The announcement follows the company’s decision to stop accepting new business from Japanese residents last year.
In an email sent to advisers David Knights, FPI’s Hong Kong general manager, said: “Following on from our decision last year to no longer accept new business from Japanese residents we wish to inform you of our intention to make a further variation to our business procedures. Specifically, we will no longer be able to accept premium increases and top-ups to existing policies from Japanese residents.
“We have analysed the current rate of premium increases and top-ups to understand the impact of this change and have identified that there are a very small number of these transactions being requested.”
Knights said the changes will come into effect on Wednesday 31 July, which will be the last day for receipts of top-up and premium increase applications. Any applications received after this date will not be accepted.
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