|
|
|
|
|
|
|
Newsletter | August 2015, Issue 2
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
|
|
|
|
Kim & Chang helps a former representative director obtain a favorable outcome in a disciplinary warning revocation case
|
|
|
|
On April 15, 2015, the Seoul High Court rendered a final decision in favor of Mr. Mark R. Schamp, the former Representative Director (the “Plaintiff”) of ERGO Daum Direct General Insurance Co., Ltd.* (the “Company”), who filed a lawsuit against the Governor of the Financial Supervisory Service (the “Defendant”) and sought a revocation of a disciplinary warning issued by the Defendant (the “Lawsuit”).
|
|
|
|
On April 19, 2013, the Defendant determined that the Plaintiff illegally and improperly gave instructions to lower insurance premium rates. This act, the Defendant, argued, warranted and justified the Defendant in issuing a disciplinary warning to the Plaintiff (the “Measures”).
|
|
|
|
However, on May 16, 2014, the Seoul Administration Court ruled that the Plaintiff did not know the fact that there was a mistake in the calculation of the premium rates, and that the Plaintiff did not instruct others to lower insurance premium rate.
|
|
|
|
On April 15, 2015, the Seoul High Court rendered a final decision affirming the lower court’s May 2014 decision in favor of the Plaintiff.
|
|
|
|
In particular, the Seoul High Court held that one may not be deemed as an offender who “instructed to illegally and improperly handle a business in practice” simply because he/she is a final decision maker, and that whether the person has violated the law should be determined based on the form and degree of the person’s involvement in the business concerned.
|
|
|
|
Kim & Chang successfully represented the Plaintiff in the Lawsuit, and obtained a favorable ruling.
|
|
|
|
|
|
* In 2014, BNP Paribas Cardif General Insurance acquired ERGO Daum Direct General Insurance Co., Ltd.
|
|
|
|
|
|
Back to Main Page
|
|
|
|
|
|
For more information, please visit our website:
|
|
|
|
|
|
|
|