BANKERS SECURITY VARIABLE ANNUITY FUNDS M P & Q, 485APOS, 1997-02-28

BANKERS SECURITY VARIABLE ANNUITY FUNDS M P & Q
485APOS, 1997-02-28

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Registration No. 33-11489
811-3098

================================================================================
As filed with the Securities and Exchange Commission
February 28, 1997
================================================================================

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

POST-EFFECTIVE AMENDMENT NO. 11
TO
FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
-----------------
Post-Effective Amendment No. 11 [X]
---------------

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

Amendment No. 15 [X]
-------
================================================================================
RELIASTAR BANKERS SECURITY VARIABLE ANNUITY FUNDS M, P AND Q
(Exact Name of Registrant)
RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY
(Name of Depositor)
1000 Woodbury Lane, Suite 102
Woodbury, New York 11797
(Address of Depositor's Principal Executive Offices) (Zip Code)
Depositor's Telephone Number, including Area Code: (516) 682-8700
================================================================================
Richard R. Crowl, Esq.
Senior Vice President and General Counsel
ReliaStar Bankers Security Life Insurance Company
20 Washington Avenue South
Minneapolis, Minnesota 55401
(Name and Address of Agent of Service)

Copy to:

Jeffrey A. Proulx, Esq.
Associate Counsel
ReliaStar Bankers Security Life Insurance Company
20 Washington Avenue South
Minneapolis, Minnesota 55401

Approximate Date of Proposed Public Offering: As soon as practicable after the
Registration Statement becomes effective.

It is proposed that this filing will become effective (check appropriate space):

[ ] immediately upon filing pursuant to paragraph (b) of Rule 485
[ ] on _________ pursuant to paragraph (b) of Rule 485
[ ] 60 days after filing pursuant to paragraph (a) of Rule 485

[X] on April 30, 1997 pursuant to paragraph (a) of Rule 485.

If appropriate, check the following box:

[ ] this Post-effective amendment designates a new effective date for a
previously-filed post-effective amendment.

Registrant has chosen to register an indefinite amount of securities in
accordance with Rule 24f-2. The Rule 24f-2 Notice for Registrant's most recent
fiscal year was filed on or about February 20, 1997.
================================================================================

RELIASTAR BANKERS SECURITY VARIABLE ANNUITY FUNDS M, P AND Q
POST-EFFECTIVE AMENDMENT NO. 11 TO REGISTRATION
STATEMENT ON FORM N-4

CROSS REFERENCE SHEET
SHOWING LOCATION IN PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
AS REQUIRED BY FORM N-4

FORM N-4 PART A ITEMS PROSPECTUS CAPTION
- --------------------- ------------------
<S> <C>
1. Cover Page Cover Page

2. Definitions Glossary of Special Terms

3. Synopsis Summary

4. Condensed Financial Information Condensed Financial Information

5. General Description of Registrant, The Company; The Separate Accounts;
Depositor and Portfolio Companies The Funds

6. Deductions and Expenses Summary of Contract Expenses;
Charges and Other Deductions

7. General Description of Summary; Accumulation Period -
Variable Annuity Contracts Deferred Variable Annuities;
Miscellaneous Contract Provisions

8. Annuity Period Annuity Period

9. Death Benefit Death Benefit During the Accumulation Period

10. Purchases and Contract Value Purchase of Contracts; Accumulation Period -
Deferred Variable Annuities

11. Redemptions Surrenders Without Charge;
Surrender and Termination; Right to Examine
Contract

12. Taxes Federal Income Tax Status

13. Legal Proceedings Litigation

14. Table of Contents of Statement of Statement of Additional Information
Additional Information

STATEMENT OF ADDITIONAL
FORM N-4 PART B ITEMS INFORMATION CAPTION
- --------------------- -------------------

15. Cover Page Cover Page

16. Table of Contents Table of Contents

17. General Information and History General Information about the Company

18. Services Custodian and Accountants

19. Purchase of Securities Being Offered Underwriter

20. Underwriters Underwriter

21. Calculation of Performance Data Calculation of Performance Data

22. Annuity Payments Annuity Period (in Prospectus)

23. Financial Statements Financial Statements

STATEMENT OF ADDITIONAL
FORM N-4 PART C ITEMS INFORMATION CAPTION
- --------------------- -------------------

24. Financial Statements and Exhibits Financial Statements and Exhibits

25. Directors and Officers of the Depositor Directors and Officers of the Depositor

26. Persons Controlled by or Under Common Persons Controlled by or Under Common Control
Control with the Depositor or Registrant with the Depositor or Registrant

27. Number of Contractowners Number of Contractowners

28. Indemnification Indemnification

29. Principal Underwriters Principal Underwriters

30. Location of Accounts and Records Location of Accounts and Records

31. Management Services Management Services

32. Undertakings Undertakings

</TABLE>

PART A
INFORMATION REQUIRED IN A PROSPECTUS

RELIASTAR BANKERS SECURITY VARIABLE ANNUITY FUNDS P AND Q
INDIVIDUAL FLEXIBLE PAYMENT VARIABLE ANNUITY CONTRACTS
OFFERED BY
RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY
1000 WOODBURY ROAD, SUITE 102, WOODBURY, NEW YORK 11797

This Prospectus describes individual flexible payment variable annuity
contracts (the "Contracts") issued by ReliaStar Bankers Security Life Insurance
Company ("ReliaStar" or the "Company"). The Contracts provide Deferred Variable
Annuities with an Accumulation Period on a variable or fixed basis and for
payment of annuity benefits on a fixed basis, a variable basis, or a combination
thereof. The Contracts may be purchased for individual plans which qualify for
certain Federal tax benefits available under the Internal Revenue Code
("Qualified Plans") or may be issued for deferred compensation and other plans
which do not qualify under such Code Sections ("Non-Qualified Plans"). Purchase
payments, after deductions for any applicable premium taxes, are allocated to
ReliaStar Bankers Security Variable Annuity Fund P ("Separate Account P") for
Non-Qualified Plans and to ReliaStar Bankers Security Variable Annuity Fund Q
("Separate Account Q") for Qualified Plans. The Owner of the Contract directs
the Company to allocate such net purchase payments to a Fixed Account or up to
seventeen of nineteen variable sub-accounts ("Sub-Accounts") that are
established within each Separate Account. Each Sub-Account invests exclusively
in shares of one of the following portfolios of mutual funds (collectively, the
"Funds"):
<TABLE>
<CAPTION>

Northstar Variable Trust Oppenheimer Variable Account Funds Fidelity Variable Insurance Products Fund
- Growth Fund - Capital Appreciation Fund and Variable Insurance Products Fund II
- Income and Growth Fund - Growth Fund - Growth Portfolio
- High Yield Bond Fund - Multiple Strategies Fund - Contrafund Portfolio
- Global Securities Fund - Equity-Income Portfolio
- Bond Fund - Index 500 Portfolio
Alliance Variable Products Series Fund - Strategic Bond Fund - Asset Manager Portfolio
- Growth and Income Portfolio - High Income Fund - Investment Grade Bond Portfolio
- Short-Term Multi-Market Portfolio - Money Fund

</TABLE>

THE MINIMUM INITIAL PURCHASE PAYMENT FOR SEPARATE ACCOUNT P IS $1,000 ($100
FOR AUTOMATIC PAYMENT PLANS) WITH SUBSEQUENT MINIMUM PAYMENTS OF AT LEAST $100
UNLESS WAIVED BY RELIASTAR. THE MINIMUM INITIAL PAYMENT FOR SEPARATE ACCOUNT Q
IS $250 ($50 FOR AUTOMATIC PAYMENT PLANS) WITH SUBSEQUENT PAYMENTS OF AT LEAST
$50 UNLESS WAIVED. NO CONTRACT PAYMENTS WILL BE ACCEPTED WITH RESPECT TO AN
ANNUITANT OR CONTRACT OWNER WHO IS OLDER THAN EIGHTY YEARS OF AGE.

This Prospectus provides information a prospective investor should know
before investing and should be kept for future reference.

Additional information about the Contracts has been filed with the
Securities and Exchange Commission ("SEC") in a Statement of Additional
Information, dated February 28, 1997, which is incorporated herein by reference.
The Statement of Additional Information, the table of contents of which is set
forth on page 31 of this Prospectus, is available without charge upon request by
writing to ReliaStar at the above address or by calling (703) 875-3623, and may
also be obtained by accessing the SEC's internet web site (http://www.sec.gov).

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION PASSED UPON
THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE. SHARES OF THE FUNDS AND INTERESTS IN THE CONTRACTS ARE
NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, A BANK, AND THE
SHARES AND INTERESTS ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY.

THIS PROSPECTUS IS ACCOMPANIED BY THE CURRENT PROSPECTUS OF OPPENHEIMER VARIABLE
ACCOUNT FUNDS, ALLIANCE VARIABLE PRODUCTS SERIES FUNDS, FIDELITY INVESTMENTS
VARIABLE INSURANCE PRODUCTS FUND, FIDELITY INVESTMENTS VARIABLE INSURANCE
PRODUCTS FUND II AND NORTHSTAR VARIABLE TRUST. NO OFFER IS BEING MADE OF A
CONTRACT FUNDED BY ANY UNDERLYING FUNDS FOR WHICH A CURRENT PROSPECTUS HAS NOT
BEEN DELIVERED.

The date of this Prospectus is April XX, 1997

TABLE OF CONTENTS

HEADING PAGE
- ------- ----
GLOSSARY OF SPECIAL TERMS................................3
SUMMARY..................................................4

SUMMARY OF CONTRACT EXPENSES.............................8
CONDENSED FINANCIAL INFORMATION.........................10

THE COMPANY.............................................12
THE SEPARATE ACCOUNTS...................................12
THE FUNDS...............................................13
PURCHASE OF CONTRACTS...................................15
CHARGES AND OTHER DEDUCTIONS............................16
A. Contingent Deferred Sales Charge..................16
B. Surrenders Without Charge.........................17
C. Mortality and Expense Risk Charges................17
D. Contract Maintenance Charge.......................18
E. Premium Taxes.....................................18
F. Other Charges.....................................18

G. Reduction or Elimination of Charges...............18

ACCUMULATION PERIOD - DEFERRED
VARIABLE ANNUITIES....................................19
A. Crediting Accumulation Units......................18
B. Value of an Accumulation Unit.....................19
C. Death Benefit During the Accumulation Period......19
D. Transfers Between Sub-Accounts....................20
E. Dollar Cost Averaging.............................20
F. Systematic Withdrawal Program.....................21
G. Surrender and Termination.........................21
ANNUITY PERIOD..........................................21
A. Annuity Commencement Date.........................21
B. Annuity Options...................................21
C. Allocation of Annuity.............................22
D. Value of an Annuity Unit..........................23
E. Frequency and Amount of Annuity Payments..........23
F. Assumed Investment Rate...........................23
MISCELLANEOUS CONTRACT PROVISIONS.......................23
A. Time of Payments..................................23
B. Right to Examine Contract.........................24
C. Amendment of Contract.............................24
D. Reports to Contract Owners........................24
E. Assignment........................................24
F. Substitution of Fund Shares.......................24
G. Ownership of the Contract.........................24
FEDERAL INCOME TAX STATUS...............................24
A. Introduction......................................24
B. Tax Status........................................25
C. Taxation of Annuities in General/Non-Qualified
Plans.............................................25
D. Additional Considerations.........................26
E. Qualified Plans...................................28

F. Withholding Requirements Where Rollovers are
Distributed Directly to Participant..........29
G. Seek Tax Advice...................................29

REGULATION..............................................29
A. State.............................................29
B. Proposed Unisex Legislation.......................29
VOTING RIGHTS...........................................30
TEXAS OPTIONAL RETIREMENT PROGRAM.......................30
LITIGATION..............................................30
REGISTRATION STATEMENT..................................30
LEGAL OPINIONS..........................................30
PERFORMANCE DATA........................................30
FINANCIAL STATEMENTS....................................31
STATEMENT OF ADDITIONAL INFORMATION.....................31
THE FIXED ACCOUNT.......................................32
APPENDIX I..............................................33
APPENDIX II.............................................35
APPENDIX III............................................36

GLOSSARY OF SPECIAL TERMS

ACCUMULATION PERIOD - The period between the date the Contract is issued and the
Annuity Commencement Date.

ACCUMULATION UNIT - An accounting unit used to value a Contract Owner's interest
prior to the Annuity Commencement Date.

ANNUITANT - The person designated to receive or who is receiving annuity
payments.

ANNUITY COMMENCEMENT DATE - The date on which annuity payments are to commence.

ANNUITY OPTION - The provisions under which a series of annuity payments is made
to the Annuitant.

ANNUITY UNIT - An accounting unit of measure used to calculate the value of
second and subsequent variable annuity payments.

BENEFICIARY - The person to receive benefits under a Contract upon the
Annuitant's death.

CONTRACT ANNIVERSARY - The same day and month that the Contract is issued in
each subsequent year.

CONTRACT OWNER - The person or entity with legal rights of ownership of the
Contract.

CONTRACT OWNER'S INDIVIDUAL ACCOUNT - The sum of all values in the Sub-Accounts
of the Separate Accounts and the Fixed Account credited to a Contract Owner
during the Accumulation Period.

CONTRACT VALUE - The value of the Contract Owner's Individual Account.

FIXED ACCOUNT - Assets of ReliaStar other than those allocated to any separate
account of ReliaStar.

FIXED ACCOUNT VALUE - The Contract Value allocated to the Fixed Account, which
accumulates in ReliaStar's general account.

FIXED ANNUITY - An annuity with payments which remain fixed throughout the
annuity period and do not vary with investment experience.

JOINT ANNUITANT - The designated second person under a joint and survivor life
annuity.

PURCHASE PAYMENT - An initial or subsequent Purchase Payment to purchase an
annuity.

SEPARATE ACCOUNTS P AND Q - Segregated investment accounts established by
ReliaStar pursuant to applicable law and registered as a unit investment trust
under the Investment Company Act of 1940, as amended.

SUB-ACCOUNT - A division of the Separate Accounts whose assets are invested in
shares of corresponding underlying portfolios.

VALUATION DATE - Each day that the New York Stock Exchange is open for trading.
The New York Stock Exchange is currently closed on weekends and on the following
holidays: New Year's Day; Presidents' Day; Good Friday; Memorial Day; July
Fourth; Labor Day; Veterans Day; Thanksgiving Day; and Christmas Day.

VALUATION PERIOD - The interval of time between two consecutive Valuation Dates
measured from the daily closing of the New York Stock Exchange.

VARIABLE ANNUITY - An annuity with payments varying as to dollar amount in
relation to the investment experience of the Sub-Account.

SUMMARY

The Contracts are flexible premium individual deferred variable/fixed
annuity contracts issued by the Separate Accounts and the Company (see "The
Company" and "The Separate Accounts" on page 12). They are sold to or in
connection with retirement plans which may or may not qualify for special
federal tax treatment under the Internal Revenue Code (see "Federal Income Tax
Status" on page 24). Annuity payments under the Contracts are deferred until a
later date.

Purchase payments may be allocated to up to seventeen of the nineteen
available Sub-Accounts of each Separate Account and/or to the Fixed Account (see
"The Funds" on page 13). Purchase payments allocated to the Sub-Accounts of the
Separate Accounts will be invested in shares at net asset value of one or more
of the Funds. The Contract Value and the amount of variable annuity payments
will vary, primarily based on the investment performance of the Funds whose
shares are held in the Sub-Accounts selected.

No deduction for a sales charge is made from the purchase payments for the
Contracts. However, a Surrender Charge (Contingent Deferred Sales Charge) may,
with certain exceptions, apply to whole or partial surrenders of purchase
payments that have been credited under the Contract for less than eight Contract
years, on a pro-rata basis, unless ReliaStar is otherwise instructed by the
Contract Owner. The Surrender Charge will also apply at the time the annuity
payments begin, with certain exceptions (see "Contingent Deferred Sales Charge,"
page 16).

In addition, on each Contract Anniversary (and on the surrender of the
Contract for its full value if it is not surrendered on a Contract Anniversary)
the Company will deduct from the Contract Value a Contract Maintenance Charge of
$30. The Contract Maintenance Charge is to reimburse the Company for
administrative expenses relating to the issue and maintenance of the Contracts
(see "Contract Maintenance Charge" on page 18).

The Company also deducts mortality and expense risk charges equal to an
annual rate of 1.25% of the daily asset value of the Sub-Accounts of each
Separate Account (see "Mortality Expense Risk Charges" on page 17).

The initial purchase payment must be $1000 ($100 for automatic payment
plans) or more for a Non-Qualified Plan, and no subsequent individual payment
may be less than $100 unless waived by ReliaStar. If the Contract is being
purchased by or in connection with a Qualified Plan, the minimum initial
purchase payment is $250 ($50 for automatic payment plans), and no subsequent
individual payment may be less than $50 unless waived by ReliaStar. The Company
may choose not to accept any subsequent purchase payment if the additional
purchase payment, when added to the Contract Value at the next Valuation Date,
would exceed $250,000. No purchase payments will be accepted with respect to an
Annuitant or Contract Owner who is older than 80 years of age. The Company
reserves the right to accept smaller initial and subsequent purchase payments in
connection with special circumstances, including sales through group or
sponsored arrangements.

If the Contract Value at the Annuity Commencement Date is less than $2000,
the Contract Value may be distributed in a single sum payment in lieu of annuity
payments. If the net Contract Value is not less than $2000 but any annuity
payment would be less than $20, the Company has the right to change the
frequency of payments to such intervals as will result in payments of at least
$20 each (see "Frequency and Amount of Annuity Payments" on page 23). The
minimum frequency and amount of annuity payments or the minimum Contract Value
required for annuity payments may vary by state.

Premium taxes payable to any governmental entity will be charged against
the Contracts (see "Premium Taxes" on page 18).

The Contract Owner may request early withdrawal or surrender of all or part
of the Contract Value before the Annuity Commencement Date (see "Systematic
Withdrawal Program" and "Surrender and Termination" on page 21). Under the
Internal Revenue Code, penalty taxes may apply to the early withdrawal of
amounts accumulated under a Contract whether or not such Contract is part of a
Qualified Plan (see "Federal Income Tax Status" on page 24).

The Contract Owner may return the Contract within twenty days after it was
delivered to the Contract Owner, and receive a refund of the Contract Value
unless otherwise required by law (see "Right to Examine Contract" on page 24).

SUMMARY OF CONTRACT EXPENSES

CONTRACT OWNER TRANSACTION EXPENSES

Sales load imposed on purchases (as a percentage of purchase payments)........0%

Contingent Deferred Sales Charge (Surrender Charge) as a percentage of purchase
payments:

YEARS FROM RECEIPT OF CONTINGENT DEFERRED SALES
PURCHASE PAYMENT(a) CHARGE DEDUCTION
------------------ ----------------
0-1 7%
1-2 7%
2-3 6%
3-4 5%
4-5 4%
5-6 3%
6-7 2%
7-8 1%
8+ 0%

(a) The eight year Surrender Charge period is measured from the date of each
purchase payment. There is no Surrender Charge for purchase payments more
than eight years old. Under certain circumstances, partial Contract Values
may be surrendered without charge. However, such surrenders may be subject
to Federal tax penalties (see "Surrenders Without Charge," page 17).

Charge for transfers among sub-accounts.......................................0%

ANNUAL CONTRACT MAINTENANCE CHARGE...........................................$30

SEPARATE ACCOUNT ANNUAL EXPENSES

Mortality and Expense Risk Charge (as percentage of the average
Sub-Account value)....................................................1.25%

Account Fees and Expenses................................................0%

Total Separate Account Annual Expenses................................1.25%

FUND ANNUAL CHARGES AND EXPENSES (AS PERCENTAGE OF EACH FUND'S AVERAGE NET
ASSETS) PAID BY EACH FUND IN ITS FISCAL YEAR ENDED DECEMBER 31, 1996. TOTAL
EXPENSES FOR THE FUNDS ARE RESTATED TO REFLECT CURRENT MANAGEMENT CHARGES.

