The Italian Institute for Insurance Supervision (IVASS) issued a public warning after receiving reports of counterfeit surety policies being marketed in Italy in the name of Bothnia International Insurance Company Ltd, which has disowned the documents. IVASS had previously flagged counterfeit policies purportedly issued by the same company in a 21 December 2022 notice. Bothnia International Insurance Company Ltd is a Finland-based insurer supervised by the Finnish Financial Supervisory Authority and authorised to operate in Italy under the freedom to provide services in several non-life lines, including class 15 (Surety). The company manages existing portfolios but does not write new business, does not issue surety bonds and therefore does not provide verification systems for surety policies, with the last surety policy written in Italy dating back to 2001. IVASS urged users to exercise caution and verify that quotes and contracts relate to duly authorised insurers and intermediaries, including by consulting IVASS’s public registers and warning lists, and the list of insurers authorised for surety business with the indicated method for online policy verification.

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