Subject to the terms of the policies relating to assignment of incidents of ownership thereunder, a person whose life is insured under a group life insurance policy may assign any and all incidents of ownership granted him or her under such policy or by law, including but not limited to the right to designate a beneficiary, to exercise the conversion privilege, to have an individual policy issued to him or her, and to pay premiums. This provision shall be construed as declaring the law as it existed prior to its enactment and not as modifying it.