The Insurance Authority ("IA") has set up four functional committees, namely the Audit and Risk Committee, the Corporate Services Committee, the External Relations Committee and the Regulatory Instruments Committee to facilitate its work.
Terms of Reference
To keep in view the internal controls, risk management systems and governance processes of the IA, as well as to address operational risks.
To give directions on and oversee the progress of projects pursued by the Internal Audit Section.
To recommend the appointment of and supervise the work carried out by an external auditor.
To review annual financial statements, including the composition and principles adopted therein, before submission to the IA.
To examine findings made by the internal and external auditors, and to monitor implementation of the related recommendations.
To tackle other tasks referred to it by the IA.
Membership
Ms Ivy Cheung Wing-han (Convenor)
Dr Clement Chen Cheng-jen, GBS, JP
Professor Darwin Choi
Mr Terry Lo Kin-wing
Ir Dr Derrick Pang Yat-bond, JP
Mr Stephen Yiu Kin-wah, JP
Terms of Reference
To advise on the development of policies and procedures relating to human resources, financial and administrative matters.
To review the structure and level of staff remuneration, and recommend adjustments, if justified.
To ensure the integrity of the accounting and financial reporting systems of the IA, and the compliance of these systems with statutory, regulatory, and relevant technical requirements.
To review and make recommendations on the draft annual corporate plans (including the estimates of income and expenditure) of the IA.
To review and make recommendations on the levels of levy and various fees payable by policy holders, insurers and insurance intermediaries respectively.
To advise on matters in relation to the IA’s office accommodation.
To consider any human resources, financial and administrative matters referred to it by the IA.
Membership
Ms Agnes Choi Heung-kwan, MH (Convenor)
Ms Ivy Cheung Wing-han
Mr Andrew Fung Hau-chung, SBS, BBS, JP
Dr Fung Hong, JP
Ms Theresa Ng Choi-yuk, JP
Mr Kenneth Wong Wing-yan
Mr Stephen Yiu Kin-wah, JP
Terms of Reference
To keep in view the policies and strategies on external relations and corporate communication of the IA.
To monitor implementation of publicity and promotional activities approved by the IA.
To deliberate on how to improve the image of and attract new talents to the insurance industry.
To advise on matters about the corporate logo, website, publications, engagement events and publicity campaigns of the IA.
To tackle other tasks referred to it by the IA.
Membership
Dr Clement Chen Cheng-jen, GBS, JP (Convenor)
Ms Agnes Choi Heung-kwan, MH
Professor Darwin Choi
Mr Andrew Fung Hau-chung, SBS, BBS, JP
Dr Fung Hong, JP
Mr Lam Wai-kong, MH
Mr Anson Wong Man-kit, SC, JP
Mr Clement Cheung Wan-ching, GBS, JP
Mr Clement Lau Chung-kin
Terms of Reference
To review draft legislation, codes, guidelines and circulars, including but not limited to explanatory notes and frequently asked questions (“Regulatory Instruments”) concerning the statutory role and functions of the IA.
To formulate and recommend changes to the Regulatory Instruments as and when necessary.
To oversee the consultation of new and updated Regulatory Instruments, as well as to monitor their subsequent promulgation and implementation.
To tender advice on any other matters relating to the Regulatory Instruments.
Membership
Mr Kenneth Wong Wing-yan (Convenor)
Ms Agnes Choi Heung-kwan, MH
Mr Lam Wai-kong, MH
Mr Terry Lo Kin-wing
Ms Theresa Ng Choi-yuk, JP
Ir Dr Derrick Pang Yat-bond, JP
Mr Anson Wong Man-kit, SC, JP
Mr Clement Cheung Wan-ching, GBS, JP
Mr Clement Lau Chung-kin