PROVIDIAN LIFE & HEALTH INSURANCE CO SEPARATE ACCOUNT V
24F-2NT, 1997-02-27
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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:  

     Providian Life and Health Insurance Company Separate Account V
     20 Moores Road
     Frazer, PA 19355
 
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  2. Name of each series or class of funds for which this notice is filed:

     Marquee Variable Annuity
 

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  3. Investment Company Act File Number: 

     811-6564

     Securities Act File Number: 

     33-79502
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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 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 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:   

     0 
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  8. Number and amount of securities registered during the fiscal year other 
     than pursuant to rule 24f-2:   

     0

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

      1,432 policies sold for $78,161,070
      $2,046,925 in dividends reinvested
      Total: $80,207,995

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<PAGE>
 
 
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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:

      1,432 policies sold for $78,161,070
      $2,046,925 in dividends reinvested
      Total: $80,207,995

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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):
        
      0  
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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):                                     $80,207,995
                                                                ----------- 

      (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):                                        -$4,201,363
                                                                -----------

      (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):                                        $76,006,632 
                                                                -----------

      (vi)  Multiplier prescribed by Section 6(b) of
            the Securities Act of 1933 or other applicable 
            law or regulation (see Instruction C.6):            x 1/3300
                                                                ----------

      (vii) Fee due [line (i) or line (v) multiplied by
            line (vi)]:                                         $23,032.31 
                                                                ==========
                                                                      
  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).

                                                                   [X]

      Date of mailing or wire transfer of filing fees to the Commission's
      lockbox depository: 

      February 26, 1997

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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/ Kimberly A. Scouller

          Kimberly A. Scouller
          Assistant Secretary


      Date  February 27, 1997
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Providian Life and Health Insurance Company
400 West Market Street
PO Box 32830
Louisville, Kentucky  40232

502-560-3898

February 27, 1997

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
     "Marquee Variable Annuity"
     Investment Company Act File Number:
     811-6564
     Securities Act File Number:
     33-79502


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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