The Hong Kong government has reappointed Clement Cheung Wan-ching as CEO of the Insurance Authority (IA) for another three-year term, the regulator said on Friday.
Cheung, 64, has led the IA since 2018 and was due to complete his current term on August 14.
IA Chairman Stephen Yiu credited Cheung with advancing the regulator’s key initiatives, including the implementation and refinement of the risk-based capital regime and development of Hong Kong’s captive insurance strategy.
“During his current tenure, Cheung continued growth of the insurance-linked securities market, the establishment of the marine specialty risks pool and the enhanced regulation of participating policies,” Yiu said.
Cheung was first appointed CEO of the IA in August 2018. He is also a member of the executive committee of the International Association of Insurance Supervisors and chairs the Asian Forum of Insurance Regulators.
The IA was established under legislation enacted in December 2015 and took over the functions of the former Office of the Commissioner of Insurance in June 2017. It has directly regulated the city’s insurance intermediaries since 2019.
