IVASS – Market Letter January 4, 2024

On January 4th, the Institute for Insurance Supervision (IVASS) published a letter to the market regarding the communication of telematic verification methods for surety policies under the Public Contracts Code (Legislative Decree no. 36/2023).

The Public Contracts Code introduced new specific requirements for guarantees to be issued along with an offer by contractors participating in public tenders, aiming to ensure the authenticity of the policy.

Article 106, paragraph 3 of the Public Contracts Code provides that the guarantee may only be issued with an attached digital signature and must be verifiable electronically by the issuer or managed through the use of platforms operating with technologies based on distributed ledger technology in accordance with article 8-ter of d.l. no. 135/2018.

However, until the platforms compliant with the specified criteria are available, ANAC Resolution no. 606/2023 establishes intermediary solutions for the period until June 30, 2024, allowing the public authorities to verify the authenticity of a policy with alternative telematic methods. For this purpose, insurance companies may choose to:

  • create a dedicated section within their website for real-time verification of the authenticity of the policy, accessible exclusively to the public authority through SPID identification;
  • create a Certified Electronic Mail account, through which the contracting authority in favour of whom the policy is issued can request the issuing insurance company to confirm its authenticity.

Insurance companies must inform IVASS which of the two methods of verification they have chosen, as well as about any subsequent modifications, with email to the following address: vigilanzacondottamercato@pec.ivass.it.