The Italian Institute for Insurance Supervision (IVASS) issued an alert after receiving reports of counterfeit surety bond policies (polizze fideiussorie) made out to Chaucer Insurance Company DAC, which the insurer has disowned. IVASS also highlighted that the Central Bank of Ireland confirmed on 2 April 2025 that Chaucer Insurance Company DAC does not issue surety bond policies in Italy. IVASS noted that Chaucer Insurance Company DAC is an Irish insurer supervised by its home authority and authorised to operate in Italy under freedom of services in various non-life classes, including class 15 (surety). The supervisor urged consumers to exercise caution and, before paying any premium, verify that quotations and contracts relate to duly authorised insurers and intermediaries by consulting IVASS’s online registers and warning lists, including the list of firms authorised for the surety class and the related online policy verification method.
Italian Institute for Insurance Supervision (IVASS) 2025-04-17
Italian Institute for Insurance Supervision warns of counterfeit surety bond policies falsely issued in the name of Chaucer Insurance Company DAC
The Italian Institute for Insurance Supervision (IVASS) issued an alert regarding counterfeit surety bond policies falsely attributed to Chaucer Insurance Company DAC, which the insurer has disowned. The Central Bank of Ireland confirmed that Chaucer does not issue such policies in Italy. IVASS advises consumers to verify the legitimacy of insurers and intermediaries through its online registers and warning lists before making payments.