SEPARATE ACCOUNT A OF FIRST FORTIS LIFE INS CO, 485BPOS, 1998-04-30

SEPARATE ACCOUNT A OF FIRST FORTIS LIFE INS CO
485BPOS, 1998-04-30

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<PAGE>

As filed with the Securities and Exchange Commission on April 28, 1998
Registration Nos. 33-71688
811-8154-01

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

-----------------------------------
FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

POST-EFFECTIVE AMENDMENT NO. 7

AND/OR

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

AMENDMENT NO. 18

SEPARATE ACCOUNT A
OF
FIRST FORTIS LIFE INSURANCE COMPANY
(Exact Name of Registrant)

-----------------------------------

FIRST FORTIS LIFE INSURANCE COMPANY
(Name of Depositor)
220 Salina Meadows Parkway
Syracuse, New York 13212
(Address of Depositor's Principal Executive Offices)

Depositor's Telephone Number, including Area Code:
315-451-0066

-----------------------------------

DAVID A. PETERSON, ESQ.
500 Bielenberg Drive
Woodbury, Minnesota 55125
(Name and Address of Agent for Service)
<PAGE>

Approximate Date of Proposed Public Offering: As soon as practicable after the
effective date of this Registration Statement.

-----------------------------------

It is proposed that this filing will be come effective (check appropriate box):

immediately upon filing pursuant to paragraph (b) of Rule 485.
---

X on May 1, 1998 pursuant to paragraph (b) of Rule 485.
---

60 days after filing pursuant to paragraph (a)(1) of Rule 485.
---

On May 1, 1998 pursuant to paragraph (a)(1) of Rule 485.
---

If appropriate, check the following box:

This post effective amendment designates a new effective date for a
--- previously filed post effective amendment.

-----------------------------------
<PAGE>

VARIABLE ACCOUNT A OF
FIRST FORTIS LIFE INSURANCE COMPANY

Cross Reference Sheet Showing Location
of Information in Prospectus or
STATEMENT OF ADDITIONAL INFORMATION

Form N-4 Prospectus Caption
- -------- ------------------

1. Cover Page Cover Page

2. Definitions Special Terms Used in This Prospectus

3. Synopsis of Highlights Summary; Information concerning
fees and charges

4. Condensed Financial Summary -- Financial information
Information

5. General Description of Summary--Separate Account Investment
Registrant, Depositor Options; First Fortis and the
and Portfolio Companies Separate Account; Fixed Account

6. Deductions Summary--Charges and Deductions; Charges
and Deductions

7. General Description of Variable Accumulation Period; General Provisions
Annuity Contracts

8. Annuity Period The Annuity Period

9. Death Benefit Summary--Death Benefit; Accumulation
Period -- Benefit Payable on Death of
Annuitant or Contract Owner

10. Purchases and Contract Value Accumulation Period -- Issuance of a
Contract and Purchase Payments--
Contract Value

11. Redemptions Summary--Total and Partial Surrenders;
Accumulation Period-- Total and Partial
Surrenders

12. Taxes Summary--Tax Implications; Federal Tax
Matters
<PAGE>

PROSPECTUS OR
STATEMENT OF ADDITIONAL
FORM N-4 INFORMATION CAPTION
- -------- -----------------------
(cont'd.)

13. Legal Proceedings None

14. Table of Contents of the Contents of the Statement of Additional
Statement of Additional Information
Information

15. Cover Page Cover Page

16. Table of Contents Table of Contents

17. General Information and First Fortis Life Insurance Company
History

18. Services Services

19. Purchases of Securities Reduction of Charges
Being Offered

20. Underwriters Services

21. Calculation of Performance Appendix A
Data

22. Annuity Payments Calculation of Annuity Payments

23. Financial Statements Financial Statements
<PAGE>
FIRST FORTIS
OPPORTUNITY
VARIABLE
ANNUITY
Individual Flexible
Premium Deferred
Variable Annuity Contract

PROSPECTUS DATED
May 1, 1998

FORTIS-Registered Trademark-

FIRST FORTIS LIFE INSURANCE COMPANY
MAILING ADDRESS: STREET ADDRESS: PHONE:
P.O. BOX 3249 220 SALINA MEADOWS PARKWAY 1-800-745-8248
SYRACUSE, NY 13220 SUITE 255
SYRACUSE, NY 13212

This Prospectus describes an individual flexible premium deferred variable
annuity contract ("Contract") issued by First Fortis Life Insurance Company
("First Fortis"). The minimum initial or subsequent purchase payment is
generally $50.

