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Description
(Short description)
A tontine is a pooled life annuity. Its characteristic feature is that the annuities of deceased annuitants are shared by surviving annuitants. This makes tontines an attractive pension product. It is said that Lorenzo Tonti (1602-1684) invented them in 1653. The different authors analyse the origins of tontines, their developments in selected countries, their importance for the development of insurance (law), their decline, and their potential as a pension product of the future.
(Text)
A tontine may be described as a pooled life annuity. Investors buy shares, and the issuer promises to pay interest on the raised capital. The characteristic feature of tontines is that the annuities of deceased investors are shared by surviving investors. With the death of the last survivor, the issuer's obligation to pay annuities terminates and the issuer has no obligation to pay the raised capital back. Investors may use a tontine as a pension product and the issuer may use it as a means to raise capital. It is generally believed that the Italian Lorenzo Tonti (1602-1684) invented tontines and that he proposed them to Cardinal Mazarin (1602-1661) in 1653.The different authors analyse the origins of tontines, their diverse developments and careers in selected countries, their importance for the development of insurance (law), their decline in the late 19th and early 20th century and their potential as a pension product of the future.
(Table of content)
Phillip HellwegeIntroduction1. The Framework for the Development of TontinesChristian Rietsch and Georges Gallais-HamonnoLorenzo TontiGeorges Gallais-Hamonno and Christian RietschFinancial Engineering in the 17th and 18th Centuries - Tontines in England, France, and IrelandRobin PearsonThe Socio-Economic Setting for Developing Tontines from the 17th to the 19th Centuries2. A Comparative Legal History of TontinesSophie DelbrelTontines in France from the Ancien Régime to the Third RepublicBoudewijn SirksTontines in the Dutch Republic and the Early Kingdom (1670-1869)John MacLeodTontines in England and ScotlandMartin SunnqvistTontines in ScandinaviaPhillip HellwegeTontines in German-Speaking TerritoriesKent McKeeverTontines in Portugal - Nicholas Bourey's Paleo-Tontine of 1641Maura FortunatiTontines in ItalyRafael IllescasTontines in SpainKent McKeeverThe Evolution of the Tontine in North AmericaMarcelo NasserTontines in Latin AmericaJan HalberdaTontines in PolandBalázs TökeyTontines in HungaryTamara KorchaginaThe Russian Experience with Tontine Insurance3. The Present and Future of TontinesMoshe A. MilevskyWhat Can Tontine Design of the Future Learn from Its Past?Jan-Hendrik WeinertTontines in Europe TodayJonathan Barry Forman and Michael J. SabinTontines in the Western World TodaySalvatore MancusoTontines and other Forms of Rotating Credit Associations in Africa4. Comparative AnalysesJerònia Pons PonsA Comparative Analysis from the Perspective of Economic HistoryPhillip HellwegeA Comparative Analysis from the Perspective of Legal History
(Text)
A tontine may be described as a pooled life annuity. Investors buy shares, and the issuer promises to pay interest on the raised capital. The characteristic feature of tontines is that the annuities of deceased investors are shared by surviving investors. With the death of the last survivor, the issuer's obligation to pay annuities terminates and the issuer has no obligation to pay the raised capital back. Investors may use a tontine as a pension product and the issuer may use it as a means to raise capital. It is generally believed that the Italian Lorenzo Tonti (1602-1684) invented tontines and that he proposed them to Cardinal Mazarin (1602-1661) in 1653.The different authors analyse the origins of tontines, their diverse developments and careers in selected countries, their importance for the development of insurance (law), their decline in the late 19th and early 20th century and their potential as a pension product of the future.