MANAGEMENT OTHER TOTAL FUND
FEES EXPENSES ANNUAL EXPENSES
---- -------- ---------------
<S> <C> <C> <C>
OPPENHEIMER MONEY FUND .45% .04% .49%
OPPENHEIMER HIGH INCOME FUND .75% .06% .81%
OPPENHEIMER BOND FUND .74% .04% .78%
OPPENHEIMER STRATEGIC BOND FUND .75% .10% .85%
OPPENHEIMER CAPITAL APPRECIATION FUND 72% .03% .75%
OPPENHEIMER GROWTH FUND .75% .03% .78%
OPPENHEIMER MULTIPLE STRATEGIES FUND .73% .04% .77%
OPPENHEIMER GLOBAL SECURITIES FUND .73% .08% .81%
ALLIANCE GROWTH AND INCOME PORTFOLIO .62% .20% .82%
ALLIANCE SHORT-TERM MULTI-MARKET PORTFOLIO .00% .95% .95%
FIDELITY CONTRAFUND PORTFOLIO .61% .13% .74%1
FIDELITY EQUITY INCOME PORTFOLIO .51% .07% .58%1
FIDELITY GROWTH PORTFOLIO .61% .08% .69%1
FIDELITY INVESTMENT GRADE BOND PORTFOLIO .45% .13% .58%
FIDELITY ASSET MANAGER PORTFOLIO .64% .10% .74%1
FIDELITY INDEX 500 PORTFOLIO .13% .15% .28%2
NORTHSTAR GROWTH FUND .75% .05% .80%2
NORTHSTAR INCOME AND GROWTH FUND .75% .05% .80%2
NORTHSTAR HIGH YIELD BOND FUND .75% .05% .80%2
</TABLE>

EXAMPLES
If you surrender your contract at the end of the applicable time period, you
would pay the following expenses on a $1,000 investment, assuming 5% annual
return on assets:

SUB-ACCOUNT 1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ------ ------- ------- --------
OPPENHEIMER MONEY FUND $89 118 140 217
OPPENHEIMER HIGH INCOME FUND $92 128 157 251
OPPENHEIMER BOND FUND $92 127 155 248
OPPENHEIMER STRATEGIC BOND FUND $92 129 159 255
OPPENHEIMER CAPITAL APPRECIATION $91 126 154 244
OPPENHEIMER GROWTH FUND $92 127 155 248
OPPENHEIMER MULTIPLE STRATEGIES $92 127 155 247
OPPENHEIMER GLOBAL SECURITIES $92 128 157 251
ALLIANCE GROWTH AND INCOME PORTFOLIO $92 128 157 252
ALLIANCE SHORT-TERM MULTI-MARKET $94 132 164 265
FIDELITY CONTRAFUND PORTFOLIO $91 126 153 243
FIDELITY EQUITY INCOME PORTFOLIO $90 121 145 226
FIDELITY GROWTH PORTFOLIO $91 124 151 238
FIDELITY INVESTMENT GRADE BOND PORTFOLIO $90 121 145 226
FIDELITY ASSET MANAGER PORTFOLIO $91 126 153 243
FIDELITY INDEX 500 PORTFOLIO $87 112 129 194
NORTHSTAR GROWTH FUND $92 128 156 250
NORTHSTAR INCOME AND GROWTH FUND $92 128 156 250
NORTHSTAR HIGH YIELD BOND FUND $92 128 156 250

If you annuitize at the end of the applicable time period, you would pay the
following expenses on a $1,000 investment, assuming 5% annual return on assets:

SUB-ACCOUNT 1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ------ ------- ------- --------
OPPENHEIMER MONEY FUND $89 118 100 217
OPPENHEIMER HIGH INCOME FUND $92 128 117 251
OPPENHEIMER BOND FUND $92 127 115 248
OPPENHEIMER STRATEGIC BOND FUND $92 129 119 255
OPPENHEIMER CAPITAL APPRECIATION $91 126 114 244
OPPENHEIMER GROWTH FUND $92 127 115 248
OPPENHEIMER MULTIPLE STRATEGIES $92 127 115 247
OPPENHEIMER GLOBAL SECURITIES $92 128 117 251
ALLIANCE GROWTH AND INCOME PORTFOLIO $92 128 117 252
ALLIANCE SHORT-TERM MULTI-MARKET $94 132 124 265
FIDELITY CONTRAFUND PORTFOLIO $91 126 113 243
FIDELITY EQUITY INCOME PORTFOLIO $90 121 105 226
FIDELITY GROWTH PORTFOLIO $91 124 111 238
FIDELITY INVESTMENT GRADE BOND PORTFOLIO $90 121 105 226
FIDELITY ASSET MANAGER PORTFOLIO $91 126 113 243
FIDELITY INDEX 500 PORTFOLIO $87 112 89 194
NORTHSTAR GROWTH FUND $92 128 116 250
NORTHSTAR INCOME AND GROWTH FUND $92 128 116 250
NORTHSTAR HIGH YIELD BOND FUND $92 128 116 250

If you do not surrender your contract, you would pay the following expenses on a
1,000 investment, assuming 5% annual return on assets:

SUB-ACCOUNT 1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ------- ------- ------- --------
OPPENHEIMER MONEY FUND $19 58 100 217
OPPENHEIMER HIGH INCOME FUND $22 68 117 251
OPPENHEIMER BOND FUND $22 67 115 248
OPPENHEIMER STRATEGIC BOND FUND $22 69 119 255
OPPENHEIMER CAPITAL APPRECIATION $21 66 114 244
OPPENHEIMER GROWTH FUND $22 67 115 248
OPPENHEIMER MULTIPLE STRATEGIES $22 67 115 248
OPPENHEIMER GLOBAL SECURITIES $22 68 117 251
ALLIANCE GROWTH AND INCOME PORTFOLIO $22 68 117 252
ALLIANCE SHORT-TERM MULTI-MARKET $24 72 124 265
FIDELITY CONTRAFUND PORTFOLIO $21 66 113 243
FIDELITY EQUITY INCOME PORTFOLIO $20 61 105 226
FIDELITY GROWTH PORTFOLIO $21 64 111 238
FIDELITY INVESTMENT GRADE BOND PORTFOLIO $20 61 105 226
FIDELITY ASSET MANAGER PORTFOLIO $21 66 113 243
FIDELITY INDEX 500 PORTFOLIO $17 52 89 194
NORTHSTAR GROWTH FUND $22 68 116 250
NORTHSTAR INCOME AND GROWTH FUND $22 68 116 250
NORTHSTAR HIGH YIELD BOND FUND $22 68 116 250

The purpose of the above table is to assist the Contract Owner in understanding
the various costs and expenses that a Contract Owner will bear directly or
indirectly. The fee table does not reflect any fees which may be waived by
ReliaStar. In calculating the expenses in the above examples, the $30 annual
Contract Maintenance Charge has been converted to a .09% annual asset charge by
dividing the total Contract fees collected in 1996 by the total average net
assets of all of the Sub-Accounts. The actual amount of the annual Contract fee
attributable to a $1,000 investment depends on the value of the Contract. The
table reflects expenses of each Separate Account as well as the Fund (see
"Charges and Other Deductions" on page 16 of this Prospectus and "Management of
the Fund" in each Fund's Prospectus).

Any premium taxes or other taxes levied by any governmental entity with respect
to the Contract will be charged against the Contract Values based on a
percentage of premiums paid. Premium taxes currently imposed by certain states
on the Contracts range from 0% to 3.5% of premiums paid (see "Charges and Other
Deductions-Premium Taxes," page 16).

"Other Expenses" are based upon the expenses outlined under the section
describing the management of the Fund in each Fund's Prospectus. Total Fund
expenses are assessed at the underlying mutual fund level.

After a Purchase Payment has been in the Contract for 12 months, a Contract
Owner may surrender up to 10% of that Purchase Payment per year without a
Surrender Charge (see "Surrenders Without Charge, " page 17).

(1) A portion of the brokerage commissions that certain Funds pay was used to
reduce these Funds expenses. In addition, certain Funds have entered into
arrangements with their custodian and transfer agent whereby interest
earned on uninvested cash balances was used to reduce custodian and
transfer agent expenses. Including these reductions, the total operating
expenses presented in the table would have been .56% for Equity Income
Portfolio, .67% for Growth Portfolio, .73% for Asset Manager Portfolio and
.71% for Contrafund Portfolio.

(2) The expenses listed in the table for the Index 500 Portfolio, the Northstar
Growth Fund, the Income and Growth Fund and the High Yield Bond Fund are
net of voluntary expense reimbursements, which are not required to be
continued indefinitely. The total annual expenses of these Funds, before
expense reimbursements, would be: Index 500 Portfolio - .43%; Northstar
Growth - 1.70%, Income and Growth - 1.40%; and High Yield Bond - 1.73%.

THE EXAMPLES SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES AND ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.

CONDENSED FINANCIAL INFORMATION
(Unaudited)

TOTAL NO. OF
ACCUMULATION ACCUMULATION ACCUMULATION
NON-QUALIFIED CONTRACTS UNIT VALUE UNIT VALUE UNITS OUTSTANDING
Account* Fund BEGINNING OF YEAR END OF YEAR AT END OF YEAR
----------------- ----------- --------------
<S> <C> <C> <C> <C>
120 Northstar Income and Growth Fund
1995.................................... 1.000 1.101 8,323
1996.................................... 1.101 1.238 232,833
127 Northstar High Yield Bond Fund
1995.................................... 1.000 1.043 24,025
1996.................................... 1.043 1.199 957,784
179 Northstar Growth Fund
1996.................................... 1.000 1.022 114,625
144 Oppenheimer Money Fund
1987.................................... 1.000 1.034 93,218
1988.................................... 1.034 1.095 1,795,770
1989.................................... 1.095 1.180 3,264,826
1990.................................... 1.180 1.261 4,137,387
1991.................................... 1.261 1.324 3,530,844
1992.................................... 1.324 1.359 2,492,443
1993.................................... 1.359 1.385 3,998,003
1994.................................... 1.385 1.425 5,237,387
1995.................................... 1.425 1.487 2,990,567
1996.................................... 1.487 1.544 2,588,520
145 Oppenheimer Capital Appreciation Fund
1987.................................... 1.000 0.887 153,418
1988.................................... 0.887 0.971 1,264,130
1989.................................... 0.971 1.224 2,899,407
1990.................................... 1.224 1.014 5,576,327
1991.................................... 1.014 1.534 7,348,757
1992.................................... 1.534 1.731 9,997,201
1993.................................... 1.731 2.172 9,363,538
1994.................................... 2.172 1.982 9,400,350
1995.................................... 1.982 2.594 8,405,056
1996.................................... 2.594 3.080 7,619,988
146 Oppenheimer High Income Fund
1987.................................... 1.000 0.984 24,586
1988.................................... 0.984 1.115 2,063,277
1989.................................... 1.115 1.155 3,053,727
1990.................................... 1.155 1.194 3,507,426
1991.................................... 1.194 1.577 5,011,404
1992.................................... 1.577 1.835 6,112,912
1993.................................... 1.835 2.287 6,654,354
1994.................................... 2.287 2.186 7,194,241
1995.................................... 2.186 2.599 5,723,847
1996.................................... 2.599 2.958 4,479,354
147 Oppenheimer Multiple Strategies Fund
1987.................................... 1.000 0.988 153,630
1988.................................... 0.987 1.174 7,038,185
1989.................................... 1.174 1.338 14,688,009
1990.................................... 1.338 1.296 14,398,614
1991.................................... 1.296 1.504 11,822,309
1992.................................... 1.504 1.619 11,763,608
1993.................................... 1.619 1.854 11,614,088
1994.................................... 1.854 1.795 11,599,194
1995.................................... 1.795 2.152 10,024,733
1996.................................... 2.152 2.455 8,986,735
148 Oppenheimer Global Securities Fund
1990.................................... 1.000 1.002 481,915
1991.................................... 1.002 1.027 2,717,933
1992.................................... 1.027 0.943 4,148,982
1993.................................... 0.943 1.579 7,844,806
1994.................................... 1.579 1.471 10,142,719
1995.................................... 1.471 1.485 7,577,037
1996.................................... 1.485 1.724 8,962,885
149 Alliance Short-Term Multi Market Portfolio
1990.................................... 1.000 1.002 62,463
1991.................................... 1.002 1.060 2,860,674
1992.................................... 1.060 1.057 2,130,062
1993.................................... 1.057 1.113 1,651,993
1994.................................... 1.113 1.028 1,248,891
1995.................................... 1.028 1.084 610,597
1996.................................... 1.084 1.173 554,457
143 Alliance Growth and Income Portfolio
1991.................................... 1.000 1.017 491,097
1992.................................... 1.017 1.080 1,127,369
1993.................................... 1.080 1.190 1,397,688
1994.................................... 1.190 1.170 1,604,451
1995.................................... 1.170 1.569 1,716,168
1996.................................... 1.569 1.922 1,790,697
150 Oppenheimer Strategic Bond Fund
1995.................................... 1.000 1.121 2,896,090
1996.................................... 1.121 1.240 412,169
151 Oppenheimer Bond Fund
1995.................................... 1.000 1.046 62,265
1996.................................... 1.046 1.082 138,625
152 Oppenheimer Growth Fund
1995.................................... 1.000 1.247 1,176,022
1996.................................... 1.247 1.542 1,618,311
171 Fidelity Growth Portfolio
1995.................................... 1.000 1.155 1,600,070
1996.................................... 1.155 1.308 1,793,710
172 Fidelity Equity-Income Portfolio
1995.................................... 1.000 1.166 1,330,026
1996.................................... 1.166 1.316 2,203,171
174 Fidelity Investment Grade Bond Portfolio
1995.................................... 1.000 1.056 57,961
1996.................................... 1.056 1.076 155,516
175 Fidelity Asset Manager Portfolio
1995.................................... 1.000 1.104 169,342
1996.................................... 1.104 1.250 535,521
176 Fidelity Index 500 Portfolio
1995.................................... 1.000 1.171 400,667
1996.................................... 1.171 1.421 1,428,619
178 Fidelity Contrafund Portfolio
1996.................................... 1.000 1.057 4,993

ACCUMULATION ACCUMULATION ACCUMULATION
QUALIFIED CONTRACTS UNIT VALUE UNIT VALUE UNITS OUTSTANDING
Account* Fund BEGINNING OF YEAR END OF YEAR AT END OF YEAR
----------------- ----------- --------------
020 Northstar Income and Growth Fund
1995.................................... 1.000 1.046 42,676
1996.................................... 1.046 1.175 141,640
027 Northstar High Yield Bond Fund
1995.................................... 1.000 1.046 33,482
1996.................................... 1.046 1.202 247,943
079 Northstar Growth Fund
1996.................................... 1.000 1.013 125
044 Oppenheimer Money Fund
1987.................................... 1.000 1.029 123,844
1988.................................... 1.029 1.089 1,145,741
1989.................................... 1.089 1.173 2,501,593
1990.................................... 1.173 1.250 4,718,105
1991.................................... 1.250 1.313 2,539,827
1992.................................... 1.313 1.348 2,258,558
1993.................................... 1.348 1.373 2,679,574
1994.................................... 1.373 1.413 2,674,867
1995.................................... 1.413 1.475 1,465,844
1996.................................... 1.475 1.532 1,520,253
045 Oppenheimer Capital Appreciation Fund
1987.................................... 1.000 0.934 213,796
1988.................................... 0.934 1.041 1,106,060
1989.................................... 1.041 1.308 2,700,696
1990.................................... 1.308 1.079 4,309,195
1991.................................... 1.079 1.637 5,852,713
1992.................................... 1.637 1.861 7,560,094
1993.................................... 1.861 2.340 8,411,689
1994.................................... 2.340 2.137 10,064,616
1995.................................... 2.137 2.797 8,267,977
1996.................................... 2.797 3.321 7,879,088
046 Oppenheimer High Income Fund
1987.................................... 1.000 1.003 55,650
1988.................................... 1.003 1.137 1,301,095
1989.................................... 1.137 1.175 2,275,672
1990.................................... 1.175 1.216 2,217,520
1991.................................... 1.216 1.607 2,779,650
1992.................................... 1.607 1.871 3,479,721
1993.................................... 1.871 2.331 4,822,116
1994.................................... 2.331 2.227 5,476,625
1995.................................... 2.227 2.648 4,795,757
1996.................................... 2.648 3.014 3,921,301
047 Oppenheimer Multiple Strategies Fund
1987.................................... 1.000 0.951 416,460
1988.................................... 0.951 1.147 4,438,167
1989.................................... 1.147 1.305 15,240,153
1990.................................... 1.305 1.264 16,667,402
1991.................................... 1.264 1.467 14,730,777
1992.................................... 1.467 1.579 14,941,044
1993.................................... 1.579 1.808 15,125,832
1994.................................... 1.808 1.751 14,826,723
1995.................................... 1.751 2.099 14,624,978
1996.................................... 2.099 2.394 12,763,831
048 Oppenheimer Global Securities Fund
1990.................................... 1.000 1.003 195,425
1991.................................... 1.003 1.028 2,387,359
1992.................................... 1.028 0.944 3,490,049
1993.................................... 0.944 1.585 6,051,326
1994.................................... 1.585 1.473 8,949,808
1995.................................... 1.473 1.487 6,477,693
1996.................................... 1.487 1.726 6,251,704
049 Alliance Short-Term Multi Market Portfolio
1990.................................... 1.000 1.002 240,022
1991.................................... 1.002 1.057 2,013,739
1992.................................... 1.057 1.053 2,217,277
1993.................................... 1.053 1.110 902,191
1994.................................... 1.110 1.025 515,746
1995.................................... 1.025 1.081 221,712
1996.................................... 1.081 1.170 198,444
043 Alliance Growth and Income Portfolio
1990.................................... 1.000 1.000
1991.................................... 1.000 1.022 928,702
1992.................................... 1.022 1.090 1,246,481
1993.................................... 1.090 1.203 1,376,518
1994.................................... 1.203 1.185 1,711,077
1995.................................... 1.185 1.588 1,791,669
1996.................................... 1.588 1.947 1,753,403
050 Oppenheimer Strategic Bond Fund
1995.................................... 1.000 1.130 1,201,509
1996.................................... 1.130 1.251 288,665
051 Oppenheimer Bond Fund
1995.................................... 1.000 1.110 67,637
1996.................................... 1.110 1.149 115,398
052 Oppenheimer Growth Fund
1995.................................... 1.000 1.267 382,509
1996.................................... 1.267 1.567 703,092
071 Fidelity Growth Portfolio
1995.................................... 1.000 1.182 906,399
1996.................................... 1.182 1.339 1,617,163
072 Fidelity Equity- Income Portfolio
1995.................................... 1.000 1.159 635,475
1996.................................... 1.159 1.309 1,512,879
074 Fidelity Investment Grade Bond Portfolio
1995.................................... 1.000 1.043 5,779
1996.................................... 1.043 1.063 61,107
075 Fidelity Asset Manager Portfolio
1995.................................... 1.000 1.099 168,143
1996.................................... 1.099 1.244 314,032
076 Fidelity Index 500 Portfolio
1995.................................... 1.000 1.173 301,011.00
1996.................................... 1.173 1.423 823,891
078 Fidelity Contrafund Portfolio
1996.................................... 1.000 1.024 196,230

</TABLE>

* The inception date for the Funds' inclusion as investment options in the
Contracts is as follows: 144: June 2, 1987; 145: July 30, 1987; 146: August 28,
1987; 147: June 2, 1987; 148: November 9, 1990; 150: April 3, 1995; 151: June
22, 1995; 152: March 24, 1995; 143: January 31, 1991; 149: November 23, 1990;
171: May 25, 1995; 172: May 25, 1995; 174: June 19, 1995; 175: June 8, 1995;
176: May 23, 1995; 178: November 1, 1996; 120: May 31, 1995; 127: September 8,
1995; 179: November 1, 1996; 044: June 2, 1987; 045: June 16, 1987; 046: June
16, 1987; 047: May 27, 1987; 048: November 12, 1990; 050: March 20, 1995; 051:
March 14, 1995; 052: March 14, 1995; 043: December 27, 1990; 049: November 26,
1990; 071: May 31, 1995; 072: May 16, 1995; 074: September 16, 1995; 075: June
1, 1995; 076: May 16, 1995; 078: November 12, 1996; 020: July 17, 1995; 027:
August 14, 1995; 079: December 10, 1996.

THE COMPANY

ReliaStar Bankers Security Life Insurance Company ("ReliaStar" or the
"Company") is a stock life insurance company incorporated under the laws of the
State of New York in 1917 under the name The Morris Plan Insurance Society. It
adopted the name Bankers Security Life Insurance Society in 1946 and ReliaStar
Bankers Security Life Insurance Company in 1996. It is authorized to transact
business in all states, the District of Columbia and the Dominican Republic. The
Company is a wholly-owned subsidiary of ReliaStar Financial Corp., a holding
company whose subsidiaries specialize in life insurance and related financial
services businesses.

