On August 14th, the Government of the Hong Kong Special Administration publicly announced the reappointment of Clement Cheung Wan-ching as the Chief Executive Officer (CEO) of the Insurance Authority (IA). This decision, sanctioned by the Government, signals the continuation of Cheung’s leadership in this role.
The IA was established as an insurance regulator in December 2015 through the Ordinance and assumed oversight responsibilities for insurance companies from the previous Office of the Commissioner of Insurance in June 2017. Additionally, it directly undertook the regulation of insurance intermediaries from September 2019.
Cheung’s reappointment spans a term of three years, commencing on August 15th, 2023, and concluding on August 14th, 2026. The Chief Executive approved this extension under the framework of the Insurance Ordinance.
Cheung assumed the role of CEO of the IA in August 2018. During his tenure, he has effectively overseen the entire spectrum of statutory responsibilities inherent to an insurance regulator. Moreover, he has spearheaded several initiatives aimed at fostering sustainable growth within the market.
Stephen Yiu, who holds the position of Chairman at the IA, emphasized Cheung’s pivotal role in steering the organization through its foundational phase. He underscored how Cheung’s guidance has been instrumental in charting strategic visions and establishing performance benchmarks that contribute to the enduring development of the insurance market. This accomplishment is particularly notable given the external challenges marked by heightened volatility and intricate dynamics.
Presently, Cheung actively participates as a member of the Executive Committee within the International Association of Insurance Supervisors. He also holds the esteemed role of Chairman within the Asian Forum of Insurance Regulators, further affirming his deep engagement in the insurance industry’s global landscape.
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