과징금부과처분등취소
All appeals are dismissed.
The costs of appeal are assessed against the Plaintiff.
The grounds of appeal are examined (to the extent of supplement in case of supplemental appellate briefs not timely filed).
1. As to the grounds of appeal Nos. 1 and 2
A. According to Articles 11(1)2 and 196(1)5 of the former Insurance Business Act (amended by Act No. 10394, Jul. 23, 2010; hereinafter the “Insurance Business Act”), an insurance company is prohibited from trading assets or extending credit under significantly unfavorable terms to the relevant insurance company in light of the trading terms with a major shareholder. Where an insurance company violates such terms and conditions, the insurance company is prohibited from trading assets or extending credit under substantially unfavorable terms to the relevant insurance company. The Defendant Financial Services Commission may impose a penalty surcharge up to 20/100 of the amount of credit extended or the book value of the relevant assets.
In light of the legislative intent of the above Act that attempts to prevent the insolvency of assets held by an insurance company in advance by regulating certain assets transactions and credit extension to its major shareholders, if the terms and conditions of assets transactions and credit extension are clearly disadvantageous to the insurance company objectively, it may be deemed that the provisions of Article 111(1)2 of the Insurance Business Act, barring any special circumstance.
It does not necessarily mean that the transaction has an adverse impact on the stability, profitability, etc. of asset management of an insurance company, and that it does not necessarily constitute the above provision to the extent that it significantly undermines the rights and interests of policyholders, etc.
(See Supreme Court Decision 2013Du23935 Decided October 29, 2015). B.
Based on its stated reasoning, the lower court determined that the Plaintiff purchased 24 billion won of a golf club membership right from B Co., Ltd. on August 18, 2010 and purchased 31.2 billion won of a golf club membership right on the condition that the Plaintiff, an insurance company, trades a golf club membership right, which is an asset, under the terms and conditions substantially unfavorable
(c).