Hong Kong: Gov't appoints Clement Cheung as Insurance Authority CEO

| 30 Jul 2018

Mr Clement Cheung Wan-ching has been appointed as the CEO and a Member of the Insurance Authority (IA), the insurance regulatory body, for a period of two years from 15 August 2018 to 14 August 2020, according to an official statement.

Mr Cheung was selected by a selection board chaired by Dr Moses Cheng, Chairman of the IA, through a competitive process.

Financial Secretary Paul Chan said of the appointment, "Mr Cheung has extensive experience in public administration. Given his direct regulatory experience and close working relationship with the industry while being the Commissioner of Insurance from 2006 to 2009, we are confident that Mr Cheung would discharge the role and functions as CEO competently in ensuring the smooth commencement of the statutory licensing regime for insurance intermediaries and the sustainable development of the industry."

Mr Cheung joined the Government in 1983 and served in various bureaux and departments. He was Director of the Hong Kong Economic and Trade Office in Singapore from August 1998, Deputy Secretary for Works (later renamed Deputy Secretary for the Environment, Transport and Works (Works)) from October 2001, Commissioner of Insurance from July 2006, Postmaster General from September 2009, and Commissioner of Customs and Excise from September 2011. His last role held was Secretary for the Civil Service from 2015 to 2017. 

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Dr Moses Cheng, Chairman of the IA, said, “Mr Cheung is a seasoned officer with rich experience in public administration, proven leadership and management skills. I have confidence that he will ably lead the IA to collaborate closely with all stakeholders to seamlessly transit to the direct licensing regime for insurance intermediaries and continue building up the IA as a dynamic and effective regulator.”

Dr Cheng also thanked the incumbent CEO Mr John Leung for his contributions to the IA. He said, “Mr Leung has not only facilitated the smooth transition from the former Office of the Commissioner of Insurance to the independent IA but also laid a solid foundation for the IA. We could not have made such great progress in the past year without the dedication of Mr Leung. On behalf of the IA, I would like to express my grateful appreciation to Mr Leung.”

The IA, a statutory body established under the Ordinance, is a new insurance regulator independent of the Government. It assumed the statutory functions on the regulation of insurance companies on 26 June 26 2017. The IA is expected to take over the supervision of insurance intermediaries from the three Self-Regulatory Organisations in 2019.

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