Suretyship guarantees
Critical issues have been found in the market for financial guarantees in relation to bank guarantees and suretyship policies issued by subjects not authorised to do so or that have subsequently turned out to be counterfeit.
IVASS, together with the Bank of Italy and the Italian National Anti-Corruption Authority (ANAC), have made a number of suggestions to reduce the risk of accepting invalid financial guarantees.
These suggestions are useful for public administrations and private individuals.
The suggestions are provided as an institutional collaboration, should be considered as operational guidance only, and cannot be invoked to mitigate liability, which remains solely with those involved.
Please note that it is a criminal offence to propose, directly or indirectly (e.g., through intermediaries), guarantees issued by unlicensed parties. Insurance companies may issue suretyship guarantees only if they are licensed to pursue “suretyship insurance”. The updated list of licensed companies is published in the “RIGA” Register kept by IVASS, available on the Institute's website with reference to companies based in Italy and abroad.
The Public Procurement Code (leg. decree 36/2023) has also introduced specific requirements to ensure the authenticity of these guarantees, by providing that the policy must be digitally issued and signed, and must be verifiable by electronic means.
The contracting entities can check the validity of the policy through one of the following methods:
- by accessing a special section in the website of the insurance company, dedicated to the verification of the authenticity of the policy in real time;
- by sending a request for confirmation of authenticity to a Certified Electronic Mail address (PEC) of the company; the reply must be received within 5 working days;
- if available and used by the insurance company, by consulting a digital platform operating with technologies based on distributed ledgers.
The verification methods made available by insurance companies (website, PEC, platform) can be found in the official IVASS lists indicated above.
Last update
17 July 2025
LIST OF UNDERTAKINGS LICENSED TO CARRY ON SURETYSHIP INSURANCE
- List of insurance undertakings authorised to carry on suretyship insurance with the indication of the electronic verification methods (External link)List of insurance undertakings supervised by IVASS
- List of insurance undertakings authorised to carry on suretyship insurance with the indication of the electronic verification methods (External link)List of foreign insurance undertakings
- Legend: list of insurance undertakings authorised to carry on suretyship insurance with the indication of the electronic verification method pdf 411.2 KB
SUGGESTIONS
- Financial Guarantees. Operational guidance for verification by Public Administration and other beneficiaries (only in Italian) pdf 327.8 KB Joint document by IVASS, the Bank of Italy and ANAC of 18 July 2025
- Financial guarantees: suggestions for Public administrations and other beneficiaries (only in Italian) pdf 293.5 KB Joint document by IVASS, the Bank of Italy, ANAC and Agcm of 28 May 2020
PRESS RELEASES
HEARINGS
- Financial guarantees in the waste sector (only in Italian) pdf 519.1 KB Hearing of the Secretary General Stefano De Polis at the Parliamentary Committee of Inquiry on illegal activities linked to the waste cycle and on the related environmental crimes. Rome, 3 February 2020
REFERENCES TO THE LEGISLATION
- Clarification by ANAC of 31 January 2024 regarding resolution No. 606/2023 (only in Italian) (External link)
- IVASS Letter to the market of 4 January 2024
- ANAC Resolution No. 606 of 19 December 2023 (only in Italian) (External link)
- legislative decree No. 36 of 31 March 2023 (only in Italian) (External link)
- decree no. 31 of 19 January 2018 - Ministry of Economic Development (only in Italian) (External link)
- legislative decree no. 36 of 13 January 2003 (only in Italian) (External link)
- legislative decree no. 152 of 3 April 2006 (only in Italian) (External link)
- legislative decree no. 50 of 18 April 2016 (only in Italian) (External link)
- law no. 348 of 10 June 1982 (only in Italian) (External link)
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