(Source: Duncker & Humblot)
Next to the history
of tontines from a comparative, legal historical perspective (see our
Blogpost of yesterday), Duncker & Humblot has also published a new book on
the history of the tontine in German speaking countries.
ABOUT THE BOOK
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.
Phillip Hellwege analyses the origins of tontines, their occurrence and their diverse designs in German-speaking territories from the middle of the 17th century to their decline in the late 19th century and early 20th century. Furthermore, he assesses their importance for the development of insurance (law) in Germany.
Phillip Hellwege analyses the origins of tontines, their occurrence and their diverse designs in German-speaking territories from the middle of the 17th century to their decline in the late 19th century and early 20th century. Furthermore, he assesses their importance for the development of insurance (law) in Germany.
ABOUT THE AUTHOR
Prof. Dr. Phillip
Hellwege M.Jur. (Oxford) ist seit 2010 Inhaber des Lehrstuhls für Bürgerliches
Recht, Wirtschaftsrecht und Rechtsgeschichte an der Universität Augsburg. Zuvor
war er von 2003 bis 2010 wissenschaftlicher Referent am Max-Planck-Institut für
ausländisches und internationales Privatrecht in Hamburg. 2015 erhielt er einen
Consolidator Grant des European Research Council (ERC) für ein auf fünf Jahre
angelegtes Projekt zur vergleichenden Geschichte des Versicherungsrechts in
Europa. Seine
Forschungsschwerpunkte liegen im Bürgerlichen Recht, im Europäischen
Privatrecht, in der Historischen Rechtsvergleichung sowie in der Geschichte des
Wirtschaftsrechts und des Versicherungsrechts.
TABLE OF CONTENTS
A. Introduction
A modern
definition of tontines – The occurrence of tontines in German-speaking
territories – Tontines and the history of life insurance – Lorenzo Tonti and
the origins of tontines – The objectives of the present volume
B. The
occurrence of tontines in German-speaking territories
Tontines
mentioned in the modern literature – The origins of tontines in German-speaking
territories – The three phases of the development of tontines – Comparative
observations – Conclusion
C. Tontine
designs in German-speaking territories
Basic tontine
designs – The first phase: self contained tontines in the 17th and 18th
centuries – The second phase: tontines issued by pension funds in the 19th
century – The third phase: tontine life insurance products in the late 19th
century – Conclusion and comparative observations
D. From a
multi-purpose to a single-purpose financial product
The first phase:
self-contained tontines in the 17th and 18th centuries – The second phase:
tontines issued by pension funds in the 19th century – The third phase: tontine
life insurance products in the late 19th century
E. Tontines and
the development life insurance
Tontines and the
developemt of actuarial science – Spreading the idea of life insurance – The
legal aspects of tontines and the development of life insurance law – Conclusion
and comparative observations
F. Conclusion
Archival
Sources, Other Sources, Bibliography, Index
More information
here
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