The Hong Kong Federation of Insurers (HKFI) announced today (Monday, 17 January 2005) the appointment of Mr Ambrose Cheung, JP, as the new Chairman of the Insurance Agents Registration Board ( IARB) for a term of two years commencing 20 February 2005, succeeding Mr Andrew Wong, JP.

Mr Ambrose Cheung, whose principal occupation is a partner of a solicitors and notaries firm, has served on a number of public bodies, including the Legislative Council, Urban Council, District Council, Securities & Futures Commission, Tourism Commission, Housing Authority, Town Planning Board, etc.

In welcoming Mr Cheung, HKFI Chairman Mr K P Chan said: "Mr Cheung has a distinguished legal background and extensive experience in various public bodies. Under Mr Cheung's leadership, I am sure the IARB will develop further as a robust self-regulatory body upkeeping the highest ethical standards of the insurance industry and safeguarding the interests of our clients."

"I am most honoured to take up this important role as Chairman of the IARB given the tremendous challenge that lies ahead," said Mr Ambrose Cheung. "I look forward to working closely with my fellow Board members and all parties concerned to ensure effective regulation of the activities of insurance agents so that the interests of the insuring public are properly protected," added Mr Cheung.

The IARB, which was established in 1 January 1993, performs the dual role of registering qualified insurance agents and administering the Code of Practice for the Administration of Insurance Agents. Any case of complaint against an insurance agent, if substantiated by the IARB, would result in the insurer concerned taking disciplinary actions including de-registration of the agent found to have breached the relevant Code.

Mr Chan took the opportunity to pay tribute to Mr Andrew Wong, the outgoing IARB Chairman, for his dedication and remarkable contribution to the insurance industry. "Under his superb guidance in the past eight years, IARB has grown from strength to strength and firmly established itself as a highly credible, effective self-regulatory body," remarked Mr Chan.

Mr Wong has agreed to serve on the Appeals Tribunal for two years upon his departure from the IARB. The Tribunal acts as a body of appeal for any agent who feels aggrieved by any decision taken by the IARB.

"I am delighted to be able to serve the insurance industry in a different capacity and help uphold the industry's professionalism in line with community expectation," said Mr Wong. His new appointment will commence on 1 April 2005.

Biographical notes of Mr Ambrose Cheung and Mr Andrew Wong

Mr Ambrose Cheung, JP

Mr Cheung was educated in Hong Kong and the UK. He started his career in the banking industry and switched to the legal profession in 1978.

Mr Cheung was a member of the Legislative Council in 1998 to 1999, Urban Council between 1989 and 1999. He has been serving on the Sham Shui Po District Council since 1982, the Advisory Committee of the Securities & Futures Commission since 2001, the Tourism Strategy Group of the Tourism Commission since 1999. Mr Cheung had also served on the Town Planning Board, the Standing Committee on Company Law Reform, Home Ownership Scheme Committee of the Housing Authority and the Board of Governors of the Hong Kong Stadium.

Mr Cheung is currently a Partner of Philip K H Wong, Kennedy Y H Wong & Co.

Mr Andrew Wong, JP

Mr Wong was born in Shanghai and received his education in Hong Kong and the United States.

Mr Wong has a long record of public service. He served as Legislative Councillor between 1985 and 2004 and was elected President for the 1995-1997 term. Mr Wong was the President of the Commonwealth Parliamentary Association, Hong Kong Branch from 1995 to 1997. He had also served on the Executive Council in 1991 to 1992 and the Shatin District Board between 1981 and 1994.