EUROPE - The European Insurance and Occupational Pensions Authority (EIOPA) held its first meeting today, confirming the membership of its newly elected Management Board.
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The inaugural meeting of EIOPA's Board of Supervisors marked the formal establishment of EIOPA as the first of three new European Supervisory Authorities (ESAs) set up by the European Commission in 2009 as a result of reforms to financial supervision in the EU.
It will act as an independent advisory body to the European Parliament, the Council of the European Union and the European Commission. Its core objectives are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and beneficiaries.
The Management Board comprises eight members, including six representatives of national supervisory authorities of European member states, one representative of the European Commission and the chairman of EIOPA.
The Authority revealed the six representatives of the national supervisory authorities elected by the Board of Supervisors as: 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, UK. The representative of the European Commission will be confirmed in due course.
It also confirmed the appointment of Victor Rod, Director of the Commissariat aux Assurances, Luxembourg, as acting chairman.
EIOPA acting secretary general Carlos Montalvo said: "EIOPA 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."
Petra Roth, Mayor of the City of Frankfurt/Main, where EIOPA will be based, added: "Establishing a common set of European regulatory rules for insurance and occupational pensions is a crucial task in order to promote insurance business in Europe and build up consumer confidence."
Source: www.globalpensions.com
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