ReliaStar's principal office is located at 1000 Woodbury Road, Suite 102,
P.O. Box 9004, Woodbury, New York 11797. ReliaStar writes all forms of life
insurance.

THE SEPARATE ACCOUNTS

Separate Accounts P and Q were established in December, 1981 and September,
1982, respectively, under the provisions of the New York Insurance Law. The
Separate Accounts, along with Separate Account M, are registered collectively as
a unit investment trust under the Investment Company Act of 1940 (the "1940
Act"), but such registration does not involve any supervision of the management
or investment practices or policies of the Separate Accounts.

The assets of Separate Accounts P and Q are held separately from the assets
of ReliaStar. Under New York Insurance Law, all income, gains or losses of the
Sub-Accounts of the Separate Accounts, whether realized or not, must be credited
to or charged against the amounts placed in those Sub-Accounts without regard to
the other income, gains and losses of ReliaStar. The assets of the Separate
Accounts attributable to the Contracts may not be charged with liabilities
arising out of other business that ReliaStar conducts. They may, however, be
subject to liabilities arising from Sub-Accounts whose assets are attributable
to other variable annuity contracts offered the Separate Accounts. All
obligations under the Contracts are general corporate obligations of ReliaStar.

Purchase payments allocated to the Separate Accounts under a Contract are
invested in up to seventeen of the nineteen available Sub-Accounts of the
Separate Accounts as selected by the Contract Owner. The future Separate Account
Contract Value depends primarily on the investment performance of the Funds
whose shares are held in the Sub-Accounts selected.

The Company may receive compensation from an affiliate or affiliates of
certain of the Funds based upon an annual percentage of the average net assets
held in that Fund by the Company. These amounts are intended to compensate the
Company for administrative and or other services provided by the Company to the
Funds and/or the affiliate(s). Payments of such amounts by an affiliate or
affiliates of the Funds do not increase the fees paid by the Funds or their
shareholders.

Shares of the Funds are also available to other variable contracts funded
by the Separate Accounts and to separate accounts for other types of variable
contracts. Any and all distributions received from the chosen Fund(s) will be
reinvested to purchase additional Fund shares at net asset value for the
Sub-Account.

THE FUNDS

There are currently nineteen Sub-Accounts whose Funds are available for
investment under the Separate Accounts. We reserve the right to establish
additional Sub-Accounts of the Separate Accounts, each of which could invest in
a new Fund with a specified investment objective. You are only permitted,
however, to participate in a total of seventeen investment options over the
lifetime of your Contract. You would not have to choose your investment options
in advance, but upon participation in the seventeenth Fund since the issue of
the Policy, you would only be able to transfer within the seventeen Funds
already utilized and which are still available.

For example, assume that you select seven investment options. Later, you
transfer out of all your seven initial selections and choose ten different
Sub-Accounts, none of which are the same as your original seven selections. You
have now used your maximum selection of seventeen Sub-Accounts. You may still
allocate purchase payments or transfer Contract Values among any of the
seventeen Sub-Accounts you have previously selected. However, you may not
allocate funds to the remaining two Sub-Accounts at any time. An Owner may
transfer partial or complete Contract Values to the Fixed Account from the
Variable Account at any time.

Each of the Funds has separate assets and liabilities and a separate net
asset value per share, and the value of an Accumulation Unit for a Sub-Account
depends upon the value of the shares of the Fund in which the Sub-Account's
assets are invested. Since market risks are inherent in all securities to
varying degrees, assurance cannot be given that the investment objective of any
of the Funds will be met. The board of directors (trustees) for certain of the
Funds monitors events for any irreconcilable conflicts because both variable
life and variable annuity contracts invest in certain of the Funds.

No offer will be made of a Contract funded by any of the Funds unless a
current prospectus of the Oppenheimer Variable Account Funds, the Alliance
Variable Products Series Fund, Inc., the Fidelity Investments Variable Insurance
Products Fund and Variable Insurance Products Fund II, or the Northstar Variable
Trust has been delivered. An investor's order to purchase a Contract under a
Separate Account will be accepted only if the investor has received the current
prospectuses.

For more complete information about each Fund, including management fees,
other expenses, and risks associated with mixed and/or shared funding, consult
the prospectus for each Fund. Read each prospectus carefully before investing.
Additional copies of these prospectuses may be obtained by writing to ReliaStar
at 4601 Fairfax Drive, Arlington, Virginia 22203. Send no money.

OPENHEIMER VARIABLE ACCOUNT FUNDS
Oppenheimer Variable Account Funds is an open-end, diversified investment
company organized as a Massachusetts business trust in 1984 that consists of
eight separate Funds that are available under the Contracts. Oppenheimer Funds,
Inc. serves as the investment manager of Oppenheimer Variable Account Funds.

(1) MONEY FUND. The investment objective of the Money Fund is to provide
maximum current income from investment in "money market" securities consistent
with low capital risk and maintenance of liquidity. The Money Fund will invest
only in short-term (maturing in one year or less) debt obligations payable in
U.S. dollars issued or guaranteed by the Federal government or its agencies or
instrumentalities, or certain banks, savings and loan associations, and
corporations.

(2) HIGH INCOME FUND. The objective of the High Income Fund is to realize a
high level of current income. The High Income Fund will invest primarily in a
diversified portfolio of high-yield, fixed-income securities (long-term debt and
preferred stock issues, including convertible securities) believed by the
manager not to involve undue risk.

(3) BOND FUND. The investment objective is also to earn a high level of
current income by investing primarily in a diversified portfolio of high yield
fixed-income securities. As a secondary objective, the Bond Fund seeks capital
growth when consistent with its primary objective.

(4) STRATEGIC BOND FUND. The investment objective of the Strategic Bond
Fund is to seek a high level of current income principally derived from interest
on debt securities and to enhance such income by writing covered call options on
debt securities.

(5) CAPITAL APPRECIATION FUND. In seeking its objective of capital
appreciation, with income as a secondary objective, the Capital Appreciation
Fund will emphasize investments in securities of "growth-type" companies.

(6) GROWTH FUND. In seeking its objective of capital appreciation, the
Growth Fund will emphasize investments in securities of well-known and
established companies. Current income is a secondary consideration in the
selection of the Growth Fund's portfolio securities.

(7) MULTIPLE STRATEGIES FUND. The objective of the Multiple Strategies Fund
is to seek a high total investment return, which includes current income as well
as capital appreciation in the value of its shares.

(8) GLOBAL SECURITIES FUND. The objective of the Global Securities Fund is
to seek long-term capital appreciation. Current income is not an objective.

ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
Alliance Variable Products Series Fund, Inc. is an open-end series
investment company designed to fund variable annuity contracts and variable life
insurance policies offered by the separate accounts of life insurance companies.
The Contracts use two of Alliance's fifteen separate portfolios - the Growth and
Income Portfolio and the Short-Term Multi-Market Portfolio. Alliance Capital
Management L.P. serves as the investment adviser to Alliance Variable Products
Series Fund, Inc.

(1) GROWTH AND INCOME PORTFOLIO. The Growth and Income Portfolio's
objective is reasonable current income and reasonable opportunity for
appreciation through investments primarily in dividend-paying common stocks of
good quality.

(2) SHORT-TERM MULTI-MARKET PORTFOLIO. The Short-Term Multi-Market
Portfolio seeks the highest level of current income, consistent with what the
Adviser considers to be prudent investment risk, that is available from a
portfolio of high-quality debt securities having remaining maturities of not
more than three years.

FIDELITY VARIABLE INSURANCE PRODUCTS FUND AND FUND II
Fidelity Variable Insurance Products Fund is an open-end, diversified
management investment company organized as a Massachusetts business trust on
November 13, 1981. Fidelity Variable Insurance Products Fund II is an open-end,
diversified, management investment company organized as a Massachusetts business
trust on March 21, 1988. The Contracts use two of the Funds from Variable
Insurance Products Fund: the Equity Income Portfolio and the Growth Portfolio.
The Contracts use four of the Funds from the Variable Insurance Products Fund
II: the Contrafund Portfolio, the Investment Grade Bond Portfolio, the Asset
Manager Portfolio and the Index 500 Portfolio. Fidelity Management & Research
Company serves as investment adviser to these Funds.

(1) CONTRAFUND PORTFOLIO. The Contrafund Portfolio seeks capital
appreciation by investing in equity securities of companies that are believed by
the investment adviser to be undervalued due to an overly pessimistic appraisal
by the public.

(2) EQUITY INCOME PORTFOLIO. The investment objective of the Equity Income
Portfolio is to seek reasonable income by investing primarily in
income-producing equity securities.

(3) GROWTH PORTFOLIO. The investment objective of the Growth Portfolio is
to seek to achieve capital appreciation.

(4) INVESTMENT GRADE BOND PORTFOLIO. The investment objective of the
Investment Grade Bond Portfolio is to seek as high a level of current income as
is consistent with the preservation of capital.

(5) ASSET MANAGER PORTFOLIO. The investment objective of the Asset Manager
Portfolio is to seek to obtain high total return with reduced risk over the
long-term by allocating its assets among domestic and foreign stocks, bonds and
short-term fixed-income instruments.

(6) INDEX 500 PORTFOLIO. The investment objective of the Index 500
Portfolio is to seek investment results that correspond to the total return
(i.e., the combination of capital changes and income) of common stocks publicly
traded in the United States, as represented by the Standard & Poor's Composite
Stock Price Index (the S&P 500 or Index), while keeping transaction costs and
other expenses low.

NORTHSTAR VARIABLE TRUST
Northstar Variable Trust is a Massachusetts business trust, organized as an
open-end diversified series management investment company. Currently the
Northstar Variable Trust offers four series comprising four separate investment
portfolios. The Contracts use three of the four separate portfolios - the Growth
Fund, the Income and Growth Fund and the High Yield Bond Fund. Northstar
Investment Management Corporation ("NIMC") serves as investment adviser to the
Trust. Navellier Fund Management, Inc. serves as sub-adviser to the Growth Fund
and is responsible for the day-to-day investment management of this Fund.
Wilson/Bennett Capital Management, Inc. ("Wilson/Bennett") is the sub-adviser to
the common stock portfolio of the Northstar Income and Growth Fund. NIMC will
designate the percentage of Fund assets to be managed by Wilson/Bennett and will
continue to select and communicate purchase and sale orders to brokers and
dealers who execute orders for the Fund. Each sub-adviser is subject to the
supervision of NIMC and the Trustees of each Fund. All fees and expenses of each
subadvisory agreement are borne by NIMC.

(1) NORTHSTAR GROWTH FUND. The investment objective of the Northstar Growth
Fund is to seek long-term capital growth primarily through investments in equity
securities diversified over industries and companies which are believed to
provide above-average potential for capital appreciation.

(2) INCOME AND GROWTH FUND. The investment objective of the Income and
Growth Fund is to seek current income balanced with the objective of achieving
capital appreciation.

(3) HIGH YIELD BOND FUND. The investment objective of the High Yield Bond
Fund is to seek high income.

PURCHASE OF CONTRACTS

PURCHASE PAYMENTS
This Prospectus offers individual flexible purchase payment Contracts which
provide for an initial purchase payment and for subsequent purchase payments, if
desired. However, the Contract Owner assumes no obligation to make additional
payments.

Investors in each Separate Account purchase Accumulation Units only of the
Sub-Account which they have chosen and not shares of the Fund in which that
Sub-Account invests.

ReliaStar uses a "two day/five day" procedure for the pricing of the
initial purchase payments. The purchase payment, less any deduction for premium
taxes if applicable, is applied to purchase Accumulation Units not later than
two business days after receipt of the purchase order by ReliaStar if the
application and all information necessary for processing the purchase order is
complete. The purchase payment may be retained for the benefit of ReliaStar up
to five business days to complete an incomplete application. If the information
necessary to process an application within the five business days cannot be
obtained, ReliaStar will inform the applicant of the reason for the delay and
immediately return the payment unless the applicant requests that ReliaStar
retain the money and application until it is made complete. When it is complete,
applicant's funds will be invested within two business days. An applicant's
failure to provide instructions for allocation of purchase payments will not be
considered an incomplete application (see "Allocation of Net Purchase Payments"
on page 16).

The minimum initial purchase payment must accompany the application. The
initial minimum required for Separate Accounts P (Non-Qualified Plans) and Q
(Qualified Plans) is $1,000 and $250, respectively (except $100 initially will
be accepted for Separate Account P and $50 for Separate Account Q for all
automatic payment plans, such as payroll deduction and automatic bank check
plans). Subsequent purchase payments for Separate Accounts P and Q must be at
least $100 and $50, respectively, but this requirement may be waived by
ReliaStar. The purchaser is cautioned that investment return on smaller purchase
payments may be less because of certain charges assessed by ReliaStar (see
"Charges and Other Deductions," page 16). A payment may not exceed $250,000
without the Company's consent.

ALLOCATION OF NET PURCHASE PAYMENTS
Purchase payments, after deductions for any applicable premium taxes, will
be allocated among the Sub-Accounts for the designated Separate Account, in
accordance with the allocation percentage specified by the Contract Owner. If no
allocation is indicated, the total initial purchase payment will be allocated to
the Oppenheimer Money Fund and notification will be given to the Owner. The
percentage allocation of future purchase payments may be changed by the Owner at
any time prior to the Annuity Commencement Date by providing written notice to
ReliaStar at its principal office or other designated office. (For a discussion
of transfer rights between Funds, see "Transfers Between Sub-Accounts," page
20.) Purchase payments, after any applicable premium tax deductions, may also be
allocated to the Fixed Account (see "Fixed Account" at page 32).

IMMEDIATE VARIABLE ANNUITIES
Initial payments allocated to the Separate Accounts for immediate variable
annuities will be credited, after deductions for any applicable premium taxes
(See "Charges and Other Deductions," page 16), to the Contract Owner's
Individual Account and will be converted to Annuity Units (see "Annuity Period,"
page 21).

CHARGES AND OTHER DEDUCTIONS

A. CONTINGENT DEFERRED SALES CHARGE (SURRENDER CHARGE)
No deduction for a sales charge is made from the purchase payments for
these Contracts. However, a Contingent Deferred Sales Charge, when applicable,
will be used to help defray expenses relating to the sale of the Contracts,
which include commissions paid to sales personnel, the cost of preparation of
sales literature and other promotional activity. Commissions paid on the sale of
these Contracts do not exceed 6% of the purchase payments. This does not include
any payments the Company may make to wholesalers.

During the Accumulation Period, prior to receiving an annuity, a Contract
Owner may make as many purchase payments as desired. Each purchase payment is
treated separately to determine if a Surrender Charge is due upon a partial or
complete withdrawal. Any Surrender Charge imposed upon a withdrawal of purchase
payments is on a "first in - first out" basis. The charge, if applicable, is as
follows:

1. Any purchase payment left in this Contract for 96 months or longer is
not subject to a Surrender Charge.

2. During the first 96 months after a purchase payment is made under the
Contract, a partial or complete surrender of that Payment will be charged a
Surrender Charge, the amount depending upon the length of time the purchase
payment was in the Contract. The Surrender Charge imposed in connection with
partial surrenders will be deducted from the Separate Accounts on a pro-rata
basis unless ReliaStar is instructed otherwise by the Contract Owner.

PERCENTAGE OF PURCHASE PAYMENTS
YEAR FROM RECEIPT OF WITHDRAWN IN EXCESS OF THE
PURCHASE PAYMENT "NO CHARGE AMOUNT"
---------------- ----------------------
0-1 7%
1-2 7
2-3 6
3-4 5
4-5 4
5-6 3
6-7 2
7-8 1
8+ 0

3. If a "first-in" purchase payment is fully withdrawn, these rules apply
to the "next-in" purchase payment made under the Contract and continue
thereafter in this manner. The Surrender Charge only applies to purchase
payments made under the Contracts. If the total of the Contract Owner's purchase
payments have been withdrawn, which may or may not have been subject to
Surrender Charges, the Contract may have value from accumulated earnings. There
is no Surrender Charge on these earnings.

4. The Surrender Charge at the percentage listed above also applies at the
time annuity payments begin unless (a) the first annuity payment begins after
the fourth Contract year; (b) the first annuity payment begins after the second
Contract year and the Annuitant has attained age 59 1/2 at such time; (c)
annuity payments are being made as part of the death proceeds during the
Accumulation Period or as part of a distribution upon death of the Annuitant or
the Contract Owner during the Accumulation Period; or (d) this Contract is an
immediate annuity, i.e., annuity payments are starting at a date no more than
approximately 31 days after the Contract is issued.

The Internal Revenue Code places (with certain exceptions) an additional
IRS tax penalty on withdrawals prior to age 59 1/2 (see "Federal Income Tax
Status - Penalty Tax on Surrenders or Withdrawals," page 25). That amount, if
applicable, is separate and distinct from the Contingent Deferred Sales Charge.
The Contracts may be sold without a Contingent Deferred Sales Charge to
directors, officers, and bona fide full-time employees of ReliaStar and its
affiliated insurance companies, and to Oppenheimer Fund Management, Inc.,
Oppenheimer Funds, Inc., Alliance Capital Management Corporation, Alliance
Capital Management L.P., Fidelity Management & Research Company, and Northstar
Investment Management Corporation, who qualify under rules adopted by the
Securities and Exchange Commission. If applicable, such sales will be made only
upon the written assurance of the purchaser that the purchase is made for
investment purposes and that the Contract will not be sold or assigned except
through surrender to ReliaStar.

B. SURRENDERS WITHOUT CHARGE
1. After a purchase payment has been in the Contract for 12 months, a
Contract Owner may surrender, during each Contract Year, up to 10% of that
purchase payment without a Surrender Charge (the "No Charge Amount"). However,
such "no fee" withdrawals may be subject to a penalty tax under the Internal
Revenue Code. "No Charge Amounts" are fixed at 10% of the purchase payment and
are cumulative up to 20%. For example, if in a particular year, the withdrawal
option is not exercised, the "free" withdrawal for the next year is up to 20%.
Withdrawals of more than 10% (except where the 20% cumulative withdrawal right
applies) are subject to a Surrender Charge, if applicable (see chart below).

2. A Contract Owner may be eligible for a waiver of the Surrender Charge
during any period the Contract Owner is admitted to and confined in an
accredited hospital or long-term care facility, after the Contract Owner has
been confined to such an accredited hospital or long-term care facility for more
than 30 days. Contract Owners interested in exercising this right should contact
the Company for details.

ILLUSTRATION OF WITHDRAWAL RIGHTS FOR EACH PURCHASE PAYMENT
(ASSUMES $10,000 PURCHASE PAYMENT AND WITHDRAWALS OF $1,000
(10%) EVERY 12 MONTHS)
<TABLE>
<CAPTION>

PERCENTAGE AND AMOUNT
OF PURCHASE PAYMENT
LENGTH OF TIME THAT MAY BE WITHDRAWN
EACH PURCHASE PAYMENT EACH 12 MONTHS WITHOUT AMOUNT AND RATE SUBJECT
LEFT IN CONTRACT A SURRENDER CHARGE TO A SURRENDER CHARGE
---------------- ------------------ ---------------------
<S> <C> <C> <C> <C> <C>
Years % Amount Amount Rate
0-1 0% 0 10,000 7%
1-2 10 1,000 9,000 7
2-3 10 1,000 8,000 6
3-4 10 1,000 7,000 5
4-5 10 1,000 6,000 4
5-6 10 1,000 5,000 3
6-7 10 1,000 4,000 2
7-8 10 1,000 3,000 1
8 and thereafter 100 Total -- 0
Contract
Value
</TABLE>

C. MORTALITY AND EXPENSE RISK CHARGES
ReliaStar deducts an amount equal on an annual basis to 1.25% of the daily
asset value of the Sub-Accounts of each Separate Account for assuming mortality
and expense risks under the Contracts (approximately 1.00% for mortality and
.25% for expenses). The mortality risk assumed by ReliaStar arises from its
obligation to continue to make annuity payments, determined in accordance with
the annuity tables and other provisions of the Contracts, to each Annuitant
regardless of how long he lives and regardless of how long all payees as a group
live. In addition, ReliaStar assumes the risk that the charges for
administrative expenses may not be adequate to cover such expenses and assures
that it will not increase the amount charged for administrative expenses.

