introduction

Chapter 1 Introduction

Section 1 Purpose of the Study
Section 2. Research Structure

Chapter 2: Formation and Development of Foreign Directors' Liability Insurance

Section 1 Overview
Section 2 The United States
1.
Moving Protection System
2.
Company compensation system
go.
Meaning
me.
Compulsory compensation
all.
Random compensation
la.
Compensation scope
3.
Development of Directors' and Officers' Liability Insurance
4.
Contents of directors' and officers' liability insurance
5.
Current Status of Directors' Liability Insurance
Section 3 Britain
1.
Moving Protection System
2.
Development of Directors' and Officers' Liability Insurance
3.
Contents of directors' and officers' liability insurance
4.
Current Status of Directors' Liability Insurance
Section 4 Japan
1.
Introduction and development of directors' and officers' liability insurance
2.
Legislation of corporate compensation and insurance
3.
Directors' and Officers' Liability Insurance Provisions of Japanese Corporate Law
Section 5: Sintering and Implications

Chapter 3 Basic Structure of Directors' and Officers' Liability Insurance

Section 1 Current Status
1.
Introduction Background
2.
Subscription size
3.
Number of insurance claims and loss ratio
Section 2 Basic Structure
1.
Korean and English terms and conditions
go.
Korean Terms and Conditions Preparation and Features
me.
English terms and conditions mainly sold in Korea
2.
Collateral type
go.
Collateral A, B, C
me.
Scope of the insured
all.
The concept of directors and officers as insured persons
3.
function
go.
Director protection and company risk management measures
me.
victim protection
all.
Company monitoring function
Section 3 Standards for Insurance Accidents
1.
Legal nature
go.
Liability insurance
me.
Professional Liability Insurance
2.
claims-made basis
go.
Liability insurance insurance accident standards
me.
Professional Liability Insurance
all.
Directors and Officers Liability Insurance
3.
concept of loss
4.
Expansion of collateral scope
go.
Extended reporting period
me.
notice of circumstance
5.
Limitation of collateral scope
go.
Prior acts exclusion
me.
Prior or pending litigation exclusion
all.
Prior circumstances exclusion

Chapter 4 Notification Provisions

Section 1 Overview
Section 2 Notification of Insurance Accidents
1.
Meaning
go.
Liability Insurance Notice Provisions
me.
Notice of Insurance Accidents for Directors and Officers Liability Insurance
2.
The details of the Ssangyong Cement case, Mirae Asset Daewoo case, and Daehan Electric Wire case
go.
Ssangyong Cement case
me.
Mirae Asset Daewoo case
all.
Daehan Electric Wire Incident
la.
Review of the target judgment
3.
Legal nature and content of the notice provisions
go.
Legal nature of the notice provisions in the English Terms and Conditions
me.
Purpose of the notice provision
all.
Legal Doctrine Regarding Notice Provisions in the United States
la.
notice-prejudice rule
4.
Relationship between insurance accident notification provisions and duty to explain
go.
Corporate insurance
me.
Exclusion of the principle of prohibition of unfavorable changes
all.
Relaxation of the duty to explain
la.
Effects of breach of duty to explain
mind.
Criticism of the ruling
5.
Sintering
Section 3 Circumstances Notification Provisions
1.
Meaning
go.
meaning
me.
effect
2.
Disclaimer of previous circumstances
go.
Terms and Conditions
me.
Daewoo Shipbuilding & Marine Engineering incident
all.
Requirements for notification of circumstances
la.
Review of the target judgment
3.
Pre-emptive waiver
go.
Terms and Conditions
me.
Ssangyong Fire & Marine Insurance incident
all.
The existence of circumstances in prior knowledge immunity
la.
Review of the target judgment
4.
Problems with Korean Terms and Conditions
go.
The need to revise the circumstances notification provisions
me.
The need to revise the pre-emptive disclaimer
5.
Sintering

Chapter 5 Defense Costs

Section 1 Overview
1.
Liability insurance defense costs
2.
Distinction from loss prevention costs
3.
Defense costs of directors' and officers' liability insurance
Section 2 Insurer's Duty to Defend and Advance Payment of Defense Costs
1.
Duty of defense under liability insurance
go.
effect
me.
Obligation to pay defense costs and obligation to defend
all.
Contents of the duty of defense
la.
Interpretation of Article 720 of the Commercial Act
2.
Obligation to pay defense costs for directors' and officers' liability insurance
go.
effect
me.
Duty to consent in advance to defense costs
3.
Advance payment of defense costs
go.
Absence of prepayment obligation for defense cost payment insurance
me.
The necessity of prepayment of defense costs and changes in terms and conditions
all.
Terms and Conditions
4.
Defense cost limit
Section 3 Criminal Defense Costs and Company Compensation
1.
Claim and Criminal Defense Costs
go.
Terms and Conditions
me.
Mirae Asset Daewoo case
all.
In the case of the old AIG terms and conditions and the Korean terms and conditions
2.
Scope of secured criminal procedures, etc.
go.
Details of the Mirae Asset Daewoo, NH Investment & Securities, and Daehan Electric Wire cases
me.
Pre-indictment investigation stage of criminal proceedings
all.
Preliminary investigation stage of administrative procedures
2.
Relationship with company compensation
go.
Terms and Conditions
me.
Mirae Asset Daewoo case
NH Investment & Securities case
la.
Whether company compensation is possible
mind.
The need for institutionalization
bar.
Legislative theory
Section 4 Allocation of Defense Costs
1.
Meaning
2.
Covered and Uncovered Claims
go.
Terms and Conditions
me.
Ssangyong Cement case
all.
Allocation of guilty and innocent parts
la.
Theory in American case law
mind.
examine
3.
Insured and non-insured parties
go.
Mirae Asset Daewoo case
B. NH Investment & Securities case
all.
Specific criteria for relative legal liability
la.
Theory in American case law
mind.
examine
4.
Other insurance provisions
go.
Meaning
me.
Terms and Conditions
all.
Theory in American case law
la.
examine
Section 5 Sintering

Chapter 6 Exemption from Liability for Unlawful Acts

Section 1 Basic Structure of Disclaimer Terms
1.
Exemption from liability insurance
2.
Reasons for exemption from directors' and officers' liability insurance
3.
Separate application
go.
Meaning
me.
The need for a separation clause
all.
Types of separation clauses
4.
The Importance of Immunity from Unlawful Acts
Section 2 Exemption from liability for illegal acts in English terms and conditions
1.
effect
2.
Waiver of liability for misconduct
go.
Meaning of dishonesty
me.
Court's decision needs to be confirmed
all.
Terms and Conditions
la.
Supreme Court ruling on willful
3.
Reflection of Korean terms and conditions
Section 3 Exemption from criminal liability under Korean terms and conditions
1.
effect
2.
Scope of criminal acts
3.
Whether or not convicted
4.
Meaning of damages caused
Section 4 Exemption from liability for violation of laws and regulations in Korean terms and conditions
1.
effect
2.
Scope of the law
go.
The meaning of laws and regulations in the directors' obligation to comply with laws and regulations
me.
Laws and general provisions on exemption from liability
all.
Exemption from liability in case of intentional violation of general provisions
la.
Other reasons
3.
Awareness of violation of laws
go.
object of perception
me.
Error of law
all.
If it is considered recognition
4.
Claims arising from awareness of violation of law
Section 5 Sintering

Chapter 7 Conclusion

References
Appendix (Korean Terms and Conditions, Chubb Terms and Conditions)
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