EUROPE - The European Insurance and Occupational Pensions Authority (EIOPA) has confirmed the members of its newly elected management board, as well as its acting chairman.

The board comprises eight members - including six representatives of national supervisory authorities of European member states - one representative of the European Commission and one EIOPA chairperson.

The national representatives include Peter Braumüller of Austria's Financial Market Authority; Matthew Elderfield of Ireland's central bank; 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 Financial Services Authority.

Victor Rod, director of the Commissariat aux Assurances in Luxembourg, has been elected acting chairman until the board appoints a permanent chair confirmed by the European Parliament. The European Commission representative will be confirmed in due course.

EIOPA - an independent advisory body to the European Parliament, the Council of the European Union and the European Commission - was established on 1 January as a result of reforms to the structure of financial supervision in the EU.

Its core objectives are 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.

Today's meeting marked the formal establishment of EIOPA as the first of three new European Supervisory Authorities.

It began its work with a staff of 28 based in Frankfurt, Germany, and said it expected to expand its team to around 50 experts by the end of this year.