D. CONTRACT MAINTENANCE CHARGE
Each year on the Contract Anniversary, ReliaStar will deduct an annual
Contract Maintenance Charge of $30 from the Contract Value to reimburse its
expenses relating to maintenance of the Contract. In this respect ReliaStar,
among other things, establishes and maintains records, and provides reports to
Contract Owners. In any Contract year when the Contract is surrendered for its
full value on a date other than the Contract Anniversary, the Contract
Maintenance Charge will be deducted at the time of such surrender. The amount of
the maintenance charge under the Contract is contractual and may not be
increased by ReliaStar. If an individual has more than one Contract in The USA
Plan, the $30 charge will be charged on only one Contract. Each participant in a
Qualified Plan is charged the Contract Maintenance Charge.

E. PREMIUM TAXES
Any applicable premium tax will be deducted when incurred. Premium taxes
imposed by some states or municipalities presently range from 0% to 3.5% and may
be imposed at the time a payment is made or at the Annuity Commencement Date.
When permitted by state law, it is ReliaStar's policy to postpone the
computation and deduction of premium taxes until the Annuity Commencement Date.
The amount of any applicable premium taxes will then be deducted from the
Contract Value; otherwise, such taxes will be deducted from purchase payments
when received. If any premium taxes are deducted, but are subsequently
determined not due, ReliaStar will apply the amount previously deducted to
increase the number of Accumulation Units or Annuity Units under the Contract at
the time the determination is made. If premium taxes are deducted but the amount
deducted is subsequently determined to be insufficient, or if no premium tax was
deducted but is subsequently determined due, ReliaStar reserves the right to
reduce the Accumulation Units or Annuity Units under the Contract by the amount
of the tax due.

F. OTHER CHARGES
Charges for investment management are paid out of the assets of the Funds
(see each of the Fund's prospectuses).

G. REDUCTION OR ELIMINATION OF CHARGES
The Company reserves the right to waive the Contingent Deferred Sales
Charge and the Contract Maintenance Charge in accordance with Company policies
in the following circumstances:

(1) Where a contract of insurance issued by the Company or any affiliated
life insurance company has no applicable surrender charge, an owner may transfer
values in such a contract to purchase a variable annuity Contract offered by
this Prospectus and neither the Surrender Charge nor the Contract Maintenance
Charge will apply to the newly issued Contract; or

(2) Where a contract of insurance issued by the Company or any affiliated
life insurance company has matured, been surrendered, or where a death benefit
has been paid on the contract, the recipient of the proceeds may purchase a
variable annuity Contract offered by this Prospectus, and neither the Surrender
Charge nor the Contract Maintenance Charge will apply to the newly issued
Contract.

Additionally, any of the charges under the Contract, as well as the minimum
purchase payment requirements set forth herein, may be reduced due to special
circumstances that result in lower sales, administrative or mortality expenses.
For example, special circumstances may exist in connection with group or
sponsored arrangements, sales to the Company's policy and Contract Owners or
those of affiliated insurance companies, or sales to employees or clients of the
Company's affiliates. The amount of any reductions will reflect the reduced
sales effort and administrative costs resulting from, or the different mortality
experience expected as a result of, the special circumstances.

Reductions will not be unfairly discriminatory against any person,
including the affected policy or Contract Owners and owners of all other
contracts funded by the Variable Account.

ACCUMULATION PERIOD-DEFERRED VARIABLE ANNUITIES

A. CREDITING ACCUMULATION UNITS
During the Accumulation Period, purchase payments on deferred Variable
Annuity Contracts, after deductions for any premium taxes, where applicable (see
"Charges and Other Deductions," page 16), are credited to the Contract Owner's
account in the form of Accumulation Units. The number of Accumulation Units
credited to a Contract Owner for the Sub-Account is determined by dividing the
net purchase payment allocated to the Sub-Account by the value of an
Accumulation Unit for the Sub-Account for the Valuation Period during which the
purchase payment is received by ReliaStar at its principal office.

The value of the Contract Owner's Individual Account varies with the value
of the assets of the Sub-Account and the performance of the chosen Fund. There
is no assurance that the value of a Contract Owner's Individual Account will
equal or exceed purchase payments. The value of a Contract Owner's Individual
Account for a Valuation Period can be determined by multiplying the total number
of Accumulation Units credited to his account for the Sub-Account by the value
of an Accumulation Unit for the Sub-Account for that Valuation Period and adding
the value of the Sub-Accounts.

B. VALUE OF AN ACCUMULATION UNIT
The value of an Accumulation Unit of the Sub-Accounts was arbitrarily set
initially at $1.00. The value of an Accumulation Unit for any subsequent
Valuation Period is determined by multiplying the value of an Accumulation Unit
for the immediately preceding Valuation Period by the net investment factor, as
described below, for the Valuation Period for which the Accumulation Unit Value
is being calculated (see Appendix 1, Example B on page 34). The value of an
Accumulation Unit for the Sub-Account may increase or decrease from Valuation
Period to Valuation Period and will be affected by, among other things, the
investment performance of the Funds and their expenses.

NET INVESTMENT FACTOR
The net investment factor for the Sub-Account for any Valuation Period is
determined by dividing (a) by (b) and subtracting (c) from the result, where (a)
is the result of:

(1) the net asset value per share of the Fund invested in by the
Sub-Account determined at the end of the current Valuation Period, plus

(2) the per share amount of any dividend or capital gains distributions
made by the corresponding Fund if the "ex-dividend" date occurs during the
current Valuation Period, minus or plus

(3) a per share charge or credit for any taxes reserved for, which is
determined by ReliaStar to have resulted from the maintenance of the Sub-Account
(see "Federal Income Tax Status," page 24);

(b) is the net result of:

(1) the net asset value per share of the corresponding Fund determined as
of the end of the immediately preceding Valuation Period, minus or plus

(2) the per share charge or credit for any taxes reserved for the
immediately preceding Valuation Period (see "Federal Income Tax Status," page
24); and

(c) is a factor representing the charges deducted for mortality and expense
risks (see "Charges and Other Deductions Mortality and Expense Risk Charges,"
page 17). The net investment factor may be greater or less than one; and,
therefore, the value of an Accumulation Unit for the Sub-Account may increase or
decrease. (For an illustration of this calculation, see Appendix 1, Example A on
page 33.)

C. DEATH BENEFIT DURING THE ACCUMULATION PERIOD.
If the Annuitant or Contract Owner dies prior to the Annuity Commencement
Date, the Contract generally ends. A payment will be made by ReliaStar under the
terms of the Contract upon receipt of due proof of the death of the Annuitant or
Contract Owner. The amount of the payment will be determined as of the Valuation
Date on or next following the date on which due proof of death is received by
ReliaStar at its Executive Office or other designated office.

During the first eight years of the Contract, the death benefit will be the
greater of (1) the sum of all purchase payments (gross, prior to any deductions
or charges) made under an individual Contract less any amounts surrendered, or
(2) the Contract Value. After an Owner has been in the Contract for more than
eight years, ReliaStar will determine the contract value on the eighth
anniversary of the Contract, and on each eighth anniversary thereafter, until
the Annuitant or Owner reaches 75 years of age. If an Owner's Contract is in
force for eight years or longer, and if permitted by state and/or federal law,
the amount of the death benefit will be the greater of (1) the sum of all
purchase payments (gross, prior to any deductions or charges) made under an
individual Contract less any amounts surrendered, or (2) the Contract Value, or
(3) the Contract Value as of the last eighth year Contract Anniversary Date
occurring prior to the Annuitant's or Owner's 75th birthday, less any amounts
surrendered after that last eighth year Contract Anniversary date.

If the Contract Owner did not elect payment of the death benefit under one
of the Annuity Options prior to the Annuitant's death, the Beneficiary may elect
to have the death benefit paid in a single sum or applied to provide an annuity
under one of the Annuity Options or as otherwise permitted by ReliaStar. If a
single sum settlement is requested, the proceeds will be paid within seven days
of receipt of such election and due proof of death. If an Annuity Option is
desired, election may be made by the Beneficiary during a ninety day period
commencing with the date of receipt of notification of death. If such an
election is not made, a single sum settlement will be made to the Beneficiary at
the end of such ninety day period. If an Annuity Option is elected, the Annuity
Commencement Date shall be the date specified in the election but no later than
ninety days after receipt by ReliaStar of notification of death. No deduction is
made for sales or other expenses upon the election of an Annuity Option.

D. TRANSFERS BETWEEN SUB-ACCOUNTS
During the Accumulation Period under deferred annuity Contracts, Contract
Owners may transfer a portion or all of a Sub-Account's Contract Value from one
Sub-Account to another Sub-Account within that Separate Account without payment
of any fee or charge, subject to the following conditions: (a) the dollar amount
of a transfer from any one Sub-Account may not be less than $250 except that an
entire Sub-Account Contract value may be transferred if less than $250; (b) once
a Contract Owner has allocated any Contract Value to seventeen of the nineteen
available Sub-Accounts over the life of the Contract, transfers may only be made
among these seventeen Sub-Accounts (see "The Funds" on page 13); and (c) no
transfer may be made after the Annuity Commencement Date or the date of receipt
by ReliaStar of notification of death of the Annuitant prior to the Annuity
Commencement Date. Normally, such transfers shall be made as of the end of the
Valuation Period during which the request for transfer is received by ReliaStar
at its principal office or other designated office, or a later Valuation Period
if requested. ReliaStar in its discretion reserves the right to refuse or reduce
any transfer request that will disadvantage a Sub-Account.

A transfer may be made by either: (1) submitting a written request to
ReliaStar at its principal office or other designated office, or (2) telephone
exchange instructions to ReliaStar by the Contract Owner or the broker of record
for an account, if ReliaStar has received an application or Telephone Exchange
Form authorizing telephone exchanges for the account. The amount of the Contract
Value transferred may be less than the amount requested if the amount requested
would be subject to a restriction cited above. ReliaStar reserves the right to
reject telephone or written requests submitted in bulk on behalf of 10 or more
accounts, and also reserves the right to amend, suspend or discontinue this
privilege at any time without prior notice. No telephone transfers are permitted
in states where they are not allowed. To place a telephone transfer request,
call ReliaStar at 1-800-338-7737. ReliaStar will employ reasonable procedures to
confirm that instructions communicated by telephone are genuine. Such procedures
may include, among others, requiring some form of personal identification prior
to acting upon instructions received by telephone, providing written
confirmation of such transactions, and/or tape recording of telephone
instructions. Your request for telephone transactions authorizes ReliaStar to
record telephone calls. If reasonable procedures are not employed, ReliaStar may
be liable for any losses due to unauthorized or fraudulent instructions.
Telephone transfers are subject to the rules described above. If all telephone
transfer lines are busy (which might occur, for example, during periods of
substantial market fluctuations) Contract Owners might not be able to request
telephone transfers and would have to submit written requests.

E. DOLLAR COST AVERAGING
A Dollar Cost Averaging program is available to Contract Owners who want to
automatically transfer, at regular intervals, specified dollar amounts from any
one Sub-Account or the Fixed Account to any other investment options available
under the Contract.

This feature is available at the time of initial purchase of the Contract
or thereafter during the Accumulation Period. The Contract Owner specifies a
dollar amount of Contract Value in the Account to be automatically transferred
on a monthly basis to the other available Variable Account or Fixed Account
investment options. The minimum transfer amount is $100, but this may be divided
and allocated into two or more accounts. Transfers are not available if the
Sub-Account or Fixed Account has less than $100 of value.

Dollar Cost Averaging may also be selected for 12, 24 or 36 month periods.
The total Contract Value at the time this method is selected must be at least
$5,000 for the 12 month period and at least $10,000 for the 24 or 36 month
period. Transfers will be made on a monthly basis into available investment
options offered by the Contract, as selected by the Owner, and in the amount(s)
designated by the Owner. A minimum transfer of $100 is required, and this amount
may also be allocated among the Variable Account or Fixed Account

Transfers under the Dollar Cost Averaging program will be made on the first
business day of each month based on a valuation of the Accumulation Unit Values
of the accounts involved as of that day, provided the New York Stock Exchange is
open on that valuation date. If the Exchange is closed, valuation will be
determined in the same manner described above as of the next day the Exchange is
open.

The Dollar Cost Averaging program is elected by the Owner completing an
Automated Dollar Cost Averaging Form and returning it to the Company. We require
20 days after receipt to begin the program for the Contract Owner.

Dollar Cost Averaging will terminate upon any of the following events: (1)
the designated number of transfers are completed; (2) the Contract Value in the
designated Sub-Account or Fixed Account falls below $100 or is insufficient to
complete the next transfer for the amount designated by the Owner; (3) the Owner
requests termination in writing; in this event termination of the Dollar Cost
Averaging program will occur 20 days after the Company receives the termination
notice; or (4) surrender of the Contract.

Dollar Cost Averaging may be reinstated or changed, subject to the above
terms, 20 days after the Company receives a new election form.

F. SYSTEMATIC WITHDRAWAL PROGRAM
During the Accumulation Period a Contract Owner may elect, in writing, to
take systematic withdrawals from one or more of the Sub-Accounts. The
withdrawals may occur monthly, quarterly, semi-annually or annually, but the
amount to be systematically withdrawn must be at least $100. Withdrawals up to
the "No Charge Amount" (see page 17) are not subject to any contractual
Surrender Charges. Additional withdrawals are subject to such charges. The Owner
may choose to withdraw a specified dollar amount or a percentage of the Contract
Value.

Systematic payments will be made within the first ten business days of the
month. To begin the program, ReliaStar must receive a written request by the
first day of the month. The program may be canceled by the Owner at any time by
written notice to the Company. After a five (5) day notice to you the program
will automatically be canceled by the Company should the Contract Value fall
below $250 (see "Federal Income Tax Status," page 24).

G. SURRENDER AND TERMINATION
A Contract Owner, during the Accumulation Period under a deferred annuity
Contract, may elect, at any time before the earlier of the Annuity Commencement
Date or the death of the Annuitant, to surrender the Contract for all or any
part of his Individual Account. Participants in Tax-Sheltered Annuities (IRC
Section 403(b) Plans) and in the Texas Optional Retirement Program are subject
to the restrictions thereunder concerning the payment of amounts surrendered
(see "Tax-Sheltered Annuities" and "Texas Optional Retirement Program," pages 28
and 30, respectively). The Company will, upon receipt of a request for a partial
surrender, redeem a number of Accumulation Units necessary to equal the dollar
amount requested, plus any applicable Contingent Deferred Sales Charge, Contract
Maintenance Charge and premium taxes. For complete surrenders, the entire
Contract Value will be surrendered, the said applicable charges deducted, and
the balance sent to the Contract Owner (see "Charges and Other Deductions," page
16). The value of the Accumulation Units under a partial surrender and of the
Contract Value under a complete surrender will be determined as of the end of
the Valuation Period during which the written request is received by ReliaStar
at its principal office. Payment of proceeds in connection with a partial or
complete surrender will generally be made within seven days after receipt of
request for a surrender. Postponement of payments may occur in certain
circumstances (see "Time of Payments," page 23). (For information as to Federal
tax consequences resulting from surrenders, see "Federal Income Tax Status,"
page 24; for information about state premium tax consequences, see "Premium
Taxes," page 18 and Appendix A of the Statement of Additional Information.)

ANNUITY PERIOD

A. ANNUITY COMMENCEMENT DATE
Annuity payments will begin on the maturity date of the Contract which is
the first day of the calendar month following the Annuitant's 90th birthday, or
on an earlier Annuity Commencement Date as selected by the Contract Owner. Not
later than 30 days prior to the Annuity Commencement Date, the Contract Owner
may elect in writing to advance or defer the Annuity Commencement Date.

B. ANNUITY OPTIONS
The Contract Owner may, at any time at least 30 days prior to the Annuity
Commencement Date upon written notice to ReliaStar at its Principal Office,
elect to have payments made under any one of the Annuity Options provided in the
Contract. If one of the Annuity Options is not selected by the Contract Owner at
least 30 days prior to the Annuity Commencement Date, the amounts held under the
Contract on the date of maturity will automatically be applied to provide a
variable joint and one-half to survivor life annuity under Option 2c described
below.

On the Annuity Commencement Date, ReliaStar will apply the Contract value,
reduced by any applicable premium taxes not previously deducted, to provide a
Variable Annuity, a Fixed Annuity, or any combination thereof, as elected by the
Contract Owner.

The Contracts provide for the Annuity Options described below. The payments
under the Annuity Options may be fixed, variable, or any combination thereof, as
determined by the Contract Owner, except for Option 4 under which the payments
must be variable.

OPTION 1 - LIFE ANNUITY - An annuity payable during the lifetime of the
Annuitant, ceasing with the last payment due prior to the death of the
Annuitant. If this Option is elected, annuity payments terminate automatically
and immediately upon the death of the Annuitant without regard to the number or
total amount of payments received. (For example, if the Annuitant dies before
the due date of the second payment, no further payments will be made.)
Generally, however, the monthly payment amount during the Annuitant's lifetime
is greater under Option 1 than the monthly payment amount where payments for a
guaranteed number of months (Option 3) has been selected.

OPTION 2A - JOINT AND 100% SURVIVOR LIFE ANNUITY - An annuity payable
monthly during the joint lifetime of the Annuitant and the Joint Annuitant and
continuing thereafter at the same amount during the lifetime of the survivor,
ceasing with the last payment due prior to the death of the survivor.

OPTION 2B - JOINT AND TWO-THIRDS TO SURVIVOR LIFE ANNUITY - An annuity
payable monthly during the lifetime of the Annuitant and the Joint Annuitant and
continuing thereafter during the lifetime of the survivor at an amount equal to
two-thirds of the joint annuity payment, ceasing with the last payment due prior
to the death of the survivor.

OPTION 2C - JOINT AND ONE-HALF TO SURVIVOR LIFE ANNUITY - An annuity
payable monthly during the joint lifetime of the Annuitant and the Joint
Annuitant and continuing thereafter during the lifetime of the survivor at an
amount equal to one-half of the joint annuity payment, ceasing with the last
payment due prior to the death of the survivor.

UNDER OPTIONS 2A, 2B, 2C, ANNUITY PAYMENTS TERMINATE AUTOMATICALLY AND
IMMEDIATELY ON THE DEATHS OF BOTH THE ANNUITANT AND THE JOINT ANNUITANT WITHOUT
REGARD TO THE NUMBER OR TOTAL AMOUNT OF PAYMENTS RECEIVED, EVEN IF ONLY ONE
PAYMENT HAS BEEN RECEIVED.

OPTION 3 - LIFE ANNUITY WITH 60, 120 OR 240 MONTHLY PAYMENTS GUARANTEED -
An annuity payable monthly during the life of the Annuitant with the guarantee
that if, upon the death of the Annuitant, annuity payments have been made for
less than 60, 120 or 240 monthly periods, as elected, payments will be made as
follows:

1. Any guaranteed annuity payments will be continued during the remainder
of the selected period to the Beneficiary. The Beneficiary may, at any time,
elect to have the present value of the unpaid guaranteed number of annuity
payments commuted in the manner specified in 2 below, paid in a lump sum.

2. If a Beneficiary receiving annuity payments under this Option dies after
the death of the Annuitant, the present value, computed as of the Valuation
Period in which notice of death of the Beneficiary is received by ReliaStar at
its principal office, of the guaranteed number of annuity payments remaining
after the receipt of such notice and to which such deceased Beneficiary would
have been entitled had he not died, computed at the effective annual interest
rate assumed in determining the Annuity Tables contained in the Contract, shall
be paid in a lump sum in accordance with the Contract.

OPTION 4 - UNIT REFUND LIFE ANNUITY - An annuity payable monthly during the
lifetime of the Annuitant, terminating with the last payment due prior to the
death of the Annuitant. An additional annuity payment will be made to the
Beneficiary equal to the value of an Annuity Unit Value of the Separate Account
as of the date that notice of death in writing is received by ReliaStar at its
principal office, multiplied by the excess if any, of (a) over (b) where: (a) is
the net Contract value allocated to Sub-Accounts and applied under the Option at
the Annuity Commencement Date, divided by the corresponding Annuity Unit Value
as of the Annuity Commencement Date, and (b) is the product of the number of
Annuity Units applicable under the Sub-Account represented by each annuity
payment and the number of annuity payments made. The additional payment will be
equal to the combined results, if any, for the Separate Account. (For an
illustration of this Option see Appendix II on page 35.)

C. ALLOCATION OF ANNUITY
The Contract Owner may elect to have the net Contract Value, as determined
below in Paragraph E, applied at the Annuity Commencement Date to provide a
Fixed Annuity, a Variable Annuity, or any combination thereof. Such elections
must be made, or modified if previously made, in writing to ReliaStar at its
principal office or other designated office, at least 30 days prior to the
Annuity Commencement Date. After the Annuity Commencement Date, redemptions are
not allowed.

