failing to provide compensation for non-operation and automobile depreciation insurance payouts in violation of their obligations.
2) A corrective order to announce receipt of remedial order: The respondents should announce in two national daily newspapers the fact that a corrective order was imposed on them.
3) Surcharge: The respondents should pay a total of KRW 2,193 million of surcharge.
Surcharge on insurance companies
( Unit : KRW million )
Company name Samsung
Fire &
Marine
Insurance Dongbu Insurance Hyundai
Marine & Fire
Insurance LIG
Insurance
Meritz
Fire &
Marine
Insurance First Fire
&
Marine
Insurance Heungkuk
Fire &
Marine
Insurance Green
Fire &
Marine
Insurance Total
Amount
of surcharge 733
351 349 317 189 110 95 49 2,193
4. The Seoul High Court’s Judgment
The Seoul High Court held that the KFTC’s decisions made on the premise that there was a transaction relationship between the plaintiffs and the victims were unlawful, and thus should be revoked.
The grounds are as follows: The plaintiffs in this case had a relationship with the insured only through the insurance contracts and did not do any legal conduct to the victims. The victims only had the right to file a claim for the damage, caused in an accident for which the insured were liable, directly to the plaintiffs in accordance with Article 724(2) of the Commercial Act. Such direct claim is not a modified right of insurance claim nor a similar right the insured have