The Government today announced the reappointment of Clement Cheung as Chief Executive Officer of the Insurance Authority (IA) for three years from August 15.

The appointment was approved by the Chief Executive under the Insurance Ordinance.

Financial Secretary Paul Chan said: "Mr Cheung possesses very strong leadership and has helped lay down a solid foundation for the IA in its inception years.

“We are confident that Mr Cheung will continue to contribute to the work of the IA in the new term, to lead the Hong Kong insurance sector to grasp the opportunities brought about by the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt & Road Initiative, and to enhance Hong Kong's status as an international risk management centre."

Mr Cheung was appointed as the authority’s Chief Executive Officer in 2018. Under his leadership, it has taken up the full-range of statutory functions as the insurance regulator, while embarking on several initiatives to promote sustainable market development.

He is currently a member of the Executive Committee of the International Association of Insurance Supervisors and the Chairman of the Asian Forum of Insurance Regulators.

Established in 2015, the Insurance Authority took over the responsibility of supervising insurance companies from the former Office of the Commissioner of Insurance in 2017 and assumed direct regulation of insurance intermediaries in 2019.