The Contract allows you to accumulate funds on a tax-deferred basis. Contract
Owners may elect a guaranteed interest accumulation option through First Fortis'
Fixed Account or a variable return accumulation option through Separate Account
A (the "Separate Account") of First Fortis Life Insurance Company, or a
combination of these two options. Under the variable rate accumulation option,
Contract Owners can choose one or more of the following investment Portfolios of
Fortis Series Fund, Inc. ("Fortis Series"): Money Market Series, U.S. Government
Securities Series, Diversified Income Series, Global Bond Series, High Yield
Series, Asset Allocation Series, Global Asset Allocation Series, Value Series,
Growth & Income Series, S&P 500 Index Series, Blue Chip Stock Series, Growth
Stock Series, Global Growth Series, International Stock Series, Aggressive
Growth Series, Small Cap Value Series, Mid Cap Stock Series and Large Cap Growth
Series. The accompanying Prospectus for Fortis Series describes the investment
objectives, policies and risks of each of the Portfolios.

The Contract provides several different types of retirement and death benefits
to Contract Owners, Annuitants or their Beneficiaries, including fixed and
variable annuity income options. Contract Owners may, under certain
circumstances, make partial surrenders of the Contract Value or may totally
surrender the Contract for its Cash Surrender Value.

You have the right to examine a Contract for ten days from the time you receive
the Contract and return it for a refund of the full Contract Value.

This Prospectus gives prospective investors information about the Contracts that
they should know before investing. This Prospectus must be accompanied by a
current Prospectus of Fortis Series Fund, Inc. Both Prospectuses should be read
carefully and kept for future reference.

A Statement of Additional Information, dated May 1, 1998, about the Contracts
has been filed with the Securities and Exchange Commission and is available
without charge, from First Fortis at the address and phone number printed above.
The Table of Contents for the Statement of Additional Information appears on
page 19 of this Prospectus.

THESE CONTRACTS ARE NOT OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY BANK,
CREDIT UNION, BROKER-DEALER OR OTHER FINANCIAL INSTITUTION. THEY ARE NOT
FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL
RESERVE BOARD, OR ANY OTHER AGENCY; AND INVOLVE INVESTMENT RISKS, INCLUDING THE
POSSIBLE LOSS OF PRINCIPAL.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION, NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

97103 (Ed. 5/98)

<PAGE>
TABLE OF CONTENTS

<TABLE>
<CAPTION>
PAGE
<S> <C>
SPECIAL TERMS USED IN THIS PROSPECTUS................................................................... 3
INFORMATION CONCERNING FEES AND CHARGES................................................................. 4
SUMMARY................................................................................................. 6
FIRST FORTIS AND THE SEPARATE ACCOUNT................................................................... 7
- First Fortis Life Insurance Company............................................................... 7
- The Separate Account.............................................................................. 8
- Fortis Series Fund, Inc........................................................................... 8
ACCUMULATION PERIOD..................................................................................... 8
- Issuance of a Contract and Purchase Payments...................................................... 8
- Contract Value.................................................................................... 9
- Allocation of Purchase Payments and Contract Value................................................ 10
- Total and Partial Surrenders...................................................................... 10
- Benefit Payable on Death of Annuitant or Contract Owner........................................... 11
THE ANNUITY PERIOD...................................................................................... 11
- Annuity Commencement Date......................................................................... 11
- Commencement of Annuity Payments.................................................................. 11
- Relationship Between Subaccount Investment Performance and Amount of Variable Annuity Payments.... 12
- Annuity Forms..................................................................................... 12
- Death of Annuitant or Other Payee................................................................. 12
CHARGES AND DEDUCTIONS.................................................................................. 12
- Premium Taxes..................................................................................... 12
- Annual Administrative Charge...................................................................... 13
- Charges Against the Separate Account.............................................................. 13
- Surrender Charge.................................................................................. 13
- Miscellaneous..................................................................................... 14
- Reduction of Charges.............................................................................. 14
FIXED ACCOUNT........................................................................................... 14
- General Description............................................................................... 14
- Fixed Account Value............................................................................... 14
- Fixed Account Transfers, Total and Partial Surrenders............................................. 14
GENERAL PROVISIONS...................................................................................... 14
- The Contract...................................................................................... 14
- Postponement of Payments.......................................................................... 15
- Misstatement of Age or Sex and Other Errors....................................................... 15
- Assignment and Ownership Rights................................................................... 15
- Beneficiary....................................................................................... 15
- Reports........................................................................................... 15
RIGHTS RESERVED BY FIRST FORTIS......................................................................... 15
DISTRIBUTION............................................................................................ 16
FEDERAL TAX MATTERS..................................................................................... 16
VOTING PRIVILEGES....................................................................................... 18
STATE REGULATION........................................................................................ 19
LEGAL MATTERS........................................................................................... 19
CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION......................................................... 19
APPENDIX A--Sample Death Benefit Calculations........................................................... A-1
APPENDIX B--Explanation of Expense Calculations......................................................... B-1
</TABLE>

