DLA Piper partner Heng Loong Cheong appointed to Industry Advisory Committee on General Business to the Hong Kong Insurance Authority

DLA Piper partner Heng Loong Cheong has been appointed as a non-official member of the Industry Advisory Committee (IAC) on General Business to the Hong Kong Insurance Authority (IA) from July 1, 2021 to May 31, 2022.

The IAC on General Business is a statutory committee established under the Hong Kong Insurance Ordinance (Cap. 41) (the Ordinance). The Ordinance stipulates that other than the chairperson, the chief executive officer and not more than two other executive directors of the IA, members of an IAC should include eight to 12 other persons with knowledge of or experience in the insurance industry, the conduct of regulated activities and consumer affairs. They are appointed by the Financial Secretary of Hong Kong after consultation with the IA.

Welcoming Heng to the committee, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “Members of the IAC offer advice to the Insurance Authority (IA) on matters pertaining to the development of the insurance industry. The appointment of Mr Cheong will add diversity of expertise to the IAC.”

Heng is a partner in DLA Piper’s Corporate practice. He has more than 16 years’ experience advising insurers, reinsurers and intermediaries on insurance M&A transactions, post-merger integration, complex corporate reorganisations, portfolio transfers, insurance regulatory issues, new license applications and run-offs. Given Heng’s abundant knowledge and experience in the insurance sector, he has become the trusted advisor to a growing number of global insurers and intermediaries on their investments into and activities in China, Hong Kong and ASEAN countries.

Commenting on his appointment, Heng said “I am delighted and honoured to be recognised by the IA for my experience and it is a privilege to serve the insurance industry in Hong Kong on this committee. I look forward to sharing my expertise and providing strategic advice to the IA to help shape the future of the insurance industry in Hong Kong.”