The case holding that a mutual aid business with the contents of the mutual aid payment constitutes an insurance business

A mutual aid business with a certain amount of money as a membership fee and a commercial aid fee in order to meet the financial demand in the event of an accident that causes the death of a large number of members at the same economic risk is merely the name of the business or the name of the application or payment amount and the insurance business in order to pay a certain amount under the name of the commercial aid in the event of an accident.

Articles 5(1) and 211 of the Insurance Business Act

Supreme Court Decision 87Do2172 Decided January 31, 1989

Defendant 1 and one other

Prosecutor (Defendants)

Incheon District Court Decision 86No507 decided Apr. 7, 1988

The judgment below is reversed, and the case is remanded to Incheon District Court Panel Division.

We examine the grounds of appeal.

According to the reasoning of the judgment below, since the Korea Development Bank is an incorporated association which has obtained permission from the Minister of Health and Welfare for its incorporation for the purpose of the elderly welfare promotion project, 70 members shall be organized under one set of 700 members, and 20,000 or 40,00 members shall be paid at the expense of the above member, and if the above member dies after the lapse of 100 days from the date of its subscription, other members of the deceased association shall be allowed to pay 2,00 or 4,00 won with the above membership fee and the minimum amount of 70,400,000 or 2,800,000 won shall be paid from the above member's account for the purpose of the above 60,000 won shall be paid from the above member's account for the purpose of the above 60,000,000 won shall be paid from the above member's account and other insurance premiums shall be paid from the above member's account of death, 1,400,00,08 won or more.

However, when considering the actual aspect of the business operated by the defendants, the business is an insurance business regardless of the name of the business or the name of the fund or the fund or the fund or the fund for assistance in the event of an accident with a certain amount of money as a membership fee and the fund or assistance fee in order to meet the demand for property in the event that a large number of members at risk in the dynamic economy are dead (the above business is not an insurance business, and the business is not an insurance business (the above business is not a member of January 31, 1989). However, the judgment of the court below which acquitted the defendants on the ground that the above business is not an insurance business but an insurance business, which affected the conclusion of the judgment, is not a violation of law by misunderstanding the legal principles of Article 5 (1) of the Insurance Business Act, and therefore it is reasonable to point out this point.

Therefore, the judgment of the court below is reversed and the case is remanded to the court below. It is so decided as per Disposition by the assent of all participating Justices.

Justices Song Man-man (Presiding Justice)