D. VALUE OF AN ANNUITY UNIT
For each of the Sub-Accounts of the Separate Accounts, the value of an
Annuity Unit was arbitrarily set initially at $1.00. The value of an Annuity
Unit for any subsequent Valuation Period is determined by multiplying the value
of the Annuity Unit for the immediately preceding Valuation Period by the net
investment factor (see "Accumulation Period - Deferred Variable Annuities: Net
Investment Factor," page 19) for the Valuation Period for which the value of the
Annuity Unit is being calculated, and multiplying the result by an interest
factor to offset the effect of an investment earnings rate of 3.5% per annum,
which is assumed in the Annuity Tables contained in the Contract. (For an
illustration of this calculation see Appendix III, Example A, on page 36.)

E. FREQUENCY AND AMOUNT OF ANNUITY PAYMENTS
When annuity payments are to commence, the Contract Value to be applied to
a Variable Annuity Option will be determined by multiplying the value of an
Accumulation Unit for the Valuation Date on or immediately preceding the seventh
day before the Annuity Commencement Date by the number of Accumulation Units
owned. This seven day period is used to permit calculation of amounts of annuity
payments and mailing of checks in advance of the due date. At that time any
applicable premium taxes not previously deducted will be deducted from the
Contract Value to determine the net Contract value. The resultant value is then
applied to the Annuity Tables set forth in the Contract to determine the amount
of the monthly installment for each $1,000 of contract value applied. These
Annuity Tables vary according to the Annuity Option selected by the Contract
Owner and according to the sex and adjusted age of the Annuitant and any joint
Annuitant at the Annuity Commencement Date. The Contract contains a formula for
determining the adjusted age, and the Annuity Tables are determined from the
Progressive Annuity Table assuming births in the year 1900 and a net investment
rate of 3.5% per annum.

Because statistically women as a class live longer than men, the annuity
payout rates for women under Annuity Tables which differentiate between men and
women are less, at the same age, than they are for men. On July 6, 1983, the
United States Supreme Court ruled that employer-based retirement benefits
derived from contributions made after August 1, 1983 may not differentiate
between men and women. In calculating benefits derived from contributions made
after August 1, 1983 for employer-based retirement plans funded by Contracts
offered by this prospectus, we will not use values which differentiate between
men and women. We will increase the guaranteed annuity payment rates in the
Annuity Tables for women so that they will equal the guaranteed annuity rates
for men. However, we will continue to use Annuity Tables which differentiate
between men and women for Contracts which are not associated with employer-based
retirement plans.

The dollar amount of the first monthly payment of a Variable Annuity,
determined as above, is divided by the value of an Annuity Unit for the
Sub-Account for the Valuation Date on or immediately preceding the seventh day
before the Annuity Commencement Date to establish the number of Annuity Units
representing each monthly payment under the Sub-Account. This seven day period
is used to permit calculation of amounts of annuity payments and mailing of
checks in advance of the due date. This number of Annuity Units remains fixed
for all variable annuity payments. The dollar amount of the second and
subsequent variable annuity payments is determined by multiplying the fixed
number of Annuity Units for the Sub-Account by the applicable value of an
annuity unit for the Valuation Date on or immediately preceding the seventh day
before the due date of the payment. The value of an Annuity Unit is determined
on each Valuation Date and will vary with the investment performance of the
Fund, and, therefore, the dollar amount of the second and subsequent variable
annuity payments may change from month to month. (For an illustration of the
calculation of the first and subsequent Variable Payments, see Appendix III,
Examples B, C, and D on pages 37, 38 and 39, respectively.)

If the net Contract Value on the Annuity Commencement Date is less than
$2,000, ReliaStar may pay such Value in one sum in lieu of annuity payments. If
the net Contract Value is not less than $2,000 but the annuity payments provided
for would be or become less than $20, ReliaStar may change the frequency of
annuity payments to such intervals as will result in payments of at least $20.

F. ASSUMED INVESTMENT RATE
A 3.5% assumed investment rate is built into the annuity tables in the
Contract. A higher assumption would mean a higher initial payment but more
slowly rising and more rapidly falling subsequent variable annuity payments. A
lower assumption would have the opposite effect. If the actual net investment
rate of the Sub-Account is at the annual rate of 3.5%, the variable annuity
payments will be level.

MISCELLANEOUS CONTRACT PROVISIONS

A. TIME OF PAYMENTS
All payments due under the Contracts will ordinarily be made within seven
days of the payment due date or within seven days after the date of receipt of a
request for a withdrawal or termination. However, ReliaStar reserves the right
to postpone payment of any amounts derived from purchase payments paid by check
or bank draft until ReliaStar is reasonably assured that the check or draft has
cleared, normally thirty days from the date of receipt of the check or draft.
ReliaStar further reserves the right to suspend or postpone the date of any
payment due under the Contracts (1) for any period during which the New York
Stock Exchange is closed (other than customary weekend and holiday closings) or
during which trading on the Exchange, as determined by the SEC, is restricted;
(2) for any period during which an emergency, as determined by the SEC, exists
as a result of which disposal of securities held in the Separate Account is not
reasonably practical or it is not reasonably practical to determine the value of
the Separate Account's net assets; or (3) for such other periods as the SEC may
by order permit for the protection of security holders or as may be permitted
under the 1940 Act.

B. RIGHT TO EXAMINE CONTRACT
Any Contract Owner may revoke the Contract at any time between the date of
application and the date 20 days after receipt of the Contract. In order to
revoke the Contract, it must be mailed or delivered (if it has already been
received), to the agent through whom the Contract was purchased, or to the
principal office of the Company at 4601 Fairfax Drive, Arlington, Virginia
22203. Mailing or delivery must occur on or before 20 days after receipt of the
Contract for revocation to be effective.

Upon revocation, ReliaStar will pay, unless otherwise required by state
and/or federal law, the Contract Value for the Contract based on the
Accumulation Unit Value as of the close of the business day when the Contract is
received at ReliaStar's principal office. The liability of the Separate Account
under this provision is limited to the Contract Owner's Contract Value in the
Separate Account on the date of receipt.

C. AMENDMENT OF CONTRACT
Contracts may be amended to conform to changes in applicable law or
interpretations of applicable law, or to accommodate design changes. Changes in
the Contract may need to be approved by Contract Owners and state insurance
departments.

D. REPORTS TO CONTRACT OWNERS
ReliaStar will mail to each Contract Owner, at the last known address of
record, at least annually, a report containing such information as may be
required by any applicable law or regulation and a statement of the Accumulation
Units credited to the Contract for the Sub-Accounts and the values of the
Accumulation Unit. In addition, latest available reports of the Fund invested in
by the Sub-Account will be mailed to each Contract Owner.

E. ASSIGNMENT
Any amounts payable under the Contracts may not be commuted, alienated,
assigned or otherwise encumbered before they are due. To the extent permitted by
law, no such payments shall be subject in any way to any legal process to be
used for payment of any claims against any Annuitant, joint annuitant or
Beneficiary. Separate Account P Contracts may be assigned. Separate Account Q
Contracts may not be assigned.

F. SUBSTITUTION OF FUND SHARES
If in ReliaStar's judgment one or more of the Funds becomes unsuitable for
investment by Contract Owners because of a change in the investment policy, or a
change in the tax laws, or because the shares are no longer available for
investment, ReliaStar may seek to substitute the shares of another Fund or the
shares of an entirely different mutual fund. Before this can be done, the
approval of the SEC, and possibly one or more state insurance departments, will
be required.

G. OWNERSHIP OF THE CONTRACT
Ordinarily, the purchaser of a Contract is both the Owner and the Annuitant
and is entitled to exercise all the rights under the Contract. However, the
Owner may be a person other than the Annuitant. This is frequently the case with
respect to Contracts issued in connection with corporate retirement plans and
Keogh Plans. Transfer of the ownership of a Contract may involve Federal income
tax consequences, and a qualified advisor should be consulted before any such
transfer is attempted.

FEDERAL INCOME TAX STATUS

A. INTRODUCTION
The Contracts may be purchased for use by individuals in retirement plans
which qualify for Federal tax benefits available under Sections 401, 403(a),
403(b), 408 or 457 plans ("Qualified Plans") under the provisions of the
Internal Revenue Code of 1986 (the "Code"). They may also be issued for deferred
compensation and other individual retirement plans which do not qualify under
such provisions of the Code ("Non-Qualified Plans"). The ultimate effect of
Federal income taxes on the amounts held under a Contract, on annuity payments,
and on the economic benefits of the Contract Owner, Annuitant or Beneficiary
depends on ReliaStar's tax status, on the type of retirement plan for which the
Contract is purchased, and upon the tax and employment status of the individual
concerned.

The following discussion is general in nature and is not intended as tax
advice. Each person concerned should consult a competent tax advisor. No attempt
is made to consider any applicable state or other tax laws. Moreover, the
discussion is based upon ReliaStar's understanding of the Federal income tax
laws as they are currently interpreted. No representation is made regarding the
likelihood of continuation of the Federal income tax laws or the current
interpretations by the Internal Revenue Service (the "Service"). For a
discussion of Federal income taxes as they relate to the mutual funds, please
see the accompanying Prospectuses of the Funds. References are made in this
discussion to the tax acts of the last several years that have significantly
affected taxation of these products: the Deficit Reduction Act of 1984 (the
"DRA"), the Tax Reform Act of 1986 (the "TRA"); and the Technical and
Miscellaneous Revenue Act of 1988 (the "TAMRA"). The TRA and the TAMRA tax acts
also include technical corrections to the DRA, some of which are discussed in
the material below.

B. TAX STATUS
ReliaStar is taxed as a life insurance company under Subchapter L of the
Code. Since Separate Accounts P and Q are not separate entities from ReliaStar
and their operations form a part of ReliaStar, they will not be taxed separately
as a "regulated investment company" under Subchapter M of the Code. Investment
income and realized capital gains on the assets of the Separate Account are
reinvested and taken into account in determining the value of an Accumulation
Unit held under the Contracts. As a result, such investment income and realized
capital gains are automatically applied to increase reserves under the Contract.
Under existing Federal income tax law, the Separate Accounts' investment income,
including realized net capital gains, is not taxed to ReliaStar to the extent it
is applied to increase reserves under a Contract. ReliaStar's basis in the
assets underlying the Contracts will be adjusted for appreciation or
depreciation, to the extent the reserves are so adjusted.

C. TAXATION OF ANNUITIES IN GENERAL - NON-QUALIFIED PLANS
Section 72 of the Code governs taxation of annuities. In general, a
Contract Owner is not taxed on increases in value of the Accumulation Units held
under a Contract until some form of distribution is made under the Contract.
However, in some cases, the increase in value may be subject to tax currently.
In the case of Contracts not owned by natural persons, see page 26. In the case
of Contracts not meeting the diversification requirements, see page 27.

1. SURRENDERS OR WITHDRAWALS.
Section 72 of the Code provides that a complete surrender or a withdrawal
from a Contract prior to the date of maturity of the Contract will, as a general
rule, be treated as taxable income to the extent the amounts held under the
Contract exceed the "investment in the Contract." The remainder will be treated
as a return of capital. For these purposes, loans against the Contract or the
pledging of the Contract are treated as withdrawals. The "investment in the
Contract" is the aggregate amount of purchase payments by or on behalf of an
individual under a Contract minus the amounts received under the Contract that
have been excludable from the individual's gross income. The taxable portion is
taxed at ordinary income tax rates. For Contracts issued in connection with
Qualified Plans, the "investment in the contract" can be zero.

2. ANNUITY PAYMENTS
For fixed annuity payments, the taxable portion of each payment is
determined by a formula known as the "exclusion ratio," which establishes the
ratio that the investment in the Contract bears to the total expected amount of
annuity payments for the term of the Contract. That ratio is then applied to
each payment to determine the non-taxable portion of the payment. The remaining
portion of each payment is taxed at ordinary income rates. For variable annuity
payments, the taxable portion is determined by a formula which establishes a
specific dollar amount of each payment that is not taxed. The dollar amount is
determined by dividing the investment in the Contract by the total number of
expected periodic payments. The remaining portion of each payment is taxed at
ordinary income rates. Withholding of Federal income taxes on all distributions
may be required unless the recipient elects not to have any amounts withheld and
properly notifies ReliaStar of that election. Once the excludable portion of
annuity payments to date equals the investment in the Contract, the balance of
the annuity payments will be fully taxable.

3. Taxation of Death Benefit Proceeds.
Amounts may be distributed from a Contract because of the death of an Owner
or Annuitant. Generally, such amounts are includible in the income of the
recipient as follows: (i) if distributed in a lump sum, they are taxed in the
same manner as a full surrender of the contract; or (ii) if distributed under an
Annuity Option, they are taxed in the same way as annuity payments. For these
purposes, the investment in the contract is not affected by the owner's or
annuitant's death. That is, the investment in the contract remains the amount of
any purchase payments paid which were not excluded from gross income.

4. PENALTY TAX ON SURRENDERS OR WITHDRAWALS.
Generally, a 10 percent (10%) penalty tax is imposed on premature taxable
distributions (surrenders or withdrawals). The penalty is 10 percent (10%) of
the amount received that is includible in income by the Contract Owner. The
penalty tax is not imposed on amounts received (i) after the Contract Owner
attains age 59 1/2, (ii) after the death of the Contract Owner (or, if the
Contract Owner is not an individual, on or after the death of the primary
annuitant), (iii) that are attributable to the Contract Owner becoming totally
disabled, (iv) in a series of substantially equal periodic payments made for the
life (or life expectancy) of the taxpayer or the joint lives (or joint life
expectancies) of such taxpayer and his Beneficiary, and (v) under an immediate
annuity contract (an annuity which is purchased with a single premium, the
annuity starting date of which commences no later than one year from the date of
the purchase of the annuity and which provides for a series of substantially
equal periodic payments to be made not less frequently than annually). Other tax
penalties may apply to certain distributions under a Qualified Plan Contract
(see "Qualified Plans," page 28).

5. Possible Tax Changes.
In recent years, legislation has been proposed that would have adversely
modified the Federal taxation of certain annuities. For example, one such
proposal would have changed the tax treatment of nonqualified annuities that did
not have "substantial life contingencies" by taxing income as it is credited to
the annuity. Although as of the date of this prospectus Congress is not
considering any legislation regarding the taxation of annuities, there is always
the possibility that the tax treatment of annuities could change by legislation
or other means (such as IRS regulations, revenue rulings, and judicial
decisions). Moreover, it is also possible that any legislative change could be
retroactive (that is, effective prior to the date of such change).

D. ADDITIONAL CONSIDERATIONS
1. Distribution-at-Death Rules.
In order to be treated as an annuity contract, a Contract issued on or
after January 19, 1985 must provide that if any Contract Owner dies on or after
the Contract Annuity Commencement Date, and before the entire interest in the
Contract has been distributed, the remainder of his interest will be distributed
at least as quickly as the method in effect on the Owner's death. If a Contract
Owner dies before the Annuity Commencement Date, his entire interest must
generally be distributed within five (5) years after the date of death, or must
be annuitized for some period (not extending beyond the life or life expectancy
of the designated Beneficiary) within one (1) year after the date of death. If
the designated Beneficiary is the spouse of the deceased Contract Owner, the
Contract (together with the deferral of tax on the accrued and future income
thereunder) may be continued in the name of the spouse as the sole Contract
Owner.

For Contracts issued on or after April 23, 1987, the following changes
apply. Where a Contract Owner is not an individual, the primary Annuitant is
considered a Contract Owner. The primary Annuitant is defined as the individual,
the events in whose life which are of primary importance in affecting the timing
and amount of the payout under the Contract. In addition, when a Contract Owner
is not an individual, a change in the primary Annuitant is treated as the death
of the Contract Owner. Finally, in the case of joint Contract Owners, the
distribution will be required at the death of the first of the Contract Owners.
Other rules relating to distributions at death apply to Qualified Plans. You
should consult your legal counsel and tax adviser regarding these rules and
their impact on the Contracts (see "Qualified Plans," page 28).

2. GIFT OF ANNUITY CONTRACTS.
With respect to Contracts issued on or after April 23, 1987, gifts of
non-qualified annuity contracts prior to the Annuity Commencement Date will
trigger tax on the gain in the Contract, with the done getting a step-up in
basis for the amount included in the donor's income. This provision does not
apply to transfers between spouses or incident to a divorce.

3. CONTRACTS OWNED BY NON-NATURAL PERSONS.
In the case of contributions after February 28, 1986, where the Contract is
held by a non-natural person (for example, a corporation) the income on that
Contract (generally the increase in the net surrender value less the premium
paid) is includible in income each year. The rule does not apply where the
non-natural person is the nominal Owner of a Contract and the beneficial Owner
is a natural person. The rule also does not apply where the annuity Contract is
acquired by the estate of a decedent, where the Contract is held under a
Qualified Plan, a TSA program, or an IRA, where the Contract is a qualified
funding asset for structured settlements, where the Contract is purchased on
behalf of an employee upon termination of a Qualified Plan, and in the case of
an immediate annuity.

4. SECTION 1035 EXCHANGES.
Section 1035 of the Code provides that no gain or loss shall be recognized
on the exchange of one annuity contract for another. A replacement contract
obtained in a tax-free exchange of contracts succeeds to the status of the
surrendered contract. If the surrendered contract was issued prior to August 14,
1982, the tax rules which formerly provided that the surrender was taxable only
to the extent the amount received exceeds the Contract Owner's investment in the
Contract, will continue to apply. In contrast, Contracts issued on or after
January 19, 1985, in a Code Section 1035 exchange, are treated after exchange as
new Contracts for purposes of the penalty and distribution-at-death rules.
Special rules and procedures apply to Code 1035 transactions. Purchasers wishing
to take advantage of Code 1035 should consult their tax advisors.

5. ANTI-ABUSE RULES.
To discourage abusive situations, TAMRA provides that all deferred annuity
contracts issued after October 21, 1988 by the same insurer (or its affiliates)
to the same contract owner during any 12-month period will be aggregated in
figuring how much of any distribution is includible in gross income. TAMRA also
gives the Treasury Department regulatory authority to prevent avoidance of
TAMRA's rules concerning how much of any distribution is includible in gross
income.

6. DIVERSIFICATION REQUIREMENTS.
Section 817(h) of the Code provides that separate account investments
underlying a contract must be "adequately diversified" in accordance with
Treasury regulations in order for the contract to qualify as an annuity contract
under Section 72 of the Code. The Separate Accounts, through the portfolios of
the mutual fund, intend to comply with the diversification requirements
prescribed in regulations under Section 817(h) of the Code, which affect how the
assets in the various Sub-Accounts may be invested. Although ReliaStar does not
have control over the Funds in which the Separate Accounts invest, we expect
that the portfolios of Funds in which the Separate Accounts own shares will meet
the diversification requirements and that therefore the Contracts will be
treated as annuity contracts under the Code.

Section 817(h) applies to variable annuity contracts other than pension
plan contracts. The regulations reiterate that the diversification requirements
do not apply to pension plan contracts. All of the Qualified Plans (described
above) are defined as pension plan contracts for these purposes. Notwithstanding
the exception of Contracts in Qualified Plans from application of the
diversification rules, the investment vehicle for ReliaStar's Contracts in
Qualified Plans (i.e., the portfolios of mutual funds) will be structured to
comply with the diversification standards because it serves as the investment
vehicle for Contracts in Non-Qualified Plans as well as Qualified Plans.

7. OWNERSHIP TREATMENT.
In certain circumstances, Owners of variable annuity contracts may be
considered the owners, for Federal income tax purposes, of the assets of the
separate account used to support their contracts. In those circumstances, income
and gains from the separate account assets would be includible in the variable
annuity contract owner's gross income. Several years ago, the IRS stated in
published rulings that a variable contract Owner will be considered the owner of
separate account assets if the contract Owner possesses incidents of ownership
in those assets, such as the ability to exercise investment control over the
assets. More recently, the Treasury Department announced, in connection with the
issuance of regulations concerning investment diversification, that those
regulations "do not provide guidance concerning the circumstances in which
investor control of the investments of a segregated asset account may cause the
investor, rather than the insurance company, to be treated as the owner of the
assets in the account." This announcement also stated that guidance would be
issued by way of regulations or rulings on the "extent to which policyholders
may direct their investments to particular sub-accounts without being treated as
owners of the underlying assets."

