PROVIDIAN LIFE & HEALTH INSURANCE CO SEPARATE ACCOUNT V
24F-2NT, 1996-02-28
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<PAGE>
 
            Annual Notice of Securities Sold Pursuant to Rule 24F-2

                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                  FORM 24F-2

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

1.   Name and address of issuer:

     Providian Life and Health Insurance Company Separate Account V

     20 Moores Road
     Frazer, PA 19355

2.   Name of each series of class of funds for which this notice is filed:

     Personal Manager Variable Annuity

3.   Investment Company Act File Number:

     811-6564

     Securities Act File Number:

     33-72838

4.   Last day of fiscal year for which this notice is filed:

     December 31, 1995

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:

6.   Date of termination of issuer's declaration under rule 24f-2(a)(1), if
     applicable (see Instruction A.6):

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:

     0

8.   Number and amount of securities registered during the fiscal year other
     than pursuant to rule 24f-2:

     0

<PAGE>
 
9.   Number and aggregate sale price of securities sold during the fiscal year:

     13 policies sold for $31,534
     $40,301 in dividends reinvested
     Total:  $71,835

10.  Number and aggregate sale price of securities sold during the fiscal year
     in reliance upon registration pursuant to rule 24f-2:

     13 policies sold for $31,534
     $40,301 in dividends reinvested
     Total:  $71,835

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):

     0

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):

     $71,835

     (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):

     - $77,359

     (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):

     ($5,524)

     (vi)    Multiplier prescribed by Section 6(b) of the Securities Act of 1933
     or other applicable law or regulation (see Instruction C.6):

     1/2900

     (vii)   Fee due [line (i) or line (v) multiplied by line (vi)]:

     $0

<PAGE>
 
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 fees to the Commission's lockbox
     depository:

                                   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/ Edward P. Reiter


Edward P. Reiter
2nd Vice President and Assistant Secretary

Date

February 26, 1996
<PAGE>
 
Providian Life and Health Insurance Company
400 West Market Street
PO Box 32830
Louisville, Kentucky  40232

502-560-3898

February 26, 1996

Securities and Exchange Commission
450 Fifth Street, NW
Judiciary Plaza
Washington, DC  20549

Re:  Rule 24f-2 Notice for Providian Life and Health Insurance Company Separate
        Account V
        "Personal Manager Variable Annuity"
        Investment Company Act File Number:
        811-6564
        Securities Act File Number:
        33-72838

Dear Sir or Madam:

It is my opinion that the securities issued in accordance with the captioned
filing and which this notice makes definite in number were legally issued and
fully paid and are nonassessable.

Very truly yours,

/s/ Kimberly A. Scouller

Kimberly A. Scouller
Assistant General Counsel



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