FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
CUNA Mutual Life Variable Account (f/k/a Century Variable Account)
2000 Heritage Way
Waverly, Iowa 50677
2. Name of each series or class of funds for which this notice is filed:
Bond Fund Growth and Income Stock Fund
Money Market Fund Balanced Fund
Capital Appreciation Stock Fund Treasury 2000 Fund
3. Investment Company Act File Number: 811-3915
Securities Act File Number: 33-19718
4. Last day of fiscal year for which this notice is filed: December 31, 1996
5. Check box if this 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 Instructions A.6): N/A
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: N/A
8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2: N/A
9. Number and aggregate sale price of securities sold during the fiscal year:
40,034,145
10. Number and aggregate sale price of securities sold during the fiscal year in
reliance upon registration pursuant to rule 24f-2:
40,034,145
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): N/A
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):
$ 40,034,145
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(ii) Aggregate price of shares issued in connection with dividend
reinvestment plans (from Item 11, if applicable):
+ 0
(iii) Aggregate price of shares redeemed or repurchased during the fiscal
year (if applicable):
- 24,919,424
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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):
+ 0
(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):
15,114,721
(vi) Multiplier prescribed by Section 6(b) of the Securities Act of 1933
or other applicable law or regulation (see Instruction C.6):
x 1/33 of 1% (1/3300)
(vii) Fee due [line (i) or line (v) multiplied by line (vi)]:
15,114,721
$4,580
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.
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).
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Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
February 10, 1997
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.
CUNA Mutual Life Variable Account
By: CUNA Mutual Life Insurance Company
(f/k/a Century Life of America)
2/7/97 /s/ Michael B. Kitchen
Date Michael B. Kitchen, President
and Chief Executive Officer BA
February 14, 1997
Board of Directors
CUNA Mutual Life Insurance Company
2000 Heritage Way
Waverly, IA 50677
RE: Rule 24f-2 Notice - CUNA Mutual Life Variable Account
File No. 33-19718 - For the Period Ended 12/31/96
Ladies and Gentlemen:
This opinion letter pertains to the Rule 24f-2 Notice for the flexible premium
variable life insurance policies (the Policies) issued by the CUNA Mutual Life
Variable Account (the Account) and CUNA Mutual Life Insurance Company (the
Company). It is my opinion that:
1. The Company is a corporation duly organized and validly existing as a
mutual life insurance company under the laws of the state of Iowa and
is duly authorized by the Insurance Division of the Department of
Commerce in the state of Iowa to issue the Policies.
2. The Account is a duly authorized and existing separate account
established pursuant to the provisions of Section 508A.1 of the Iowa
Code.
3. Unless provided to the contrary under the Policies, that portion of the
assets of the Account equal to the reserves and other contract
liabilities with respect to the Account will not be chargeable with
liabilities arising out of any other business that the Company may
conduct.
4. The Policies, when issued in accordance with the current prospectus for
the variable universal life product, constitute legal, validly issued
and binding obligations of the Company.
This opinion letter, or a copy thereof, may be used as an exhibit to the Rule
24f-2 Notice for the period ending December 31, 1996 for the CUNA Mutual Life
Variable Account.
Sincerely,
/s/ Barbara L. Secor
Barbara L. Secor
Assistant Vice President & Associate General Counsel
CUNA Mutual Life Insurance Company