The ownership rights under the contract are similar to, but different in
certain respects from, those described by the IRS in rulings in which it was
determined that contract owners were not owners of separate account assets. For
example, the Owner of the Contracts has the choice of one or more Sub-Accounts
in which to allocate premiums and Contract Values, and may be able to transfer
among Sub-Accounts more frequently than in such rulings. These differences could
result in the Contract Owner being treated as the Owner of the assets of the
Separate Accounts. In addition, ReliaStar does not know what standards will be
set forth, if any, in the regulations or rulings which the Treasury Department
has stated it expects to issue. ReliaStar therefore reserves the right to modify
the Contracts as necessary to attempt to prevent the contract owners from being
considered the owners of the assets of the Separate Accounts.

8. TRANSFERS, ASSIGNMENTS OR EXCHANGES OF A CONTRACT.
A transfer of ownership of a Contract, the designation of an Annuitant,
payee or other Beneficiary who is not also the Owner, the selection of certain
Annuity Commencement Dates or the exchange of a Contract may result in certain
tax consequences to the Owner that are not discussed herein. An Owner
contemplating any such transfer, assignment, selection or exchanges should
contact a competent tax advisor with respect to the potential effects of such a
transaction.

9. WITHHOLDING.
Pension and annuity distributions generally are subject to withholding for
the recipient's Federal income tax liability at rates that vary according to the
type of distribution and the recipient's tax status. Recipients, however,
generally are provided the opportunity to elect not to have tax withheld from
distributions. Effective January 1, 1993, distribution from certain Qualified
Plans are generally subject to mandatory withholding.

10. MULTIPLE CONTRACTS.
All Non-Qualified deferred annuity contracts entered into after October 21,
1988 that are issued by ReliaStar (or its affiliates) to the same Owner during
any calendar year are treated as one annuity Contract for purposes of
determining the amount includible in gross income under Code Section 72(e). The
effects of this rule are not yet clear; however, it could affect the time when
income is taxable and the amount that might be subject to the 10% penalty tax
described above. In addition, the Treasury Department has specific authority to
issue regulations that prevent the avoidance of Section 72(e) through the serial
purchase of annuity contracts or otherwise. There may also be other situations
in which the Treasury may conclude that it would be appropriate to aggregate two
or more annuity contracts purchased by the same Owner. Accordingly, a Contract
Owner should consult a competent tax advisor before purchasing more than one
annuity contract.

E. QUALIFIED PLANS
The Contracts may be used with several types of Qualified Plans. TSAs,
Keoghs, Individual Retirement Arrangements ("IRAs"), Corporate Pension and
Profit-Sharing Plans and Section 457 Deferred Compensation Plans will be
treated, for purposes of this discussion, as Qualified Plans. The tax rules
applicable to participants in such Qualified Plans vary according to the type of
plan and the terms and conditions of the plan itself. No attempt is made herein
to provide more than general information about the use of the Contracts with the
various types of Qualified Plans. Participants under such Qualified Plans as
well as Contract Owners, Annuitants, and beneficiaries, are cautioned that the
rights of any person to any benefits under such Qualified Plans may be subject
to the terms and conditions of the plans themselves, regardless of the terms and
conditions of the Contract issued in connection therewith. Owners are
responsible for determining that contributions, distributions and other
transactions with respect to the Contracts satisfy applicable law. Purchasers of
Contracts for use with any Qualified Plan should consult their legal counsel and
tax adviser regarding the suitability of the Contract.

The TRA has made numerous changes in the tax rules governing Qualified
Plans including rules with respect to: maximum contributions, minimum, maximum
and timing of distributions, anti-discrimination, coverage and vesting. The TRA
also generally increased the penalty tax on premature distributions,
substantially revised the general rules for the taxation of distributions, and
added a new penalty tax on large distributions. The following are brief
descriptions of the various types of Qualified Plans and of the use of the
Contracts in connection therewith:

1. TAX-SHELTERED ANNUITIES.
Section 403(b) of the Code permits public school employees and employees of
certain types of charitable, educational and scientific organizations, specified
in Code 501(c)(3) to purchase annuity contracts and, subject to certain
limitations, exclude the amount of purchase payments from gross income for
Federal income tax purposes. However, these payments may be subject to FICA
(Social Security) taxes. These annuity contracts are commonly referred to as
"TSAs." In accordance with the requirements of Section 403(b), any Contract used
for a 403(b) plan will restrict distributions of (i) elective contributions made
in years beginning after December 31, 1988, and (ii) earnings on those
contributions, and (iii) earnings on amounts attributable to elective
contributions held as of the end of the last year beginning before January 1,
1989. However, distributions of such amounts will be allowed upon death of the
employee, attainment of age 59 1/2, separation from service, disability, or
financial hardship, except that income attributable to elective contributions
may not be distributed in the case of hardship. Purchasers of the Contracts for
these purposes should seek competent advice as to eligibility, applicable
non-discrimination rules, limitations on permissible amounts of purchase
payments, required distributions and tax consequences upon distribution.

2. KEOGH PLANS.
The Self-Employed Individual Tax Retirement Act of 1962, as amended,
permits self-employed individuals to establish "Keoghs," or Qualified Plans for
themselves and their employees. The tax consequences to participants under such
a plan depend upon the terms of the plan. In addition, special rules apply to
such plans with respect to maximum permissible contributions, required
distributions, nonforfeitability of interests, nondiscrimination, and the
taxation of distributions. Restrictions on the availability of the amounts may
be applicable. In order to establish such a plan, a plan document must be
adopted and implemented by the employer, and advance approval by the IRS is
often requested. Purchasers of the Contracts for use with Keogh plans should
seek competent advice as to the suitability of the proposed plan document and of
the Contracts to those specific needs.

3. INDIVIDUAL RETIREMENT ARRANGEMENTS.
Section 408 of the Code permits eligible individuals to contribute to an
individual retirement arrangement known as an "IRA." These IRAs are subject to
limitations on the amount which may be contributed, the deductibility of
contributions, the persons who may be eligible, the time when distributions must
commence and the taxation of distributions. In addition, distributions from
certain other types of Qualified Plans may be placed on a tax-deferred basis
into an IRA. Purchasers of the Contracts for such purposes should seek competent
advice as to the suitability of the Contracts therefore. The Internal Revenue
Service has not reviewed the Contract for qualification as an IRA, and has not
generally ruled whether a death benefit provision such as the provision in the
Contract comports with IRA qualification requirements.

4. CORPORATE PENSION AND PROFIT SHARING PLANS.
Sections 401(a) and 403(a) of the Code permit corporate employers to
establish various types of retirement plans for employees. The rules applicable
to such plans of corporate employers are similar to the rules applicable to
Keogh plans. Such retirement plans may permit the purchase of Contracts to
provide benefits thereunder. Corporate employers, intending to use the Contracts
in connection with such plans, should seek competent advice in connection
therewith.

5. SECTION 457 DEFERRED COMPENSATION PLANS WITH RESPECT TO SERVICE FOR
STATE AND LOCAL GOVERNMENTS AND TAX-EXEMPT ENTITIES. Section 457 of the Code
provides for certain deferred compensation plans with respect to service for
state and local governments and tax-exempt entities. The Contracts may be used
in connection with these plans; however, under these plans, the Contract Owner
is the plan sponsor, and the individual participants in the plans are the
annuitants. Under such Contracts, the rights of individual plan participants are
governed solely by their agreements with the plan sponsor and not by the terms
of the Contracts. A number of special rules apply to deferred compensation plans
described in Code Section 457, relating to items such as ownership of plan
assets, persons allowed to participate, maximum contributions, permitted
distributions, required distributions, and taxation of distributions.
Accordingly, state and local governments and tax-exempt entities intending to
use the Contracts in connection with such plans should seek competent advice in
connection therewith.

F. WITHHOLDING REQUIREMENTS WHERE ROLLOVERS ARE DISTRIBUTED DIRECTLY TO THE
PARTICIPANT
A qualified retirement or annuity plan must permit participants to elect to
have any distribution that is eligible for rollover treatment ("Eligible
Rollover Distributions") transferred directly to another qualified plan, IRA or
individual retirement annuity specified by the participant. Direct transfers are
sometimes referred to as Trustee-to-Trustee transfer.

Beginning January 1, 1993, when Eligible Rollover Distributions are made
directly to the participants, rather than Trustees-to-Trustee, 20% of the
distribution will be withheld and paid to the IRS.

G. SEEK TAX ADVICE
The above description of Federal income tax consequences of the different
types of Qualified Plans which may be funded by the Contracts offered by this
Prospectus is only a brief summary and is not intended as tax advice. The rules
relating to Qualified Plans are extremely complex and often difficult to
comprehend. Many of these rules were changed by the TRA. Anything less than full
compliance with the applicable rules, all of which are subject to change, may
trigger severe adverse tax consequences. A prospective purchaser considering
adoption of a Qualified Plan should first consult a qualified and competent tax
advisor.

REGULATION

A. STATE
ReliaStar is subject to the laws of the State of New York governing insurance
companies and to regulation by the New York Department of Insurance. An annual
statement in a prescribed form is filed with the Department of Insurance each
year covering the operations of ReliaStar for the preceding year and its
financial condition as of the end of such year.

ReliaStar's books and accounts are subject to review by the Department of
Insurance at any time and a full examination of its operations is conducted
periodically. Such regulation does not, however, involve any supervision of
management or investment practices or policies except to determine compliance
with the requirements of New York Insurance Law. In addition, ReliaStar is
subject to regulation under the insurance laws of other jurisdictions in which
it may operate.

B. PROPOSED UNISEX LEGISLATION
From time to time, legislation in several forms is considered to prohibit
insurers from using rates or factors which distinguish on the basis of sex in
determining premium rates and benefit payments under insurance policies and
annuity contracts (see "Annuity Period," page 21). If "unisex" insurance
requirements are enacted, ReliaStar may be required to utilize contract annuity
rate tables which do not differentiate in the amount of annuity benefits on the
basis of sex. If enacted, one aspect of such legislation might result in a
Contract change which provides for either an increase in the initial rate
amounts of monthly benefits to be applied for females or a decrease in such rate
amounts for males or a combination of both. ReliaStar may be required to amend
existing policies to reflect such changes.

VOTING RIGHTS

As stated above, all of the assets held in the Sub-Accounts of the Separate
Accounts will be invested in shares of the corresponding Fund (the "Fund
Shares"). In accordance with its view of present applicable law, ReliaStar will
vote the Fund Shares held in the Separate Account at meetings of shareholders of
the Fund in accordance with instructions received from the Contract Owner. Fund
Shares as to which no timely instructions are received and Fund shares that are
not otherwise attributable to Contract Owners will be voted by ReliaStar in
proportion to the instructions received from all persons furnishing timely
instructions. However, if the 1940 Act or any regulation thereunder should be
amended or if the present interpretation thereof should change, and as a result
ReliaStar determines that it is permitted to vote the Fund Shares in its own
right, it may elect to do so.

Prior to the Annuity Commencement Date, the number of Fund Shares held in
the Sub-Accounts of the Separate Accounts which is attributable to each Contract
Owner is determined by dividing the Sub-Account Contract value by the net asset
value of one Fund Share. After the Annuity Commencement Date, the number of Fund
Shares held in the Sub-Account of the Separate Account which is attributable to
each Contract is determined by dividing the reserve held in the Sub-Account for
the variable annuity payment under such Contract by the net asset value of one
Fund Share. As this reserve fluctuates, the number of votes fluctuates, although
generally they will decrease, causing the votes attributable to a Contract to
decrease.

The number of votes which a person has the right to cast will be determined
as of the record date established by each Fund. Voting instructions will be
solicited by written communication prior to the date of the meeting at which
votes are to be cast. Each person having a voting interest in the Separate
Account will receive reports and other materials relating to the Funds.

TEXAS OPTIONAL RETIREMENT PROGRAM

Participants in the Texas Optional Retirement Program may not receive the
proceeds of a withdrawal from, or complete surrender of, a Contract, or apply
them to provide annuity options prior to retirement except in the case of
termination of employment in the Texas public institutions of higher education,
death or total disability. Such proceeds may, however, be used to fund another
eligible retirement vehicle.

LITIGATION

No litigation is pending that would have a material effect upon the
Separate Accounts.

REGISTRATION STATEMENT

A registration statement has been filed with the SEC under the Securities
Act of 1933, as amended, with respect to the Contracts. This Prospectus does not
contain all the information set forth in the registration statement and
amendments thereto and the exhibits filed as a part thereof, to all of which
reference is hereby made for further information concerning the Separate
Accounts, ReliaStar, and the Contracts. Statements contained in this Prospectus
as to the content of the Contract and other legal instruments are summaries. For
a complete statement of the terms thereof, reference is made to such instruments
as filed.

LEGAL OPINIONS

Legal matters in connection with the Contracts described in this Prospectus
have been passed upon by Robert B. Saginaw, Counsel for ReliaStar.

PERFORMANCE DATA

From time to time, the ReliaStar Bankers Security Variable Annuity Accounts
("The USA Plan") may advertise several types of performance measures relating
both to the Funds and to the Sub-Accounts themselves for specified periods,
assuming current Contract charges and actual Fund performance. Methods of
quoting performance will include standardized calculations of average annual
total return for one, five and ten years, ending on a recent calendar quarter,
or if such periods have not yet elapsed, at the end of a shorter period
corresponding to the life of the Sub-Account. The USA Plan may also use
nonstandardized performance measures, comparisons of investment results to
various indices including the Dow Jones Average of 30 Industrial Stocks, the
Standard and Poor's 500 Stock Index, the Consumer Price Index, the Salomon
Brothers High Grade Bond Index, the Lehman Brothers Government/Corporate Bond
Index and the Merrill Lynch Government/Corporate Master Index, all of which are
widely recognized indices of stock market performance but which do not include
the reinvestment of income dividends and do not consider tax consequences. In
addition, The USA Plan may be compared to the performance of other fixed income
or government bond mutual funds or mutual fund indices such as reported by
Lipper Analytical Services, Inc. ("Lipper") or CDA Investment Technologies, Inc.
("CDA"). Lipper and CDA are widely recognized independent mutual fund reporting
services. Their performance calculations are based upon changes in net asset
value with all dividends reinvested, but do not include the effect of any sales
charges. Comparisons may also be made with results of other mutual funds or
groups of mutual funds in advertisements or in reports furnished to present or
prospective shareholders. Standardized measures of performance are based on
several assumptions which may or may not apply to an individual investor's
account. Because the average annual total return figures are annualized, they
represent an average percentage change over an annual period which may be based
on less than 12 months of actual data, whereas previously reported total return
figures may not have been annualized and represented in those cases the
aggregate percentage or dollar-value change over the period in question.

The USA Plan's method for computing average annual total return is to
compute the average annual compounded rate of return that equates a purchase
payment to the market value of such purchase payment on the last day of the
period for which such return is calculated. For purposes of the calculation, it
is assumed that an initial payment of $1,000 is made on the first day of the
period for which the return is calculated. All recurring charges are reflected
in the calculations. The asset charges are reflected in the changes in unit
values. The $30 Contract Maintenance Charge is deducted by dividing the total
amount of contract fees collected in the prior year by the total average net
assets.

Certain Sub-Accounts may quote current yield and effective yield. The
current yield refers to the income generated by an investment over a 7-day
period (which period will be stated in the advertisement). This income is then
assumed to be earned each week over a 52-week period. The effective yield is
calculated similarly, but the income earned by the sub-account investments are
assumed to be reinvested.

Each of the other Sub-Accounts may also quote yield. The yield of these
Sub-Accounts refers to the net income earned by the underlying mutual fund over
a 30-day period (which period will be stated in the advertisement). This income
is then assumed to be earned for a full year and to be reinvested each month or
six months. The resulting semi-annual yield is doubled.

Other reportable performance measures may include income production rates,
percentage changes in Accumulation Unit Values, and distribution rates. A
distribution rate is simply a measure of the level of income and short-term
capital gain dividends distributed for a specified period. It is, therefore, not
intended to be a complete measure of performance. The distribution rate may
sometimes be greater than yield since, for instance, it may include short-term
gains (which may be nonrecurring) and may not include the effect of amortization
of bond premiums. A distribution rate will be accompanied by a disclosure
explaining (i) the components of the distribution rate that differ from yield,
(ii) where components consist of capital gains, they are nonrecurring, and (iii)
where a component consists of option premiums, what potential effect on overall
performance option writing might have.

Any of the indicators mentioned in the section entitled "Performance Data"
may be included in sales literature and shareholder reports when accompanied by
required standardized calculations. More detailed information on performance
data is set forth in the Statement of Additional Information.

FINANCIAL STATEMENTS

The financial statements of ReliaStar set forth in the Statement of
Additional Information are separate and apart from the financial statements of
Separate Accounts P and Q and should be considered only as bearing upon the
ability of ReliaStar to meet its obligations under the Contracts.

STATEMENT OF ADDITIONAL INFORMATION

The Statement of Additional Information contains more specific information
and financial statements relating to the Separate Accounts and ReliaStar. The
Table of Contents of the Statement of Additional Information is set forth below:

1. General Information About the Company
2. Custodian and Accountants
3. Underwriter
4. Calculation of Performance Data
5. Financial Statements

Contract Owner inquiries and requests for a Statement of Additional Information
should be directed to ReliaStar in writing at 4601 Fairfax Drive, Arlington,
Virginia 22203, or by telephoning ReliaStar at (703) 875-3623.

THE FIXED ACCOUNT

During the accumulation period, the Owner may elect to have Contract Values
accumulate on a fixed basis in the Fixed Account within the Company's General
Account, which consists of all assets of ReliaStar other than allocated to any
separate account of ReliaStar. Because of exemptive and exclusionary provisions,
interests in the Fixed Account have not been registered under the Securities Act
of 1933 and the Fixed Account has not been registered as an investment company
under the 1940 Act. Accordingly, neither the Fixed Account nor any interest
therein are subject to the provisions of these acts and, as a result, the staff
of the SEC has not reviewed the disclosures in this Prospectus relating to the
Fixed Account. Disclosures regarding the Fixed Account may, however, be subject
to certain generally applicable provisions of the Federal securities laws
relating to the accuracy and completeness of statements made in prospectuses.
This Prospectus is generally intended to serve as a disclosure document only for
the aspects of the Contract involving Separate Accounts P and Q and their
Sub-Accounts and contains only selected information regarding the Fixed Account.
More information regarding the Fixed Account may be obtained from ReliaStar's
principal office or from your registered representative.

GENERAL DESCRIPTION
ReliaStar's obligations with respect to the Fixed Account are supported by
its General Account. Subject to applicable law, ReliaStar has sole discretion
over the investment of the assets in its General Account.

ReliaStar guarantees that Contract Values in the Fixed Account will accrue
interest at an effective rate of at least 4%, independent of the actual
investment experience of the General Account. ReliaStar may, at its sole
discretion, credit a higher rate of interest, although it is not obligated to
credit interest in excess of 4% per year. Any interest rate in excess of 4% per
year with respect to any amount in the Fixed Account pursuant to a Contract will
be declared by ReliaStar for a specific period of time as follows. On the issue
date and on any Contract Anniversary, the excess interest, if any, will be set
on the Fixed Account Value and guaranteed until the next Contract Anniversary.
Net purchase payments and transfers into the Fixed Account during the contract
year will be credited with an excess interest rate as then declared and such
excess interest rate will be guaranteed until the next Contract Anniversary.

Once credited, such interest will be guaranteed and become part of the
Contract Value in the Fixed Account from which deductions for fees and charges
may be made.

Charges under the Contract are the same as when a Separate Account is being
used, except that the 1.25% per annum charged for mortality and expense risk is
not imposed on amounts of Contract Value in the Fixed Account.

FIXED ACCOUNT VALUE
The Contract's Fixed Account Value on any Valuation Date is the sum of the
net purchase payments allocated to the Fixed Account, plus any transfers from
the Separate Accounts, plus interest credited to the Fixed Account, less any
surrenders, any applicable Contingent Deferred Sales Charges, any applicable
premium taxes, annual Contract Maintenance Charges allocated to the Fixed
Account, and/or transfers to the Separate Accounts.

TRANSFERS, TOTAL AND PARTIAL SURRENDERS
Amounts in Fixed Account are generally subject to the same rights and
limitations and will be subject to the same charges as are amounts allocated to
the Sub-Accounts of the Separate Accounts with respect to total and partial
surrenders (see page 16 of prospectus, "Charges and Other Deductions").

