20 February 2019
The International Association of Insurance Supervisors (IAIS) announced the appointment of Mr Clement Cheung, Chief Executive Officer of the Insurance Authority, as a member of its Executive Committee.
“It is my great honour and privilege to have been elected to serve on the IAIS Executive Committee by members in Asia, where the next wave of business growth will emerge. The region needs to speak with one voice and exert a positive influence on the formulation of international regulatory standards,” Mr Cheung said.
The IAIS is a standard-setting body whose mission is to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policy holders, and to contribute to global financial stability. Its membership covers insurance regulators and supervisors coming from over 210 jurisdictions that collectively accounts for 97% of worldwide premium income.
The Executive Committee is responsible for providing strategic directions and managing the affairs of IAIS. A total of seven seats are allocated to the Asian region, with other members being China, India, Japan, Korea, Malaysia and Singapore.
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