14 August 2023
The Insurance Authority (IA) today (14 August 2023) welcomed a decision made by the Government to reappoint Mr Clement Cheung as its Chief Executive Officer for another term of three years from 15 August 2023 to 14 August 2026.
“Mr Cheung has played a key role in navigating the IA through its period of formation, setting strategic visions and performance indicators for sustainable development of the insurance market amidst an external environment of rising volatility and complexity,” said Mr Stephen Yiu, Chairman of the IA.
“Under the capable and determined leadership of Mr Cheung, the IA has accomplished a host of achievements that not only helped to bolster financial stability and resilience, but also to realise the social value of insurance. Some prominent examples include design and calibration of the Risk-based Capital Regime, implementation of the group-wide supervision framework, advent of four virtual insurers, introduction of innovative products to facilitate retirement planning, nurturing of an ecosystem for insurance-linked securities, as well as drawing up of a mechanism for conduct supervision and disciplinary enforcement. The IA, and indeed the insurance industry, will continue to benefit from his guidance and shepherding,” Mr Yiu added.
“I will treasure the opportunity to strive to build a team of professional staff with the skills, knowledge, passion and commitment to realise corporate goals of the IA, thereby strengthening the competitiveness of Hong Kong as an international financial centre” said Mr Cheung.
Mr Yiu also paid tribute to Ms Carol Hui and Mr Simon Lam, Executive Directors who left the IA after completing their respective tenures, pointing out that “The two colleagues have served with dedication over the past six years, contributing significantly towards enhancing the protection of policy holders and promoting Hong Kong as a global risk management hub. I wish them good health and every success in pursuing the next chapter in life”.
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