Article 110 (Registration requirements for natural persons)
1. In order to be registered in the section of the register indicated in article 109 (2), a) or b), natural persons must fulfil the following requirements:
a) they must enjoy full rights as a citizen; b) they must not have been convicted by final judgement or final judgement enforcing the penalty specified in article 444 (2) of the code of criminal procedure, of crimes against the public administration, the administration of justice, public good faith, public economy, industry and trade, property for which the law prescribes imprisonment for a minimum term of one year up to a maximum term of three years, or for any intentional offence for which the law prescribes imprisonment for a minimum term of two years up to a maximum term of five years, or have been convicted by final judgement enforcing the additional penalty of disqualification from holding public office, for life or for more than three years, unless they have been rehabilitated; c) they must neither have previously been declared bankrupt, unless they have been rehabilitated, nor have been president, manager with delegated powers, general manager, auditor of companies or bodies which were subject to bankruptcy proceedings, composition to avoid bankruptcy or administrative compulsory winding-up, at least in the three years preceding the adoption of these measures, it being understood that this impediment lasts for five years following the adoption of these measures; d) they must not be affected by lapse of entitlement, prohibition or suspension envisaged by article 10 of Law n. 575 of 31 May 1965, and subsequent modifications; e) they must not be registered in the register of loss adjusters.
2. To be registered in the section of the register indicated in article 109 (2) a) or b), natural persons shall also possess appropriate professional knowledge and ability, which shall be determined by ISVAP through a qualifying examination consisting in a test on technical, legal and economic subjects which are essential to the exercise of their activity. ISVAP shall, by its own regulation164, set out the arrangements for the holding of the qualifying examination, and oversee its organisation and conduct.
3. Notwithstanding the provisions of article 109 (3) and article 112 (3), natural persons, in order to be registered in the section of the register envisaged in article 109 (2), a) or b), must also take out professional indemnity insurance for the activity pursued pursuant to their registration for at least one million euros applying to each claim and in aggregate one million five hundred euros per year for all claims, covering the whole territory of the European Union, for damage arising from their own professional negligence and misconduct or from the professional negligence, misconduct and infidelity on the part of employees, collaborators or any other persons for whom the intermediary is liable under the law. The above amounts may be raised by ISVAP, by regulation, taking account of changes in the European Index of Consumer Prices.
