Owner Only Plan wants to by Life Insurance from Spouse

[commishvp]

I have a situation where the owner/plan sponsor wants to by a life insurance policy (covering himself) that was purchased by his spouse, who has been making the premium payments. His wife no longer wants to pay the premiums. Any issues if f he buys the policy from her with plan assets at the current cash surrender value and than continues to pay the premiums form the plan?

I have read that life insirance policies may be purchased by the plan from a particpant or employer but this is a bit different.

Thanks!!!