The European Parliament has appointed Fausto Parente as the executive director of the European Insurance and Occupational Pensions Authority (EIOPA), effective 1 April 2016 for a five year term.

Parente is currently head of the supervisory regulation and policy directorate of Istituto di Vigilanza sulle Assicuarazione (IVASS), the Italian insurance supervisor, with 24 years of experience at the Italian association, according to his Linked:In profile.

EIOPA said his appointment followed an open selection procedure, a nomination by EIOPA’s Board of Supervisors and a public hearing at the European Parliament’s Committee on Economic and Monetary Affairs.

Parente said that his term would be "extremely important" for EIOPA while it transitioned from a regulatory to a supervisory role in the insurance sector.

"I am fully committed to contributing to further build up EIOPA, as a strong inclusive supervisory authority with a clear focus on the interests of EU citizens," he added.

Gabriel Bernardino, chairman of EIOPA, thanked outgoing director Carlos Montalvo for the formative first five years of EIOPA and added: "I am extremely pleased to welcome Fausto to EIOPA’s management team. His skills and long-term experience in the field of national and international supervision will be highly beneficial in managing the day-to-day implementation of EIOPA’s vision and strategies and in delivering the important agenda entrusted to EIOPA."