The judgment of the first instance is reversed.

A defendant shall be punished by imprisonment for one year.

1. Summary of grounds for appeal;

A. Defendant (1) The misapprehension of legal principle issued and delivered a payment guarantee certificate, etc. as stated in the instant facts charged does not violate the Insurance Business Act, since the Defendant did not run a non-life insurance business.

(2) The first instance sentence of unfair sentencing (two years of suspended sentence for one year of imprisonment) is too unreasonable.

(b)the first instance sentence of the inspection is too uneasible;

2. Determination

A. As to the Defendant’s assertion of misapprehension of the legal doctrine, 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 stipulated in the Act and obtains a license from the Financial Services Commission for each insurance type.

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

(1) In light of the aforementioned legal principles, the Defendant issued a guarantee certificate, etc. to promise the creditor to pay money to the creditor within the coverage of the guaranteed amount in the event that the debtor, such as H, L, and M, fails to perform his/her obligation subject to the guarantee of payment, and received certain fees, etc. in return, in light of the evidence duly adopted and examined by the lower court in this case, in light of the foregoing legal principles, the Defendant is acknowledged to have been running the guarantee insurance business as stipulated in Articles 2 subparag. 1 and 4(1)2 of the Insurance Business Act in the economic substance of the Defendant’s act. Accordingly, the Defendant may engage in the guarantee insurance business with the authorization of the Financial Services Commission, etc. in accordance with the relevant statutes.