Should I have been automatically made the owner of a policy I’m insured on?

Context: back in the 90s, my grandma got a whole life insurance policy on me with my parents as the beneficiary. On the certificate, it states that the insured is to automatically become the owner of the policy upon turning 16.

I am currently 31 and married and have much more sufficient life insurance with my work so I intend to surrender this policy for cash as my wife and kids would be well taken care of without it. I contacted the insurance company to request the surrender, but they said that I am not the owner of the policy. When I pointed out that the certificate says that I would automatically become the owner upon turning 16, they told me that state/federal laws have changed around 2003/04 and ownership can no longer be automatically transferred, so I was never made the owner.

Is this right? I could see a law being changed maybe, but I would have thought that would only apply to new contracts going forward and not retroactively change contracts that have already been enacted and fully paid.

If it matters, the insurance company is headquartered in Illinois and my grandma, my parents, and I live and have always lived in Indiana

submitted by /u/dlee_75
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