Can you construct an insurance instrument that behaves like a tontine without breaking the law? I'm imagining some giant network of life insurance policies wit

Can you construct an insurance instrument that behaves like a tontine without breaking the law? I'm imagining some giant network of life insurance policies with thousands of beneficiaries on each policy and automatic rebalancing after every death. I don't know, it just feels like a tontine (illegal in the US) can be constructed through what I assume are legal mechanisms.