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The Actuary The magazine of the Institute & Faculty of Actuaries

European Parliament ratifies Montalvo’s EIOPA role

The European Parliament confirmed Carlos Montalvo today as the first executive director of the European Insurance and Occupational Pensions Authority (EIOPA). Mr. Montalvo, 38, was elected by the Board of Supervisors of EIOPA on 25 February, 2011. His nomination followed a pre-selection by the European Commission. The European Parliament’s approval follows an open hearing on 17 March.

Mr Montalvo said: "The European institutions made a ground-breaking decision last year to establish the three European Supervisory Authorities and the European Systemic Risk Board. I feel privileged to serve as EIOPA’s first executive director and thank the EIOPA Board of Supervisors and the European Parliament for entrusting me with the establishment and management of EIOPA."

Mr. Montalvo has a distinguished career in public services. He started as an insurance supervisor for the DirecciÓn General de Seguros y Fondos de Pensiones (DGSFP), the Spanish insurance and pensions supervisory authority. There he headed the International Area of the Supervisory Department and coordinated insurance groups and financial conglomerates related issues. He moved to Frankfurt in November 2007 where he has been Secretary General of CEIOPS, the Committee of European Insurance and Occupational Pensions Supervisors.

The Executive Director is an independent representative who presides over the day-to-day management of EIOPA. He will serve a term of five years, renewable once.

The confirmation of the Executive Director completes EIOPA’s top management team. In January, the Board of Supervisors of EIOPA selected Gabriel Bernardino as EIOPA’s first Chairman and Victor Rod as Vice-Chairman. Mr. Bernardino’s appointment was confirmed by the European Parliament in February.

More details about EIOPA can be found here