LMB Insurance Inc. adheres to the highest professional standards of confidentiality and compliance, ensuring transparent and fair business practices. We conduct regular audits with insurers to ensure policy compliance at every stage of the process.
Compliance with Competition Laws:
LMB Inc.Insurance is committed to complying with the Competition Act and applicable antitrust laws in Canada, avoiding any anticompetitive practices that could affect the Company's reputation or result in legal sanctions. Any questions regarding this matter should be addressed to LMB Insurance Inc. management.
Fair Competition Principles:
Antitrust laws aim to regulate competition and protect customers and suppliers from abusive practices. Prohibited behaviors include:
· Collusion: Secret agreements between companies to fix prices or restrict competition.
· Bid-rigging: Manipulation of the bidding process to limit competition.
· Abuse of Dominant Position: Abuse of a monopoly without a valid business justification.
· Tying: Requiring the purchase of one product to gain access to another desired product.
· Improper Exclusivity: Commercial agreements preventing business from being conducted with certain parties.
Commitment to Ethical Practices:
LMB Insurance Inc. employees must not:
· Share sensitive company information with a competitor.
· Discuss with competitors the terms of services or compensation received.
· Disseminate non-public information about competitive practices.
· Assign clients, sectors, or territories to competitors or suppliers.
· Provide competitive information without consulting an LMB Insurance Inc. officer.
Any violation may subject the Company to liability and penalties for the parties involved.
Competitive Data Confidentiality:
The following information must never be disclosed:
· Current or future pricing and terms of services.
· Strategic plans related to market share or business practices.
· Distribution strategies, costs, and confidential data.
Prevention of Bid-Rigging:
When managing a tender, it is strictly prohibited to:
· Help bidders exchange information on pricing or strategies.
· Facilitate collusion or restrict competition between bidders.
· Award a specific client or opportunity in a biased manner.
· Accept or solicit artificial or inflated bids.
· Guarantee benefits to a bidder without client approval.
Prohibited Practices:
LMB Insurance Inc. is prohibited from:
· Imposing products or services on clients that do not add value to them.
· Bundling products without prior management approval.
· Establish exclusive business relationships with an insurer, reinsurer, supplier, or client.
· Restrict partnerships with certain market participants, except in cases of identified risk.
Involvement in Trade Associations:
Colleagues must remain vigilant during professional group meetings and avoid inappropriate discussions regarding:
· Prices, costs, and terms offered to clients.
· Strategies that may affect competition.
If in doubt, it is recommended to withdraw from the meeting and report any concerning discussions to legal counsel.
Documentation and Compliance:
LMB Insurance Inc. ensures the traceability of interactions with competitors and suppliers, ensuring compliance with antitrust laws. Any requests for information from a government agency must be immediately reported to management.
Risk Mitigation and Reputation:
LMB Insurance Inc.’s management is responsible for assessing competition risks and developing preventive measures, including:
· Implementing compliance controls and training. Monitoring suppliers and service providers that pose a potential risk.
· Identifying situations requiring formal consent to the Company's policy.
Contact LMB Insurance Inc. for any questions regarding compliance and business practices.