11/01/2010
By Matt Ritchie
The European Insurance and Occupational Pensions Authority (EIOPA) has named its acting chairperson and announced the composition of its management board.
The board is comprised of six representatives of national supervisory authorities of European member states, one representative of the European Commission and the chairperson of EIOPA.
Representatives of the national supervisory authorities elected by the board of supervisors are Peter Braumüller, Financial Market Authority, Austria; Matthew Elderfield, Central Bank of Ireland, Ireland; Damian Jaworski, KNF – Polish Financial Supervision Authority, Poland; Flavia Mazzarella, Italian Insurance Supervisory Authority, Italy; Jan Parner, Danish Financial Supervisory Authority, Denmark and Hector Sants, Financial Services Authority, U.K.
Victor Rod, Director of the Commissariat aux Assurances, Luxembourg, has been elected acting chairperson, while the representative of the European Commission will be confirmed ‘in due course’.
Yesterday saw the inaugural meeting of the EIOPA’s board of supervisors, representing the formal establishment of EIOPA as the first of three European Supervisory Authorities.
EIOPA acting secretary general Carlos Montalvo said the authority will coordinate its work with the European national regulators intensively.
“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 as a result of reforms to the structure of financial supervision in the European Union initiated by the European Commission.
The Frankfurt-based authority is an independent advisory body to the European Parliament, the Council of the European Union and the European Commission. It was established on January 1, and currently operates a staff of 28.
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