The Hong Kong government has appointed Mr John Leung Chi-yan as the CEO of the Insurance Authority (IA) from 26 June 2017, when the new regulator takes over from the Office of the Commissioner of Insurance (OCI). Mr Leung's term will last for a year to 25 June 2018.
He is the incumbent Commissioner of Insurance (CoI). On appointment as the IA CEO, he will be seconded to the IA from the government and will be responsible for the overall effective and efficient operation of the new regulator.
Announcing the appointment last week, the Secretary for Financial Services and the Treasury, Professor K C Chan, said: "There has been public expectation that the IA should come into operation as soon as possible to strengthen the regulation of the insurance industry for the protection of policy holders. The arrangement for seconding the incumbent CoI to the IA for one year will ensure a smooth transition while allowing more time for the IA to search for a suitable candidate to fill the CEO post."
The government has also made the following Executive Director (ED) appointments for a term of three years:
- Ms Carol Hui Mei-ying as the Executive Director, Long Term Business;
- Mr Simon Lam Sui-kong as the Executive Director, General Business;
- Mr Stephen Po Wai-kwong as the Executive Director, Market Conduct; and
- Mr Raymond Tam Wai-man as the Executive Director, Policy and Development.
Prof Chan said that the four EDs were selected through open recruitment by the respective selection panels chaired by the Chairman of the IA, Dr Moses Cheng.
Ms Hui joined the Office of the Commissioner of Insurance (OCI) in 1990 and is currently the acting Assistant Commissioner of Insurance of the Long Term Business Division.
Mr Lam started his insurance career in Hong Kong in 1984. Prior to joining the IA, he was the Chief Operating Officer for Asia Pacific of an international insurance company.
Mr Po has a strong background in financial regulatory work. He served as the Senior Director of the Intermediaries Supervision Department of the Securities and Futures Commission (SFC). He was also the Chairman of the International Organization of Securities Commission Committee on the Regulation of Market Intermediaries for seven years before departing from the SFC in early 2017.
Mr Tam has held various managerial positions in insurance companies and served in the OCI and the Mandatory Provident Fund Schemes Authority previously. Before joining the IA, he was the Chief Risk Officer, Asia, of an international insurance group.
The IA, a statutory body, is a new insurance regulator independent of the government. It will replace the OCI to regulate insurance companies with effect from 26 June 2017, while the OCI will be disbanded on the same day. The IA is expected to take over the supervision of insurance intermediaries from the three self-regulatory organisations within two years from 26 June 2017.