The Hong Kong Federation of Insurers (HKFI) announces today (Wednesday, 6 January 2010) that Mr Alex W Y Chu, Chief Executive of HSBC Life (International) Limited, has been elected Chairman of the Life Insurance Council.

At the meeting held on 5 January 2010, the Life Insurance Council unanimously elected Mr Chu to be the Chairman to fill the vacancy arising from the passing away of Mr K Y To. 

Before the election, Council members stood to observe a moment of silence in memory of the late Mr To.  Mr Chu, the newly elected LIC Chairman, expressed deep sorrow over the sudden passing away of Mr To, and reaffirmed the steadfast commitment of the industry to enhancing professional standards and ethical practices for the benefits of the insuring public.

The Life Insurance Council represents 44 life insurance companies in Hong Kong and works closely with the Insurance Authority to deal with issues concerning the distribution of life insurance products and proper protection of consumers.

Life Insurance Council Chairman
Mr Alex Chu

Mr Chu is currently the Chairman of the Life Insurance Council, Retirement Schemes Working Group and Task Force on Race Discrimination Ordinance.  He also serves as a member of the Governing Committee, Task Force on Disclosure of Intermediaries' Remuneration and Task Force of Healthcare Reform.  Mr Chu has been the Honorary Secretary of the Insurance Claims Complaints Bureau since 2007. 

Externally, Mr Chu is a Member of the Mandatory Provident Fund Scheme Operation Review Committee and Guidelines Committee.  He also serves on the Insurance Intermediaries Quality Assurance Scheme Steering Committee under the Insurance Authority.

Mr Chu joined HSBC Insurance in 2003 as the Chief Risk Officer. He was instrumental in establishing the initial risk management framework for the Hong Kong insurance business. He went on to lead a number of strategic initiatives including the launch of the global resourcing project and the implementation of Career Banding, prior to being appointed General Manager and Head of Personal Insurance in 2006. He has also been appointed as the Chief Executive of HSBC Life (International) Limited since 2006.

In April 2009, Mr Chu has assumed the role of Director and Head of Employee Benefits Business, with overall responsibility for all aspects of the retirement business including business development, on-going scheme and member servicing, together with Group Medical and Group Life sales.