1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

Purport of claim and appeal

1..

1. Facts of recognition;

A. The plaintiff is a company running guarantee insurance business, and the defendant is the representative director B.

B. On May 16, 2014, B, via the Plaintiff’s Internet site, offered a guarantee insurance policy to guarantee the payment of the sales incentive obligation to the non-party company B, the policyholder B, the joint and several surety, the insurance amount of KRW 30,000,000, the insured ice Co., Ltd. (hereinafter “non-party company”), and the insurance period from May 1, 2014 to April 30, 2016. The Plaintiff accepted the above subscription on the same day.

(hereinafter) The performance guarantee insurance contract between the plaintiff and the defendant is "the instant performance guarantee insurance contract" and the joint and several guarantee agreement between the plaintiff and the defendant is "the instant joint and several guarantee agreement".

B did not refund sales incentives upon the nonperformance of contractual sales. On February 3, 2015, the non-party company notified the Plaintiff of the occurrence of the insured event and claimed insurance proceeds. On March 11, 2015, the Plaintiff paid insurance proceeds of KRW 23,041,653 to the non-party company in accordance with the instant performance guarantee insurance contract, and thereafter recovered KRW 13,00,000,000 after the return of insurance proceeds to the principal.

Meanwhile, according to the instant performance guarantee insurance contract, when the Plaintiff pays the insurance proceeds to the insured due to the occurrence of an insurance accident, the policyholder and the joint guarantor shall immediately repay the insurance proceeds, but if such payment is delayed, it shall be deemed one year and 365 days from the day following the payment date of the insurance proceeds to the day of full payment, and shall be paid by adding damages for delay calculated by multiplying the number of delayed days by the interest rate applied to the damages for delay publicly notified by the Plaintiff on a daily basis (Article 3 of the contract). The interest rate applicable to the interest rate publicly announced by the Plaintiff shall be 6% per annum from March 12, 2015 to April 10, 2015, the day following the payment date of the insurance proceeds, 9% per annum from June 9, 2015, and the next day from the next day to June 9, 2015.