The question was: The Financial Industry Regulatory Authority, or FINRA, has asserted regulatory jurisdiction over settlements involving which type of policy?

a) Variable life
b) Universal life
c) Term policies
d) All of the above

The answer is: a. Sharon Zackula, FINRA associate vice president and associate general counsel, referenced that fact while addressing the fall 2008 conference of the Life Settlement Association, Orlando, Fla. Her remarks focused on how FINRA views compensation for such transactions. Read about it here

According to FINRA Notice to Members 06-38, issued back in August 2006, life settlements involving variable insurance policies are securities transactions, and firms and associated persons involved in such transactions are subject to applicable NASD (FINRA) rules. See the notice here