Lincoln National Corp. (LNC), the insurer whose stock surged more than 60 percent this year, hired Ronald Holinsky from Janney Montgomery Scott LLC to be chief compliance officer as the industry faces increased regulatory scrutiny.
Holinsky will oversee companywide compliance programs in the newly created role and report to General Counsel Adam Ciongoli and James DelBello, senior vice president of business law and compliance, Lincoln said in a statement today. A lawyer who previously worked for the U.S. Securities and Exchange Commission, he was deputy general counsel at Philadelphia-based Janney and chief legal officer for its asset-management unit.
“Ron has a rich regulatory compliance background that is focused on the financial services industry, in addition to a deep understanding of the many securities laws and regulations that affect our business,” DelBello said in Radnor, Pennsylvania-based Lincoln’s statement.
The federal role in insurance regulation has been expanding under the 2010 Dodd-Frank law. U.S. insurers are traditionally overseen by state regulators. Lincoln is among insurers being pressed by New York’s watchdog, Benjamin Lawsky, to boost reserves at units in the state, a person familiar with the matter said this month. Lincoln said Sept. 13 that it doesn’t expect Lawsky’s approach to affect the insurer’s capital plan.
Holinsky previously practiced law with K&L Gates LLP in Washington. He has a bachelor’s degree in business administration and finance from West Virginia University and a law degree from University of Baltimore. Karen Shakoske, a spokeswoman with Janney, didn’t immediately respond to requests for comment.
Lincoln slipped 4 cents to $42.11 at 2:38 p.m. in New York. The insurer has rallied 63 percent since Dec. 31 as investors bet higher interest rates will boost results in the company’s bond portfolio.
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