Preheat the oven to 350 degrees F. Line a baking sheet with parchment paper.
Using a serrated knife, slice about 1 inch off the top crust of the Italian bread. Carefully tear out the insides of the loaf, leaving about 3/4-inch of bread to form a shell. Put the loaf on the prepared baking sheet, drizzle inside with some olive oil, and season with salt and pepper. Bake until slightly crispy, about 10 minutes. Cool on a baking rack while you make the eggs. Preheat the broiler.
Heat the 2 tablespoons olive oil in a large skillet over high heat. Add the sausage and cook, breaking it up with a wooden spoon, until golden brown. Remove the sausage to a paper-towel-lined plate.
Add the onion and the green and red peppers to the skillet; cook, stirring occasionally, until softened, about 4 minutes. Reduce the heat slightly, then add the chiles, sausage, parsley and basil; toss to combine. Stir in the eggs and about two-thirds of the provolone and cook, stirring, until the eggs just begin to set, less than 1 minute.
Pour the egg mixture into the bread shell and top with the Parmesan and the remaining provolone. Broil until the cheese is melted and bubbly and the eggs are just cooked through, about 3 minutes. (You can use a cake tester to check--insert it into the eggs to see if it comes out with raw egg on it.)
Transfer to a cutting board, let set for 1 or 2 minutes, and then slice into 4 to 6 wedges.