EUROPE - The European Insurance and Occupational Pensions Authority (EIOPA) has elected Gabriel Bernardino as its first chairman, subject to confirmation by the European Parliament.

Bernardino, who represented EIOPA's predecessor CEIOPS as chairman between October 2009 and December 2010, is currently director general of the Directorate for Development and Institutional Relations at the Instituto de Seguros de Portugal.

As chairman, he will represent EIOPA to the Council of the European Union, the European Commission and the European Parliament.

He will be elected for five years, and his term can be extended once.

Earlier this week, EIOPA unveiled its eight-member management board - including six representatives of national supervisory authorities of European member states - one representative of the European Commission and one EIOPA chairperson.

EIOPA was established on 1 January as a result of reforms to the structure of financial supervision in the EU.

Its core objectives will be to support the stability of the financial system and transparency of markets and financial products, as well as protect insurance policyholders, pension scheme members and beneficiaries.