Hmm, could be. The Registry location is "SOFTWARE\Microsoft\Bluetooth\Device\". Have a look at the source file https://32feet.svn.codeplex.com/svn/InTheHand.Net.Personal/InTheHand.Net.Personal/Net.Bluetooth/WindowsBluetoothSecurity.cs you'll see the code there that does the add and removes. (Later you might want to download the source, compile the library, and debug into it to see what is working and what is failing).
Can you also try adding a device from the WM Control Panels and see if the Registry is similarly updated (and optionally look at remove too).
Thanks