Art. 115 (Guarantee fund for insurance and reinsurance brokers)
1. An intermediary registered in the section of the register indicated in article 109 (2) b) must become member of the guarantee fund set up within CONSAP to pay compensation for financial damage to policyholders and insurance or reinsurance undertakings arising from the exercise of the activity of insurance or reinsurance broker, or damage which has not been paid by the intermediary or through the policy envisaged, respectively, in article 110 (3) and article 112 (3).
2. The administration of the fund shall be entrusted to a committee appointed by decree of the Minister of Production Activities, made up of a senior manager at the Ministry of Production Activities acting as chairman, a senior manager at the Ministry of Economic and Financial Affairs, a functionary at ISVAP, a functionary at CONSAP, two representatives of the intermediaries registered in the corresponding section of the register, and a representative of insurance and reinsurance undertakings.
3. The provisions relating to administration, contribution and intervention thresholds shall be established with regulation of the Minister of Production Activities, after hearing the opinion of ISVAP166. The amount of this contribution shall be established each year by decree of the Minister of Production Activities167, after hearing the opinion of ISVAP and of the management committee, and must not exceed 0.50 per cent of annual commissions, also for the purpose of guaranteeing coverage of operating costs of the committee under paragraph 2.
4. The assets of the fund shall be segregated from the assets held by the entity within which it is set up and from any other funds. No actions, seizure or distraint of the fund may be carried out by creditors of the subject that administers it or by creditors of the single intermediaries, or in the interest of such creditors, other than policyholders or insurance undertakings. The fund may not be included in insolvency proceedings involving the subject that administers it or the single intermediaries which are members of the fund.
5. The fund shall be subrogated to the policyholders and insurance and reinsurance undertakings in their rights up to the amount of the payments made to them.