Insurance

Hong Kong Insurance Authority reappoints Chief Executive Officer

The Insurance Authority (IA) has announced that it has welcomed the decision made by the Hong Kong Government to reappoint Clement Cheung as its Chief Executive Officer for a term of three years.

Moses Cheng, Chairman, The Insurance Authority, said: “Mr Cheung is a seasoned public administrator with first-hand experience of prudential supervision under stressful conditions during the global financial crisis. He played an instrumental role in mapping out a holistic strategy to enhance the global competitiveness of our insurance industry whilst strengthening protection for policy holders. I am glad that he would continue to support us on this journey.”

Clement Cheung, CEO, The Insurance Authority, said: “It is my pride and honour to be given an opportunity to serve the community alongside Dr Cheng and members of the IA Board for another tenure of three years.”

Reflecting on his work done in the past two years, Cheung added that: “We have made many notable achievements such as launching of the Qualifying Deferred Annuity Policy, enactment of legislative changes to reinforce the status of Hong Kong as an insurance hub, rolling out of a direct regulatory regime for insurance intermediaries and granting of authorization to four virtual insurers. I would like to thank the team of staff in the IA for their dedication and resolve in pursuing initiatives to promote business development and uphold market stability,” as reported in a press release.

Cheung was appointed as the CEO of the Insurance Authority in 2018, having first joined the Administrative Service in 1983, with involvement in the formulation and implementation of various government policies.

His previous positions include Director of the Hong Kong Economic and Trade Office in Singapore from 1998 to 2001, Commissioner of Insurance from 2006 to 2009, and Commissioner of Customs and Excise in September 2011. In 2015, Cheung was appointed as Secretary for the Civil Service, before announcing his retirement two years later, in 2017.