French Insurance Code

At the end of each year, the total assets of each association in the event of death are distributed among the beneficiaries of members who died during the year, subject only to the deductions which may be specified by the articles of association in accordance with 9° of article R. 322-155. The distribution is made in proportion to the sums corresponding to each contribution, in accordance with article R. 322-149….

Each survivorship association must be wound up within one year of its expiry. Associations in the event of death must be wound up at the end of each year.

The purpose of tontines is not to guarantee their members that the liquidation of an association will provide them with a predetermined sum.

Subject to the provisions of this Book, the articles of tontines must specify: 1° The conditions governing the formation and duration of associations in the event of survival and of associations in the event of death ; 2° The cessation, in the event of the death of the member, of the payment of annuities which the subscriber would still have to make to the associations in the event of survival;…

Participation in General Meetings is subject to the conditions set out in Article R. 322-58. However, for the election of delegates, member-policyholder groups are formed on the basis of associations.

Tontine companies must have start-up capital of at least €160,000.

Without prejudice to the nullities provided for in article R. 322-90, any tontines incorporated contrary to the provisions of articles R. 322-139 and R. 322-154 are null and void. However, neither the société à forme tontinière nor the members may rely on the aforementioned nullities vis-à-vis third parties acting in good faith.