August 2020, according to an official statement.

Mr Cheung was selected through a competitive process by a selection board chaired by the Chairman of the IA, Dr Moses Cheng.
 
Announcing the appointment last Friday, the Financial Secretary, Mr Paul Chan, said, "Mr Cheung has extensive experience in public administration. Given his direct regulatory experience and close working relationship with the industry while being the Commissioner of Insurance from 2006 to 2009, we are confident that Mr Cheung would discharge the role and functions as CEO competently in ensuring the smooth commencement of the statutory licensing regime for insurance intermediaries and the sustainable development of the industry." Mr Cheung's last role held was Secretary for the Civil Service, from 2015 to 2017.

The IA, a statutory body, is a new insurance regulator independent of the government. It assumed the statutory functions on the regulation of insurance companies on 26 June 2017. Previously, the Office of the Commissioner of Insurance supervised the sector.
 
Dr Cheng thanked the incumbent CEO Mr John Leung for his contributions to the IA. He said, “Mr Leung has not only facilitated the smooth transition from the former Office of the Commissioner of Insurance to the independent IA but also laid a solid foundation for the IA. We could not have made such great progress in the past year without the dedication of Mr Leung.”

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