Transfers out of the Fixed Account have special limitations. The owner may
make partial or total transfers of Contract Values from the Fixed Account to one
or more variable Sub-Accounts available in the Contract, as long as the amounts
to be transferred have been in the Fixed Account for at least six months, unless
transfers are being made as a part of an automatic dollar cost averaging
program. The following conditions are also applicable: (a) all transfers within
the Contract are without payment of any fee or charge; (b) the dollar amount of
a transfer may not be less than $250 except that the entire Fixed Account Value
may be transferred if less than $250; and (c) no transfer may be made after the
Annuity Commencement Date or the date of receipt by ReliaStar of notification of
death of the Annuitant. All transfers shall be made as of the end of the
Valuation Period during which the request for transfer is received by ReliaStar
at its principal office, or later Valuation Period if requested.

<TABLE>
<CAPTION>
APPENDIX I

EXAMPLE A

FORMULA AND ILLUSTRATION FOR DETERMINING
THE NET INVESTMENT FACTOR OF A
SUB-ACCOUNT FOR ALL CONTRACTS

A + B - C
Net Investment Factor = --------- - F
D - E

Where:

<S> <C> <C> <C> <C>
A = The Net Asset Value of the Fund as of the end of the current
Valuation Period.
Assume.................................................................... = $11.570000

B = The per share amount of any dividend or capital gains
distribution since the end of the immediately preceding Valuation
Period.
Assume.................................................................... = 0

C = The per share charge or credit for any taxes reserved for at the
end of the current Valuation Period.
Assume.................................................................... = 0

D = The Net Asset Value of a Fund share at the end of the immediately
preceding Valuation Period.
Assume.................................................................... = 11.400000

E = The per share amount of any taxes reserved for at the end of the
immediately preceding Valuation Period.
Assume.................................................................... = 0

F = The daily deduction for mortality and expense risks, which
totals 1.25% on an annual basis
On a Daily Basis.......................................................... = 0.000034

Then, the Net Investment Factor = 11.570000 - 0.000034
---------

11.400000

</TABLE>

EXAMPLE B

FORMULA AND ILLUSTRATION FOR DETERMINING
ACCUMULATION UNIT VALUE OF A
SUB-ACCOUNT

Accumulation Unit Value = A x B

Where:

<S> <C><C> <C> <C>
A = The Accumulation Unit Value for the immediately preceding
Valuation Period.
Assume.................................................................... = $1.347125

B = The Net Investment Factor for the current Valuation Period.
Assume.................................................................... = 1.014878

Then, the Accumulation Unit Value
= $1.347125 x 1.014878
= $1.367167

</TABLE>

APPENDIX II

EXAMPLE A

FORMULA AND ILLUSTRATION FOR DETERMINING
DEATH BENEFIT PAYABLE UNDER
SETTLEMENT OPTION 4 - UNIT REFUND LIFE ANNUITY

Upon the death of the Annuitant the designated Beneficiary under this option
will receive under each applicable Separate Account a lump sum death benefit of
the then dollar value of a number of Annuity Units computed using the following
format:

Annuity Units Payable = A - (C X D), IF A IS GREATER THEN C X D
-------------------------------------
- -
B B
<TABLE>
<CAPTION>

Where:

<S> <C> <C> <C>
A The net benefit applied on the Annuity Commencement Date to
purchase the Variable Annuity.
Assume.................................................................... = $15,000

B = The Annuity Unit Value at the Annuity Commencement Date.
Assume.................................................................... = 1.103300

C = The number of Annuity Units represented by each payment made.
Assume.................................................................... = 82.933019

D = The total number of monthly Variable Annuity Payments made prior
to the Annuitant's death.
Assume.................................................................... = 24

Then the number of Annuity Units Payable

$15,00000 - (82.933019 X 24)
--------- - ----------------

$1.103300
</TABLE>

= 13,595.576905 - 1990.392456
= 11,605.184449 Annuity Unit

If the value of an Annuity Unit on the date of receipt of notification of death
was $1.130529 then the amount of the benefit under each applicable Separate Unit
would be:

11,605.18449 x $1.130529 = $13,120.00

This calculation will be made for each Separate Account upon which Variable
Annuity Payments were based.

APPENDIX III

EXAMPLE A

FORMULA AND ILLUSTRATION FOR DETERMINING
ANNUITY VALUE OF A
SEPARATE ACCOUNT

Annuity Unit Value = A x B x C

Where:
<TABLE>
<CAPTION>

<S> <C> <C> <C> <C>
A = Annuity Unit Value for the immediately preceding Valuation
Period.
Assume.................................................................... = $1.097696

B = Net Investment Factor for the Valuation Period for which the
Annuity Unit is being calculated.
Assume.................................................................... = 1.005200

C = A factor to neutralize the assumed interest of 3 1/2% built into
the Annuity tables used.
Daily factor equals...................................................... = 0.999906

Then, the Annuity Value is:

$1.097696 x 1.005200 x 0.999906 = $1.103300
</TABLE>

EXAMPLE B

FORMULA AND ILLUSTRATION FOR DETERMINING
AMOUNT OF FIRST MONTHLY VARIABLE ANNUITY PAYMENT FROM
ONE SEPARATE ACCOUNT

First Monthly Variable Annuity Payment = A X B
-----
$1,000
<TABLE>
<CAPTION>

Where:

<S> <C> <C> <C> <C>
A = The Contract value allocated to a Separate Account for the
Valuation Date or immediately preceding the seventh day before the
Annuity Commencement Date.
Assume.................................................................... = $15,000.00

B = The Annuity purchase rate per $1,000 based upon the option
selected, the sex and adjusted age of the Annuitant according to
the tables contained in the Contract.
Assume.................................................................... = 6.100000

Then, the first Monthly Variable Payment

= $15,000 X $6.10 = $91.50
-------------------

$1,000
</TABLE>

EXAMPLE C

FORMULA AND ILLUSTRATION FOR DETERMINING
THE NUMBER OF ANNUITY UNITS FOR ONE SEPARATE ACCOUNT
REPRESENTED BY EACH MONTHLY VARIABLE ANNUITY PAYMENT

Number of Annuity Units = A
---
B
<TABLE>
<CAPTION>

Where:

<S> <C> <C> <C> <C>
A = The dollar amount of the first monthly Variable Annuity Payment.
Assume....................................................................= $91.50

B = The Annuity Unit Value for the Valuation Date on or immediately
preceding the seventh day before the Annuity Commencement Date.
Assume....................................................................= $1.103300

Then, the number of Annuity Units

= $91.50 = 82.933019
$1.103300
</TABLE>

EXAMPLE D

FORMULA AND ILLUSTRATION FOR DETERMINING
THE AMOUNT OF SECOND AND SUBSEQUENT MONTHLY VARIABLE
ANNUITY PAYMENTS FROM ONE SEPARATE ACCOUNT

Second Monthly Variable Annuity Payment = A x B
<TABLE>
<CAPTION>

Where:

<S> <C> <C> <C> <C>
A = The number of Annuity Units represented by each monthly Variable
Annuity Payment.
Assume.................................................................... = $82.933019

B = The Annuity Unit Value for the Valuation Date on or immediately
preceding the seventh day before the date on which the second (or
subsequent) Variable Annuity Payment is due.
Assume.................................................................... = $1.128621

Then, the second monthly Variable Annuity Payment

= $82.933019 x $1.128621 = $93.60

</TABLE>

The above example was based upon the assumption of an increase in the Annuity
Unit Value since the initial Variable Annuity Payment due to favorable
investment results of the Separate Account and the Fund. If the investment
results were less favorable, a decrease in the Annuity Unit Value and in the
second monthly Variable Annuity Payment could result. Assume B above was
$1.074360.

Then, the second monthly Variable Annuity Payment

= $82.933019 x $1.074360 = $89.10

PART B
INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION

RELIASTAR BANKERS SECURITY VARIABLE ANNUITY FUNDS M, P AND Q
INDIVIDUAL FLEXIBLE PAYMENT VARIABLE ANNUITY CONTRACTS

OFFERED BY
RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY
1000 Woodbury Lane, Suite 102
Woodbury, NY 11797
Telephone: (516) 682-8700

STATEMENT OF ADDITIONAL INFORMATION
February 28, 1997

This Statement of Additional Information is not a Prospectus and should be
read in conjunction with the Contract's Prospectus, dated April XX, 1997, which
is available without charge by contacting ReliaStar Bankers Security Life
Insurance Company at the above address or telephone number.

TABLE OF CONTENTS

HEADING PAGE
- ------- ----

GENERAL INFORMATION ABOUT THE COMPANY.................................3

CUSTODIAN AND ACCOUNTANTS.............................................3

UNDERWRITER...........................................................3

CALCULATION OF PERFORMANCE DATA.......................................3

FINANCIAL STATEMENTS.................................................10

GENERAL INFORMATION ABOUT THE COMPANY

ReliaStar Bankers Security Life Insurance Company ("ReliaStar" or the
"Company") is a stock life insurance company incorporated under the laws of the
State of New York in 1917 under the name The Morris Plan Insurance Society. It
adopted the name Bankers Security Life Insurance Society in 1946 and ReliaStar
Bankers Security Life Insurance Company in 1996. ReliaStar is a wholly-owned
subsidiary of ReliaStar United Services Life Insurance Company ("ReliaStar
United Services") which in turn is wholly-owned by ReliaStar Life Insurance
Company, a subsidiary of ReliaStar Financial Corp. ReliaStar Financial Corp. is
a holding company incorporated under the laws of the State of Delaware whose
subsidiaries are engaged in life and health insurance and financial services.

CUSTODIAN AND ACCOUNTANT

A. Custodian

ReliaStar, whose address appears on the cover of the prospectus, is the
custodian of the assets of the Separate Accounts.

B. Accountants

The financial statements with assets and liabilities as of December 31,
1996 and the related statements for the year ended December 31, 1996, of
ReliaStar Banker's Security Variable Annuity Funds P and Q and ReliaStar, which
are included in the Statement of Additional Information, have been audited by
______________, independent auditors, and are included herein in reliance upon
the reports of such firm, which reports are given upon their authority as
experts in accounting and auditing. The Statements of Operations and Changes in
Net Assets for the year ended December 31, 1994 were audited by _____________,
independent auditors, and are included herein in reliance upon the reports of
such firm, which reports are given upon their authority as experts in accounting
and auditing.

UNDERWRITER

Effective February 1, 1997, the Contracts are distributed in continuous
offering by the principal underwriter, Washington Square Securities, Inc.
("WSSI"), an affiliate of ReliaStar and a subsidiary of ReliaStar Financial
Corp. WSSI is a registered broker/dealer under the Securities Exchange Act of
1934 and is a member of the National Association of Securities Dealers, Inc. The
principal business address of WSSI is 100 Washington Avenue South, Minneapolis,
MN 55401. Prior to February 1, 1997, the Contracts were distributed and
underwritten by ReliaStar Financial Marketing Corporation ("RFMC"; formerly
known as USLICO Securities Corporation), also an affiliate of ReliaStar. The
Contracts are sold by state licensed insurance agents of ReliaStar who are also
registered representatives of broker/dealers who have sales agreements with
WSSI. There are no special purchase plans or exchange privileges not described
in the Prospectus (see "Charges and Other Deductions," at page 16 of the
Prospectus). Commissions paid to these other broker/dealers obtaining
applications for Contracts accepted by ReliaStar will not exceed 6% of the
Purchase Payments. The Contracts are sold in those states where their sale is
lawful. Under certain circumstances, dealers may, in the calendar year in which
they qualify, receive their commissions in advance of Contract Owner purchase
payments. During 1994, 1995 and 1996 RFMC received approximately $907,648.12,
$370,000, and $0, respectively, of commission income for the sale of variable
annuity contracts issued by ReliaStar.

CALCULATION OF YIELD AND RETURN

Current Yield and Effective Yield:

Current yield and effective yield will be calculated only for the
Oppenheimer Money Fund.

The current yield is based on a seven-day period (the "base period") and is
calculated by determining the "net change in value" on a hypothetical account
having a balance of one Accumulation Unit at the beginning of the period,
dividing the net change in account value by the value of the account at the
beginning of the base period to obtain the base period return, and multiplying
the base period return by 365/7 with the resulting yield figure carried to the
nearest hundredth of one percent. The effective yield is computed in a similar
manner, except that the base period return is compounded by adding 1, raising
the sum to a power equal to 365 divided by 7, and subtracting 1 from the result,
according to the following formula:

365/7
EFFECTIVE YIELD = [(Base Period Return + 1) ] - 1

Net changes in value of a hypothetical account will include net investment
income of the account (accrued daily dividends as declared by the Oppenheimer
Money Fund, less daily expense and contract charges to the account) for the
period, but will not include realized or unrealized gains or losses on its
underlying fund shares.

The Oppenheimer Money Fund's yield and effective yield will vary in
response to any fluctuations in interest rates and expenses of the Sub-Account.

The yield and effective yield of the Sub-Account for the seven day period
ending December 31, 1996 were as follows:

Yield: __________
Effective Yield: __________

Standardized Yield:

A standardized yield computation may be used for _______ Sub-Accounts. The
yield quotation will be based on a recent 30 day (or one month) period, and is
computed by dividing the net investment income per Accumulation Unit earned
during the period by the maximum offering price on the last day of the period
according to the following formula:

6
YIELD = 2[(a - b + 1) - 1]
----
cd

Where:

a = net investment earned during the period by the Fund or Portfolio
attributable to shares owned by the Sub-Account.

b = expenses accrued for the period (net of reimbursements).

c = the average daily number of Accumulation Units outstanding during the
period.

d = the maximum offering price per Accumulation Unit on the last day of the
period.

Yield on each Sub-Account is earned from dividends declared and paid by the
underlying Fund or Portfolio, which are automatically reinvested in Fund or
Portfolio shares.

Following are the standardized yields for each of the ______ Sub-Accounts
for the month ended December 31, 1996:

AVERAGE ANNUAL TOTAL RETURNS. From time to time, sales literature or
advertisements may also quote average annual total returns for one or more of
the Sub-Accounts for various periods of time.

Average annual total returns represent the average annual compounded rates
of return that would equate an initial investment of $1,000 under a Contract to
the redemption value of that investment as of the last day of each of the
periods. The ending date for each period for which total return quotations are
provided will be for the most recent month-end practicable, considering the type
and media of the communication and will be stated in the communication.

Average annual total returns will be calculated using Sub-Account unit
values which the Company calculates on each Valuation Date based on the
performance of the Sub-Account's underlying portfolio, the deductions for the
Mortality and Expense Risk Charges, and the Contract Maintenance Charge. The
calculation assumes that the Contract Maintenance Charge is $30 per year per
Contract deducted at the end of each Contract year. For purposes of calculating
average annual total return, an average per dollar Contract Maintenance Charge
attributable to the hypothetical account for the period is used. The calculation
also assumes surrender of the Contract at the end of the period for the return
quotation. Total returns will therefore reflect a deduction of the surrender
charge for any period less than six years. The total return will then be
calculated according to the following formula:

1/N
TR = ((ERV/P) ) - 1

Where:

TR = The average annual total return net of Sub-Account recurring charges.

ERV = the ending redeemable value (net of any applicable surrender charge) of
the hypothetical account at the end of the period.

P = a hypothetical initial payment of $1,000.

N = the number of years in the period.

Such average annual total return information for the Sub-Accounts is as
follows:

QUALIFIED PLANS For the 1-year For the 5-year For the 10-year For the period from date
period ended period ended period ended of inception of
SUB-ACCOUNT 12/31/96 12/31/96 12/31/96 Sub-Account to 12/31/96
- ----------- -------- -------- -------- -----------------------

<S> <C> <C> <C> <C>
Oppenheimer Money Fund
(Inception: 5/27/87

Oppenheimer High Income Fund
(Inception: 6/16/87

Oppenheimer Bond Fund
(Inception: 3/14/95)

Oppenheimer Strategic Bond Fund
(Inception: 3/20/95)

Oppenheimer Capital Appreciation Fund
(Inception: 6/16/87)

Oppenheimer Growth Fund
(Inception: 3/14/95)

Oppenheimer Multiple Strategies Fund
(Inception: 5/27/87)

Oppenheimer Global Securities Fund
(Inception: 11/12/90)

Alliance Growth and Income Portfolio
(Inception: 12/27/90)

Alliance Short-Term Multi-Market Portfolio
(Inception: 11/26/90)

Fidelity Contrafund Portfolio
(Inception: 11/12/96)

Fidelity Equity Income Portfolio
(Inception: 5/16/95)

Fidelity Growth Portfolio
(Inception: 5/31/95)

Fidelity Investment Grade Bond Portfolio
(Inception: 9/16/95)

Fidelity Asset Manager Portfolio
(Inception: 6/1/95)

Fidelity Index 500 Portfolio
(Inception: 5/16/95)

Northstar Growth Fund
(Inception: 12/10/96)

Northstar Income and Growth Fund
(Inception: 7/17/95)

Northstar High Yield Bond Fund
(Inception: 8/14/95)

NON-QUALIFIED PLANS For the 1-year For the 5-year For the 10-year For the period from date
period ended period ended period ended of inception of
SUB-ACCOUNT 12/31/96 12/31/96 12/31/96 Sub-Account to 12/31/96
- ----------- -------- -------- -------- -----------------------

Oppenheimer Money Fund
(Inception: 6/2/87)

Oppenheimer High Income Fund
(Inception: 8/28/87)

Oppenheimer Bond Fund
(Inception: 6/22/95)

Oppenheimer Strategic Bond Fund
(Inception: 4/3/95)

Oppenheimer Capital Appreciation Fund
(Inception: 7/30/87)

Oppenheimer Growth Fund
(Inception: 3/24/95)

Oppenheimer Multiple Strategies Fund
(Inception: 6/2/87)

Oppenheimer Global Securities Fund
(Inception: 11/9/90)

Alliance Growth and Income Portfolio
(Inception: 1/31/91)

Alliance Short-Term Multi-Market Portfolio
(Inception: 11/23/90)

Fidelity Contrafund Portfolio
(Inception: 11/1/96)

Fidelity Equity Income Portfolio
(Inception: 5/25/95)

Fidelity Growth Portfolio
(Inception: 5/25/95)

Fidelity Investment Grade Bond Portfolio
(Inception: 6/19/95)

Fidelity Asset Manager Portfolio
(Inception: 6/8/95)

Fidelity Index 500 Portfolio
(Inception: 5/23/95)

Northstar Growth Fund
(Inception: 11/1/96)

Northstar Income and Growth Fund
(Inception: 5/31/95)

Northstar High Yield Bond Fund
(Inception: 9/8/95)

</TABLE>

OTHER TOTAL RETURNS. From time to time, sales literature or advertisements
may quote average annual total returns for the Sub-Accounts that do not reflect
the surrender charge. These returns are calculated in exactly the same way as
average annual total returns described above, except that the ending redeemable
value of the hypothetical account for the period is replaced with an ending
value for the period that does not take into account any charges on amounts
surrendered or withdrawn. Such information is as follows:

RETURNS SINCE SUB-ACCOUNTS COMMENCED OPERATIONS
-----------------------------------------------
<TABLE>
<CAPTION>

<S> <C> <C> <C> <C>
Oppenheimer Money Fund
(Inception: 5/27/87

Oppenheimer High Income Fund
(Inception: 6/16/87

Oppenheimer Bond Fund
(Inception: 3/14/95)

Oppenheimer Strategic Bond Fund
(Inception: 3/20/95)

Oppenheimer Capital Appreciation Fund
(Inception: 6/16/87)

Oppenheimer Growth Fund
(Inception: 3/14/95)

Oppenheimer Multiple Strategies Fund
(Inception: 5/27/87)

Oppenheimer Global Securities Fund
(Inception: 11/12/90)

Alliance Growth and Income Portfolio
(Inception: 12/27/90)

Alliance Short-Term Multi-Market Portfolio
(Inception: 11/26/90)

Fidelity Contrafund Portfolio
(Inception: 11/12/96)

Fidelity Equity Income Portfolio
(Inception: 5/16/95)

Fidelity Growth Portfolio
(Inception: 5/31/95)

Fidelity Investment Grade Bond Portfolio
(Inception: 9/16/95)

Fidelity Asset Manager Portfolio
(Inception: 6/1/95)

Fidelity Index 500 Portfolio
(Inception: 5/16/95)

Northstar Growth Fund
(Inception: 12/10/96)

Northstar Income and Growth Fund
(Inception: 7/17/95)

Northstar High Yield Bond Fund
(Inception: 8/14/95)

Oppenheimer Money Fund
(Inception: 6/2/87)

Oppenheimer High Income Fund
(Inception: 8/28/87)

Oppenheimer Bond Fund
(Inception: 6/22/95)

Oppenheimer Strategic Bond Fund
(Inception: 4/3/95)

Oppenheimer Capital Appreciation Fund
(Inception: 7/30/87)

Oppenheimer Growth Fund
(Inception: 3/24/95)

Oppenheimer Multiple Strategies Fund
(Inception: 6/2/87)

Oppenheimer Global Securities Fund
(Inception: 11/9/90)

Alliance Growth and Income Portfolio
(Inception: 1/31/91)

Alliance Short-Term Multi-Market Portfolio
(Inception: 11/23/90)

Fidelity Contrafund Portfolio
(Inception: 11/1/96)

Fidelity Equity Income Portfolio
(Inception: 5/25/95)

Fidelity Growth Portfolio
(Inception: 5/25/95)

Fidelity Investment Grade Bond Portfolio
(Inception: 6/19/95)

Fidelity Asset Manager Portfolio
(Inception: 6/8/95)

Fidelity Index 500 Portfolio
(Inception: 5/23/95)

Northstar Growth Fund
(Inception: 11/1/96)

Northstar Income and Growth Fund
(Inception: 5/31/95)

Northstar High Yield Bond Fund
(Inception: 9/8/95)

</TABLE>

The Company may disclose Cumulative Total Returns in conjunction with the
standard formats described above. The Cumulative Total Returns will be
calculated using the following formula.

