New chairman of Insurance Authority of Hong Kong

Stephen Yiu Kin-wah has been appointed as chairman of the Insurance Authority of Hong Kong (IA). He succeeds Dr Moses Cheng Mo-chi, who will retire as chairman after six years of service since its establishment. The appointment of Yiu will be for a term of three years with effect from 28 December, 2021. The IA’s financial secretary, Paul Chan, said: “Yiu has extensive experience in auditing listed and large corporations, and has good knowledge of both the mainland and Hong Kong markets. 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 non-executive director 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.” Ivy Cheung Wing-han, Dr Evelyn Lam Ho-yi, Lam Wai-kong, Dr Ares Leung Kwok-ling, Terry Lo Kin-wing, Dr Derrick Pang Yat-bond, Anson Wong Man-kit, and Kenneth Wong Wing-yan have all been appointed as new non-executive directors and four incumbent non-executive directors have been reappointed, namely: Dr Clement Chen Cheng-jen, Agnes Choi Heung-kwan, Theresa Ng Choi-yuk, and Professor Anna Wong Wai-kwan. Chan added: “Together with the eight newly appointed members and non-executive directors, the IA will comprise distinguished members from different sectors of the community including insurance, actuarial science, accountancy, law, health, labour and welfare/consumer affairs, banking and business in the new term. 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.” Yiu said: “I am honoured by this appointment, which carries enormous responsibilities and high expectations. Dr Cheng has built a solid foundation, which should enable me to partner with stakeholders to maintain market stability and protect policyholders, while spurring the sustainable development of the local insurance industry.” Dr Cheng added: “Yiu has been serving as a board member of the IA and engaging actively in major projects and activities pursued by the IA since its inception in 2015. I am confident that he is well positioned to assume the role as the IA chairman. The past six years were exciting and memorable, giving me the opportunity to witness the birth of the IA, and the smooth transition of the former Office of the Commissioner of Insurance as a government department to the IA as the independent regulator of the insurance industry.” Clement Cheung, chief executive officer of the IA, said, “My sincere gratitude goes to Dr Cheng and the outgoing non-executive directors for their vision, passion and leadership, which were instrumental in establishing the IA and in shaping its corporate strategy. I will follow in their footsteps and work closely with Yiu to reinforce the status of Hong Kong as an asset management centre and a global risk management centre, as envisaged in the 14th Five-Year Plan.”

New chairman of Insurance Authority of Hong Kong

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