The Insurance Authority (IA) has announced that Clement Cheung will be reappointed as its Chief Executive Officer for another term of three years, starting from August 15th 2023 to August 14th 2026.
In a press release, the IA welcomed the appointment and said it was a testament to Mr Cheung’s capabilities and leadership.
“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 Stephen Yiu, Chairman of the IA.
Yiu also pointed out that under Cheung’s leadership, the IA has achieved several notable milestones, including the design and calibration of the Risk-based Capital Regime, the implementation of the group-wide supervision framework, and the introduction of four virtual insurers.
Cheung expressed his gratitude for the reappointment, saying he “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.”
Yiu also commended the contributions of two departing colleagues, Carol Hui and Simon Lam, who served as Executive Directors and have come to the end of their tenure.