The judgment of the court below is reversed, and the case is remanded to the Seoul Central District Court Panel Division.

The grounds of appeal are examined.

1. The Insurance Business Act imposes criminal punishment on a person who runs an insurance business without a license on a person who satisfies physical and human requirements prescribed in the Act and obtains a license from the Financial Services Commission for each type of insurance, taking into account the effects which may affect the State and the social and economic life due to the collectiveity, sociality, etc.

In light of the provisions and purport of the Act on Regulation of Insurance Business, whether an insurance business falls under the category of insurance business subject to license should be determined by considering its substance and economic character practically without resorting to the name of the business or to the legal form of composition.

(2) On June 26, 190, the court below concluded a guarantee insurance contract of KRW 208,661,665 and December 24, 2001, and concluded a guarantee insurance contract of KRW 2001Do205, etc.). 2. The summary of the facts charged in the instant case is as follows: (a) although the Defendant conspired with G as the head of F Co., Ltd. (hereinafter “F”), the actual representative of F, and the F did not have obtained a guarantee insurance contract of the Financial Services Commission; (b) from September 16, 2009 to March 3, 2010, the Defendant engaged in the guarantee insurance business without obtaining a total of KRW 208,661,684,665, and received a guarantee fee of KRW 300,000,000,000,000 from around 200 to 308,000,000 won (hereinafter “K directors”) and received a guarantee insurance contract of KRW 2008.

The lower court shall, under an agreement with the debtor, guarantee insurance of an insurance company and guarantee the payment of financial institutions.