MAXIM SERIES ACCOUNT OF GREAT WEST LIFE & ANNUITY INS CO
24F-2NT, 1999-03-01
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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 24F-2

                        Annual Notice of Securities Sold
                             Pursuant to Rule 24f-2

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1.           Name and Address of Issuer:

         Maxim Series Account of
         Great-West Life & Annuity Insurance Company
         8515 East Orchard Road
         Englewood, CO 80111
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2.       The name of each series or class of  securities  for which this Form is
         filed  (If the  Form is being  filed  for all  series  and  classes  of
         securities  of the  issuer,  check  the box but do not list  series  or
         classes): |_|

             N/A
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3.           Investment Company Act File Number: 811-3349

              Securities Act File Number: 2-73879
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4(a). Last day of fiscal year for which this notice is filed:

December                                 31,                                1998
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4(b).  |_|  Check  box if this  Form is being  filed  late  (i.e.,  more than 90
calendar days after the end of the issuer's fiscal year). (See Instruction A.2)


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4(c). |_| Check box if this is the last time the issuer will be filing this Form

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5. Calculation of registration fee:

(i) Aggregate  sale price of securities  sold during the fiscal year pursuant to
section 24(f): $ ___43,635,061_______

(ii) Aggregate  price of securities  redeemed or  repurchased  during the fiscal
year: $ ___3,673,255_______

         (iii)Aggregate price of securities  redeemed or repurchased  during any
              prior fiscal year ended no earlier than October 11, 1995 that were
              not  previously  used to reduce  registration  fees payable to the
              Commission: $ ___3,150,386_______

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<PAGE>




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(iv)  Total  available  redemption  credits  [add Items  5(ii) and  5(iii)] -- $
__6,823,641_____

(v) Net sales ---- if Item 5(i) is greater than Item 5(iv)  [subtract Item 5(iv)
from Item 5(i)]: $ 36,811,420____

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(vi) Redemption  credits available for use in future years $ __0________  ----if
Item  5(i) is less  than Item  5(iv)  [subtract  Item  5(iv)  from  Item  5(i)]:
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(vii)  Multiplier for  determining  registration  fee (see  Instruction C. 9): X
0.000278

(viii) Registration fee due [multiply Item 5(v) by Item 5(vii)] (enter "0" if no
fee is due): $ 10,234 ____ ----------------------------

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6.           Prepaid Shares

If the response to Item 5(i) was determined by deducting an amount of securities
that were registered  under the Securities Act of 1933 pursuant to rule 24e-2 as
in effect before October 11, 1998, then report the amount of securities  (number
of shares or other units) deducted here: N/A . If there is a number of shares or
other units that were registered  pursuant to rule 24e-2 remaining unsold at the
end of the fiscal year for which this form is filed that are  available  for use
by the  issuer in future  fiscal  years,  then  state that  number  here:  N/A .
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7. Interest due - if this Form is being filed more than 90 days after the end of
the    issuer's    fiscal    year    (see    Instruction    D):    +   $   0   .
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Total of the  amount of the  registration  fee due plus any  interest  due [line
5(viii) plus line 7]: = $ 10,234 . -------------------------------------

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9.       Date  the  registration  fee an any  interest  payment  was sent to the
         Commission's lockbox depository

                  Method of Delivery:

                                    |X| Wire Transfer
                                    |_| Mail or other means

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                                   SIGNATURES

This  report has been  signed  below by the  following  persons on behalf of the
issuer and in the capacities and on the dates indicated.

By (Signature and Title)* 

/s/ D.G. McLeod

D.G.  McLeod,  Treasurer  Vice  President,
Investment   Operations   Great-West  Life  &  Annuity  Insurance  Company  Date




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