On December 23, 1991, an Agreed Order of Liquidation With a Finding of Insolvency was entered in the Circuit Court of Cook County against Inter-American Insurance Company of Illinois. The company had been under the control of the Director of Insurance of the State of Illinois since an Order of Conservation was entered on October 25, 1991.

Inter-American is a wholly owned subsidiary of the Beaven/Inter-American Companies Inc., a Delaware Holding company. The company commenced business in 1950 as the Old Equity Life Insurance Company and was subsequently renamed Old Equity Mutual Life Insurance Company. The present title was adopted in 1984 following its demutualization, conversion to a stock company, and acquisition by current ownership.

The company was licensed in 44 states and D.C. Its ordinary life portfolio includes universal life and interest sensitive whole life products. Emphasis was on the sale of life and annuity products to the employee benefit market, as well as group life, specific and aggregate health coverages, in addition to variable annuity contracts.

A 100% class A distribution was made in the amount of $4,855,744.  At class D, the Guaranty Associations received a 31.2785% distribution of $43,550,660.  The class D distribution to policyholders not covered by Guaranty Associations was 35.0526% in the amount of $21,948,184.  The estate was closed on September 6, 2003.