Appointments mark formal launch of new pan-European insurance supervisor
The European Insurance and Occupational Pensions Authority (EIOPA), the new pan-European insurance supervisor set up to replace the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), has named six members of its management board and an acting chairman.
EIOPA’s management board, an independent authority that will oversee the supervisor and the execution of its missions and tasks, comprises eight members. These include six representatives of national supervisory authorities of European member states, one representative from the European Commission and the chairperson.
The six representatives of the national supervisory authorities elected by the board of supervisors are Peter Braumüller of Austria’s Financial Market Authority; Matthew Elderfield of the Central Bank of Ireland; Damian Jaworski of the Polish Financial Supervision Authority; Flavia Mazzarella of the Italian Insurance Supervisory Authority; Jan Parner of the Danish Financial Supervisory Authority and Hector Sants of the UK’s Financial Services Authority.
Victor Rod, director of the Commissariat aux Assurances, Luxembourg, has been elected EIOPA’s acting chairperson until a full-time chairperson is appointed. Rod will also be the alternate to the chairperson is his absence.
The European Commission representative will be confirmed in due course.
The inaugural meeting of EIOPA’s board of supervisors to elect the new management team marks the formal establishment of EIOPA as the first of three new European Supervisory Authorities (ESAs). The other two cover securities and banking regulation.
“EIOPA will coordinate its work with the European national regulators intensively,” said Carlos Montalvo, acting secretary general of EIOPA, in a statement. “At the same time, our new powers will provide much needed assistance if emergency situations in the areas of insurance or occupational pensions arise. As we carry out our tasks, the prime consideration of EIOPA will be consumer protection and stability of financial markets.”
EIOPA was established on 1 January 2011 and began its work with a staff of 28 based in Frankfurt, Germany. The Authority expects to expand its team to around 50 by the end of 2011.