CTR = ERV/P - 1

Where:

CTR = The Cumulative Total Return net of Sub-Account recurring charges for the
period.

ERV = the ending redeemable value of the hypothetical investment at the end of
the period.

P = a hypothetical single payment of $1,000.

EFFECTIVE OF THE ANNUAL ADMINISTRATIVE CHARGE ON PERFORMANCE DATA. The
Contract provides for a $30 Contract Maintenance Charge to be deducted annually
at the end of each Contract year, from the Sub-Accounts and the Fixed Account
based on the proportion that the value of each such account bears to the total
Contract Value. For purposes of reflecting the Contract Maintenance Charge in
yield and total return quotations, the annual charge is converted into an annual
charge per $1,000 invested based on the Annual Contract Charges collected from
the average total assets of the Variable Account and Fixed Account during the
calendar year ending December 31, 1996.

FINANCIAL STATEMENTS

The Statement of Additional Information contains Financial Statements for
the Separate Accounts as of December 31, 1996 and for each of the three years in
the period then ended. __________________ served as independent auditors for the
years ended December 31, 1996 and 1995 and _________________ served as
independent auditors for the year ended December 31, 1994.

The Company's statement of financial condition as of December 31, 1996 and
1995, and the related statements of operations, changes of capital and surplus
and cash flows for the years ended December 31, 1996 and 1995 which are included
in this Statement of Additional Information, should be considered only as
bearing on the Company's ability to meet its obligations under the Contracts.
They should not be considered as bearing on the investment performance of the
assets held in the Variable Account.

PART C

OTHER INFORMATION

ITEM 24 FINANCIAL STATEMENTS AND EXHIBITS

(a) Financial Statements

(1) Condensed Financial Information is included in Part A.

(2) The financial statements are included in Part B. (To be included
in a post-effective amendment that will be filed pursuant to Rule
485(b) prior to the effectiveness of this post-effective
amendment to the Registration Statement.)

(b) Exhibits

(1) Corporate Resolutions of the Board of Directors of ReliaStar Bankers
Security Life Insurance Company authorizing the establishment of the
Separate Accounts, are incorporated by reference to Registrant's Form
N-8B-2 Registration Statement dated September 29, 1980 (File No.
811-3098) ("Registration Statement").

(2) Not applicable

(3a) Underwriting Agreement for Variable Annuity Funds P and Q dated March
___, 1997. (To be included in a post-effective amendment that will be
filed pursuant to Rule 485(b) prior to the effectiveness of this
post-effective amendment to the Registration Statement.)

(3b) Dealer Agreements for Variable Annuity Funds P and Q. (To be included
in a post-effective amendment that will be filed pursuant to Rule
485(b) prior to the effectiveness of this post-effective amendment to
the Registration Statement.)

(3c) Underwriting and Dealer Agreements for Variable Annuity Fund M are
incorporated by reference to Post-Effective Amendment No. 1 to
Registrant's Registration Statement dated January 29, 1981.

(3d) Participation Agreement with Oppenheimer Management Corporation is
incorporated by reference to Post-Effective Amendment No. 5 to
Registrant's Registration Statement dated April 24, 1991.

(3e) Participation Agreement with Alliance Capital Management Corp. is
incorporated by reference to Post-Effective Amendment No. 5 to
Registrant's Registration Statement dated April 24, 1991.

(3f) Participation Agreement with Variable Insurance Products Fund and
Fidelity Distributors Corporation is incorporated by reference to the
initial registration statement, form S-6EL24, for File 333-19123,
submitted December 31, 1996.

(3g) Participation Agreement with Variable Insurance Products Fund II and
Fidelity Distributors Corporation is incorporated by reference to the
initial registration statement, form S-6EL24, for File 333-19123,
submitted December 31, 1996.

(4) The Form of Contact is incorporated by reference to the Registration
Statement Filing of January 13, 1987.

(5) The Contract Application form is incorporated by Reference to
Pre-Effective Amendment No. 1, filed on April 13, 1987.

(6) Certificate of Incorporation and Bylaws are incorporated by reference
to the initial Registration Statement, form S-6EL24, for File
333-19123, submitted December 31,1996.

(7) Not Applicable

(8) Not Applicable

(9) Opinion and Consent of Counsel as to Legality of Securities Being
Registered. (To be included in a post-effective amendment that will be
filed pursuant to Rule 485(b) prior to the effectiveness of this
post-effective amendment to the Registration Statement.)

(10a)Written consent of Independent Auditors. (To be included in a
post-effective amendment that will be filed pursuant to Rule 485(b)
prior to the effectiveness of this post-effective amendment to the
Registration Statement.)

(10b)Written consent of Independent Auditors. (To be included in a
post-effective amendment that will be filed pursuant to Rule 485(b)
prior to the effectiveness of this post-effective amendment to the
Registration Statement.)

(11) Not applicable

(12) Not applicable

(13) Schedule of Computation of Performance Data. (To be included in a
post-effective amendment that will be filed pursuant to Rule 485(b)
prior to the effectiveness of this post-effective amendment to the
Registration Statement.)

(14) Financial Data Schedule. (To be included in a post-effective amendment
that will be filed pursuant to Rule 485(b) prior to the effectiveness
of this post-effective amendment to the Registration Statement.)

(15) Powers of Attorney for Stephen A. Carb, Richard R. Crowl, John H.
Flittie, James T. Hale, Wayne R. Huneke, Kenneth U. Kuk, Richard E.
Nolan, Fioravante G. Perrotta, Robert C. Salipante, John G. Turner,
Charles B. Updike, Ross M. Weale and Steven W. Wishart are
incorporated by reference to the initial Registration Statement, form
S-6EL24, for File 333-19123, submitted December 31, 1996. Power of
Attorney for R. Michael Conley is filed herein.

ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR

NAME PRINCIPAL BUSINESS ADDRESS POSITIONS WITH DEPOSITOR
- ---- -------------------------- ------------------------

<S> <C> <C>
Susan M. Bergen 20 Washington Avenue South Secretary
Minneapolis, MN 55401

Stephen A. Carb 529 Fifth Avenue - 7th Floor Director
New York, NY 10017

James G. Cochran 1000 Woodbury Road, Suite 102 Woodbury, Executive Vice President
NY 11797

R. Michael Conley 20 Washington Avenue South Executive Vice President and Director
Minneapolis, MN 55401

Richard R. Crowl 20 Washington Avenue South Senior Vice President and General Counsel
Minneapolis, MN 55401 and Director

John H. Flittie 20 Washington Avenue South Vice Chairman, Chief Executive Officer,
Minneapolis, MN 55401 President and Director

James T. Hale 777 Nicollet Mall Director
Minneapolis, MN 55402

Wayne R. Huneke 20 Washington Avenue South Vice President and Director
Minneapolis, MN 55401

Kenneth U. Kuk 20 Washington Avenue South Vice President and Director
Minneapolis, MN 55401

Richard E. Nolan One Chase Manhattan Plaza Director
New York, NY 10005

Fioravante G. Perrotta 200 Park Avenue Director
New York, NY 10166

Robert C. Salipante 20 Washington Avenue South Executive Vice President and Director
Minneapolis, MN 55401

David J. Sloane 1000 Woodbury Road, Suite 102 Woodbury, Executive Vice President and Chief
NY 11797 Operating Officer

John G. Turner 20 Washington Avenue South Chairman of the Board and Director
Minneapolis, MN 55401

Charles B. Updike 60 East 42nd Street Director
New York, NY 10165

Ross M. Weale 102 Brewster Avenue, Rt. 6 Director
Carmel, NY 10512

Steven W. Wishart 20 Washington Avenue South Vice President and Director
Minneapolis, MN 55401
</TABLE>

ITEM 26. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE DEPOSITOR OR
REGISTRANT

The following chart identifies the subsidiaries of ReliaStar
Financial Corp. and their relationship to one another, all of
which, except where indicated, are either directly wholly-owned
by ReliaStar Financial Corp., except for directors qualifying
shares.

OWNER AND STATE OF
COMPANY PERCENTAGE INCORPORATION
------- ---------- -------------
<S> <C> <C>
ReliaStar Financial Corp. Delaware
ReliaStar Life Insurance Company ("RLIC") RLR-100% Minnesota
Northern Life Insurance Company ("NLIC") RLIC-100% Washington
Norlic, Inc. NLIC-100% Washington
Nova, Inc. NLIC-100% Washington
ReliaStar United Services Life Insurance Company ("RUSL") RLIC-100% Virginia

ReliaStar Bankers Security Life Insurance Company ("RBSL") RUSL-100% New York

North Atlantic Life Agency, Inc. RBSL-100% New York
Delaware Administrators, Inc. RUSL-100% Ohio
USL Services, Inc. RUSL-100% Virginia
NWNL Benefits Corporation ("NBC") RLIC-100% Minnesota
NWNL Health Management Corp. NBC-100% Minnesota
Select Care Health Network, Inc. NBC-50% California
ReliaStar Mortgage Corporation ("RMC") RLIC-100% Iowa
James Mortgage Company RMC-100% Iowa
Washington Square Advisers, Inc. RLR-100% Minnesota
ReliaStar Investment Research, Inc. RLR-100% Minnesota
Washington Square Securities, Inc. RLR-100% Minnesota
ReliaStar Financial Marketing Corporation RLR-100% Delaware
NWNL Northstar, Inc. ("NNI") RLR-80% Delaware
Northstar Investment Management Corp. NNI-80% Delaware
NWNL Northstar Distributors, Inc. NNI-80% Minnesota
Northstar Administrators Corporation NNI-80% Delaware
Bankers Centennial Management Corp. RLR-100% Virginia
IB Holdings, Inc. ("IB") RLR-100% Virginia
International Risks, Inc. IB-100% Delaware
Northeaster Corporation IB-100% Connecticut
The New Providence Insurance Company, Limited IB-100% Cayman Islands
IB Resolution, Inc. IB-100% Virginia
Successful Money Management Seminars, Inc. ("SMMS") RLR-100% Oregon
Successful Money Management Software, Inc. SMMS-100% Oregon
PrimeVest Financial Services, Inc.("PVF") RLR-100% Minnesota
PrimeVest Mortgage, Inc. PVF-100% Minnesota
PrimeVest Insurance Agency of Alabama, Inc. PVF-100% Alabama
PrimeVest Insurance Agency of New Mexico, Inc. PVF-100% New Mexico
PrimeVest Insurance Agency of Oklahoma, Inc. Kevin Kluesner-100% Oklahoma
PrimeVest Insurance Agency of Texas, Inc. Kevin Kluesner-100% Texas
PrimeVest Insurance Agency of Ohio, Inc. Class A Robert Chapman-100% Ohio
Class B PVF-100%
Branson Insurance Agency, Inc. PVF-100% Massachusetts
Granite Investment Services, Inc. PVF-100% Minnesota

</TABLE>

ITEM 27. NUMBER OF CONTRACT OWNERS

As of _________________, there were approximately _____ Owners of qualified
Contracts and approximately _____ Owners of non-qualified Contracts offered by
Registrants.

ITEM 28. INDEMNIFICATION

Item 22, Part II and Exhibit A(6)(a) of Registrant's Registration Statement
are hereby incorporated by reference.

Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrants pursuant to the foregoing provisions, or otherwise, the Registrants
have been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrants of expenses incurred
or paid by a director, officer of controlling person of the Registrants in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrants will, unless in the opinion of its counsel the
matter has been settled be controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.

ITEM 29. PRINCIPAL UNDERWRITER

(a) Prior to February 1, 1997, ReliaStar Financial Marketing Corporation
was the principal underwriter of the Contracts. Effective February 1, 1997,
Washington Square Securities, Inc. ("WSSI") became the principal underwriter of
the Contracts. WSSI also acts as distributor of the (i) USLICO Series Fund,
which funds variable life insurance policies of related companies, (ii)
Select*Life, Select*Life II, Select*Life III, Select*Annuity II and
Select*Annuity III contracts, issued by the Company's affiliate, ReliaStar Life
Insurance Company, and (iii) Northern Life Advantage Variable Annuity, issued by
the Company's affiliate, Northern Life Insurance Company.

(b) The directors and officers of WSSI are as follows:

NAME POSITIONS AND OFFICES WITH WSSI
---- -------------------------------
Roger W. Arnold Director
Susan M. Bergen Secretary
David Braun Assistant Vice President
Julie A. Cooney Assistant Treasurer
David Cox Assistant Secretary
Michael J. Dubes Director
Michael R. Fanning President and Chief Operating Officer
John H. Flittie Director and Chairman
Allen L. Kidd Assistant Secretary
Daniel S. Kuntz Assistant Treasurer
Loralee A. Renelt Assistant Secretary
Robert B. Saginaw Vice President
Robert C. Salipante Director
David P. Wilken Treasurer
Steven W. Wishart Director

The principal business address of each of the foregoing executive officers
is 20 Washington Avenue South, Minneapolis, Minnesota 55401, except for the
following individuals whose principal business addresses are listed after their
respective names: Julie A. Cooney, 80 Tuscany Way, Danville, California 94506;
Michael J. Dubes, 1110 3rd Avenue, Seattle, Washington 98101; Allen L. Kidd, 222
North Arch Road, Richmond, Virginia 23236.

ITEM 30. LOCATION OF ACCOUNTS AND RECORDS

All accounts, books or other documents required to be maintained by Section
31(a) of the 1940 Act and the rules promulgated thereunder are maintained by the
Registrant through ReliaStar Bankers Security Life Insurance Company, 4601 N.
Fairfax Drive, Arlington, Virginia 22203.

ITEM 31. MANAGEMENT SERVICES

Not applicable.

ITEM 32. UNDERTAKINGS

(a) The fees and charges deducted under the flexible premium variable
annuity contract, in the aggregate, are reasonable in relation to
the services rendered, the expenses expected to be incurred, and
the risks assumed by ReliaStar Bankers Security Life Insurance
Company.

(b) Registrant undertakes to file a post-effective amendment to this
registration statement as frequently as is necessary to ensure
that the audited financial statements in the registration
statement are never more than 16 months old for so long as
payments under the variable annuity contracts may be accepted.

(c) Registrants undertake to include either (1) as part of any
application to purchase a contract offered by the Prospectus, a
space that an applicant can check to request a Statement of
Additional Information, or (2) a postcard or similar written
communication affixed to or included in the Prospectus that the
applicant can remove to send for a Statement of Additional
Information.

(d) Registrant undertakes to deliver any Statement of Additional
Information and any financial statements required to be made
available under this form promptly upon written or oral request.

(e) With regard to restricted distributions to plan participants in
accordance with the requirements of IRC Section 403(b)(11), the
Registrant, in respect to a no-action letter issued by the
Division of Investment Management (No. IP-6-88, November 28,
1988"), undertakes to:

(1) Include appropriate disclosure regarding the redemption
restrictions imposed by Section 403(b)(11) in each
registration statement, including the prospectus, used in
connection with the offer of the contract;

(2) Include appropriate disclosure regarding the redemption
restrictions imposed by Section 403(b)(11) in any sales
literature used in connection with the offer of the
contract;

(3) Instruct sales representatives who solicit participants to
purchase the contract specifically to bring the redemption
restrictions imposed by Section 403(b)(11) to the attention
of the potential participants;

(4) Obtain from each plan participant who purchases a Section
403(b) annuity contract, prior to or at the time of such
purchase, a signed statement acknowledgment the
participant's understanding of (1) the restrictions on
redemption imposed by Section 403(b)(11), and (2) the
investment alternatives available under the employer's
Section 403(b) arrangement, to which the participant may
elect to transfer his contract value;

(5) The Registrant represents that this said no-action letter is
being relied upon and that the provisions of paragraphs (1)
- (4) above have been complied with.

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of
1940, Registrant has caused this Amendment to the Registration Statement to be
signed on its behalf, in the City of Minneapolis and State of Minnesota, on this
28th day of February, 1997.

RELIASTAR BANKERS SECURITY VARIABLE ANNUITY
FUNDS M, P AND Q
(Registrant)

By RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY
(Depositor)

By /S/ JOHN H. FLITTIE
------------------------------------
John H. Flittie, Vice Chairman,
Chief Executive Officer and President

As required by the Securities Act of 1933 and the Investment Company Act of
1940, Depositor has caused this Amendment to the Registration Statement to be
signed on its behalf, in the City of Minneapolis and State of Minnesota, on this
28th day of February, 1997.

RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY
(Depositor)

By /S/ JOHN H. FLITTIE
-------------------------------------
John H. Flittie, Vice Chairman,
Chief Executive Officer and President

As required by the Securities Act of 1933, this Amendment to the Registration
Statement has been signed on this 28th day of February, 1997 by the following
directors and officers of Depositor in the capacities indicated:

<TABLE>
<CAPTION>
<S> <C> <C>
/S/ JOHN H. FLITTIE Vice Chairman, Chief Executive Officer and President
------------------
John H. Flittie

/S/ REBECCA R. CRUNK Vice President and Controller (Principal Financial Officer)
-------------------
Rebecca R. Crunk

Stephen A. Carb Wayne R. Huneke John G. Turner
R. Michael Conley Kenneth U. Kuk Charles B. Updike
Richard R. Crowl Richard E. Nolan Ross M. Weale
John H. Flittie Fioravante G. Perrotta Steven W. Wishart
James T. Hale Robert C. Salipante

</TABLE>

Jeffrey A. Proulx by signing his name hereto, does hereby sign this document on
behalf of each of the above-named directors of ReliaStar Bankers Security Life
Insurance Company pursuant to powers of attorney duly executed by such persons.

/S/ JEFFREY A. PROULX
-----------------------------------
Jeffrey A. Proulx, Attorney-In-Fact

RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY
POWER OF ATTORNEY OF DIRECTOR AND/OR OFFICER

The undersigned director and/or officer of RELIASTAR BANKERS SECURITY LIFE
INSURANCE COMPANY, a New York corporation, does hereby make, constitute and
appoint RICHARD R. CROWL, MICHAEL S. FISCHER, JAMES E. NELSON, ROBERT B.
SAGINAW, STEWART GREGG, JEFFREY A. PROULX, DEBORAH A. LJUNGKULL AND JODY A. ROSE
and each or any one of them, the undersigned's true and lawful
attorneys-in-fact, with full power of substitution, for the undersigned and in
the undersigned's name, place and stead, to sign and affix the undersigned's
name as such director and/or officer of said Company to a Registration Statement
or Registration Statements, under the Securities Act of 1933 (1933 Act) and the
Investment Company Act of 1940 (1940 Act) and any other forms applicable to such
registrations, and all amendments, including pre-effective and post-effective
amendments, thereto, to be filed by said Company with the Securities and
Exchange Commission, Washington, DC, in connection with the registration under
the 1933 and 1940 Acts, as amended, of variable annuity and variable life
contracts and accumulation units in related Separate Accounts and to file those
Separate Accounts with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each of them, full
power and authority to do and perform any and all acts necessary or incidental
to the performance and execution of the powers herein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned's hand
this 18th day of February, 1997.

/S/ R. MICHAEL CONLEY
---------------------
R. Michael Conley