Does this have any bearing on the timing for when co-ops could become eligible?

One institutional investor that understands a product with no exact stated maturity, are insurance companies that issue immediate annuities. The annuitant is promised a stream of income, based on actuarial lifespan, for life, (typically with an optional 10-year minimum guarantee). In very basic terms, to reserve for this outgoing stream, insurers usually invest in a basket of long-term bonds that attempt to match an incoming stream to the expected lifetime of the annuitant. An RM pays lenders a stream of income, that likewise is based somewhat on the borrowers life span (ignoring for the moment other triggering events). There is sort of a match here. Any insurance company actuaries out there that wish to comment (I’m sure I have some of the details wrong)?

Yes, of course they are different, but they both involve life expectancy. The insurance company has to invest in something, and of course try to make a profit. Just like banks, lenders, bond issuers, etc, need to try for a profit.
I was trying to project that since they are similar but opposite, RMs and IAs, that perhaps the insurance companies could be potentially bigger investors in RMs. Actuaries are very smart as long as they are made aware of an investment opportunity. As I said, I could be way off base.