U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form before preparing Form
Please print or type.
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1. Name and address of issuer: ReliaStar Select Variable Account
ReliaStar Life Insurance Company
20 Washington Avenue South
Minneapolis, Minnesota 55401
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2. Name of each series or class of funds for which this notice is filed:
N/A
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3. Investment Company Act File Number: 811-3341
Securities Act File Number: 2-75185
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4. Last day of fiscal year for which this notice is filed:
December 31, 1996
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5. Check box if notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold
after the close of the fiscal year but before termination of the
issuer's 24f-2 declaration:
[ ]
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6. Date of termination of issuer's declaration under rule 24f-2(a)(1),
if applicable (see Instruction A.6):
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7. Number and amount of securities of the same class or series which had
been registered under the Securities Act of 1933 other than pursuant to
rule 24f-2 in a prior fiscal year, but which remained unsold at the
beginning of the fiscal year.
None
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8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
None
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9. Number and aggregate sale price of securities sold during the fiscal
year:
629,323 $12,885,000
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10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
629,323 $12,885,000
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11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
None
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal year in
reliance on rule 24f-2 (from Item 10):
$ 12,885,000
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(ii) Aggregate price of shares issued in connection with dividend
reinvestment plans (from Item 11, if applicable):
+
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(iii) Aggregate price of shares redeemed or repurchased during the
fiscal year (if applicable):
- 18,172,000
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(iv) Aggregate price of shares redeemed or repurchased and previously
applied as a reduction to filing fees pursuant to rule 24e-2
(if applicable):
+
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(v) Net aggregate price of securities sold and issued during the fiscal
year in reliance on rule 24f-2 [line (i), plus line (ii), less line
(iii), plus line (iv)] (if applicable):
(5,287,000)
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(vi) Multiplier prescribed by Section 6(b) of the Securities Act of
1933 or other applicable law or regulation (see Instruction C.6):
x .030303%
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(vii) Fee due [line (i) or line (v) multiplied by line (vi)]:
0
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INSTRUCTION:
Issuers should complete lines (ii), (iii), (iv), and (v) only if the
form is being filed within 60 days after the close of the issuer's
fiscal year. See Instruction C.3.
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13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a).
[ ]
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository: N/A
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SIGNATURES
This report has been signed below by the following persons on behalf of the
issuers and in the capacities and on the date indicated.
By (signature and Title)* /s/Robert B. Saginaw
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ROBERT B. SAGINAW, COUNSEL
Date FEBRUARY 14, 1997
* Please print the name and title of the signing officer below the signature.
February 14, 1997
ReliaStar Life Insurance Company
20 Washington Avenue South
Minneapolis, Minnesota 55401
RE: Registration No. 2-75185
Gentlemen:
I have examined documents relating to the establishment of ReliaStar Select
Variable Account, (the "Separate Account") for variable annuity contracts
established by the Board of Directors of ReliaStar Life Insurance Company (the
"Company") as a separate account pursuant to Minnesota Statutes Sections 61A.13
to 61A.21, as amended, and other matters of the law as deemed necessary for this
opinion, and advise you that in my opinion:
1. The Separate Account is a separate account of the Company duly created
and validly existing pursuant to the laws of the State of Minnesota.
2. The contracts that have been issued by the Company to date are
described in the prospectuses which constitute a part of the
registration statements filed with the Securities and Exchange
Commission and are legal and binding obligations of the Company in
accordance with their respective terms.
3. The portion of the assets held in the Separate Account equal to the
reserves and other contract liabilities with respect to the Separate
Account are not chargeable with liabilities out of any other business
of the Company.
I consent to the filing of this opinion with the Securities and Exchange
Commission in connection with the Company's filing a Rule 24f-2 Notice under the
Investment Company Act of 1940.
Very truly yours,
/s/Robert B. Saginaw
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Robert B. Saginaw
Counsel
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