The Chief Executive today appointed Stephen Yiu as Chairman and 12 other individuals as non-executive directors (NEDs) of the Insurance Authority (IA) for a term of three years from December 28.

Mr Yiu’s appointment was made pursuant to the Insurance Ordinance, the Government said.

Financial Secretary Paul Chan said Mr Yiu has extensive experience in auditing listed and large corporations, and has good knowledge of both the Mainland and Hong Kong markets. Mr Yiu also participates actively in public services, and is well versed with regulatory and market development issues in the financial services sectors.

“He has contributed positively to the IA’s work since his appointment as an NED of the IA in December 2015.

“I am confident that under his leadership, the IA will continue to maintain market stability and protect the interests of policyholders, while promoting the competitiveness of Hong Kong’s insurance industry in the global arena.”

At the same time, the Financial Secretary expressed appreciation to outgoing Chairman Moses Cheng.

“Over the past six years, Mr Cheng, as the inaugural Chairman, has made tremendous contributions to the establishment of the IA and its smooth transition to a full-fledged independent insurance regulator. His contributions will bring long-term benefits to the sustainable development of Hong Kong’s insurance industry.”

Meanwhile, the Chief Executive has appointed eight new IA NEDs, who are Ivy Cheung, Evelyn Lam, Lam Wai-kong, Ares Leung, Terry Lo, Derrick Pang, Anson Wong and Kenneth Wong.

Four incumbent NEDs Clement Chen, Agnes Choi, Theresa Ng and Prof Anna Wong have been reappointed.

The Financial Secretary said: “The IA will comprise distinguished members from different sectors of the community. The diversified membership will enable the IA to better respond to community needs while contributing to the development of Hong Kong as an international risk management centre.”

He expressed his gratitude to the other six outgoing NEDs Samuel Chan, Prof Chan Wai-sum, Chitty Cheung, Kenneth Kwok, Ma Ho-fai and James Wong for their dedicated services during their terms of office.