The Italian Institute for Insurance Supervision (IVASS) issued an alert after receiving a report of a counterfeit draft surety bond policy in the name of Axiom Insurance Company JSC, which the insurer has disowned. IVASS noted it had already warned about the marketing in Italy of a counterfeit draft policy and a counterfeit policy in the same company’s name in February 2024 and May 2024. Axiom Insurance Company JSC is a Bulgaria-based insurer supervised by Bulgaria’s Financial Supervision Commission and is authorised to operate in Italy under the freedom to provide services regime across various non-life lines, including class 15 (surety). IVASS recommended heightened caution when assessing insurance offers and urged consumers to verify, before paying premiums, that quotes and contracts relate to duly authorised firms and intermediaries by consulting IVASS lists and registers, including specific guidance for surety policies and related fraud alerts.

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