Fausto Parente is set to become the second executive director of the European Insurance and Occupational Pensions Authority (EIOPA), while Peter Braumüller has been re-elected alternate chair of the supervisory body.

Parente was elected by EIOPA’s board of supervisors following an open selection procedure, with the European Parliament still to confirm his appointment.

He will replace Carlos Montalvo Rebuelta, who, as previously reported, did not seek a second term. EIOPA executive directors are elected for a five year term of office, which can be extended once.

Parente joins from Istituto di Vigilanza sulle Assicurazioni (IVASS), Italy’s insurance regulator, where he has been head of the supervisory regulation and policy directorate.

Peter Braumüller, managing director at the Austrian Financial Market Authority, has been re-elected EIOPA’s alternate chair for a further five years.

The appointments come shortly after EIOPA announced the results of its first ever stress test of European occupational pension funds.

EIOPA chairman Gabriel Bernardino is currently in his second term of office, having been offered the extension by the board of supervisors last year due to his successes since the institution was founded in 2011.