THE CONTRACTS ARE NOT AVAILABLE IN ALL STATES. THIS PROSPECTUS DOES NOT
CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT
LAWFULLY BE MADE. FIRST FORTIS DOES NOT AUTHORIZE ANY INFORMATION OR
REPRESENTATION REGARDING THE OFFERING DESCRIBED IN THIS PROSPECTUS WHICH IS NOT
INCLUDED IN THIS PROSPECTUS, THE RELATED STATEMENT OF ADDITIONAL INFORMATION, OR
ANY SUPPLEMENTS THERETO OR IN ANY SUPPLEMENTAL SALES MATERIAL AUTHORIZED BY
FIRST FORTIS.
<PAGE>
SPECIAL TERMS USED IN THIS PROSPECTUS

<TABLE>
<S> <C>
ACCUMULATION PERIOD The time period under a Contract between the Contract Date and the Annuity Period.
ACCUMULATION UNIT A unit of measure used to calculate the interest of the Contract Owner in the Separate
Account during the Accumulation Period.
ANNUITANT A person during whose life annuity payments are to be made by First Fortis under the
Contract.
ANNUITY COMMENCEMENT The date on which the Annuity Period commences.
DATE
ANNUITY PERIOD The time period following the Accumulation Period, during which annuity payments are
made by First Fortis.
ANNUITY UNIT A unit of measurement used to calculate variable annuity payments.
BENEFICIARY The person entitled to receive benefits under the terms of the Contract.
CASH SURRENDER VALUE The amount payable to the Contract Owner on surrender of the Contract after deduction
of all applicable charges.
CONTRACT OWNER The person named in the application as the Contract Owner, or any successor Contract
Owner. Unless otherwise named, the Annuitant is the Contract Owner.
CONTRACT DATE The date on which the Contract was issued. Contract years are measured from the
Contract Date.
CONTRACT VALUE The sum of the Fixed Account Value and the Separate Account Value.
FIVE YEAR ANNIVERSARY The fifth anniversary of a Contract Date, and each subsequent fifth anniversary of
that date.
FIXED ACCOUNT The name of the alternative under which purchase payments are allocated to First
Fortis' General Account.
FIXED ACCOUNT VALUE The amount of your Contract Value which is in the Fixed Account.
FIXED ANNUITY OPTION An annuity option under which First Fortis promises to pay the Annuitant or any other
properly designated payee one or more fixed payments.
FORTIS GROUP FUNDS All publicly-available mutual funds advised by Fortis Advisers, Inc. (other than
Fortis Money Portfolios, Inc.). Currently, these mutual funds are: Fortis Worldwide
Portfolios, Inc., Fortis Equity Portfolios, Inc., Fortis Growth Fund, Inc., Fortis
Fiduciary Fund, Inc., Fortis Tax-Free Portfolios, Inc., Fortis Income Portfolios,
Inc., and Fortis Advantage Portfolios, Inc.
FORTIS SERIES The Fortis Series Fund, Inc., a diversified, open-end management investment company in
which the Separate Account invests.
GENERAL ACCOUNT All assets of First Fortis other than those in the Separate Account, or in any other
legally segregated separate account established by First Fortis.
HOME OFFICE Our office at 220 Salina Meadows Parkway, Suite 255, Syracuse, New York;
1-800-745-8248; Mailing address: P.O. Box 3249, Syracuse, NY 13220.
NET PURCHASE PAYMENT The gross amount of a purchase payment less any applicable premium taxes or similar
governmental assessments.
NON-QUALIFIED CONTRACTS Contracts that do not qualify for the special federal income tax treatment applicable
in connection with certain retirement plans.
PORTFOLIO Each separate investment portfolio of Fortis Series eligible for investment by the
Separate Account.
QUALIFIED CONTRACTS Contracts that are qualified for the special federal income tax treatment applicable
in connection with certain retirement plans.
SEPARATE ACCOUNT The segregated asset account referred to as Separate Account A of First Fortis Life
Insurance Company established to receive and invest purchase payments made under
Contracts.
SEPARATE ACCOUNT VALUE The amount of your Contract Value in the Subaccounts of the Separate Account.
SUBACCOUNTS The several Subaccounts of the Separate Account, each of which invests its assets in a
different Portfolio.
VALUATION DATE Each business day of First Fortis except, with respect to any Subaccount, days on
which the related Portfolio does not value its shares. Generally, the Portfolios value
their shares on each day the New York Stock Exchange is open.
VALUATION PERIOD The period that starts at the close of regular trading on the New York Stock Exchange
on a Valuation Date and ends at the close of regular trading on the exchange on the
next succeeding Valuation Date.
VARIABLE ANNUITY OPTION An annuity option under which First Fortis promises to pay the Annuitant or any other
properly designated payee one or more payments which vary in amount in accordance with
the net investment experience of the Subaccounts selected by the Annuitant.
WRITTEN REQUEST A written, signed and dated request, in form and substance satisfactory to First
Fortis and received at our Home Office.
</TABLE>

3
<PAGE>
INFORMATION CONCERNING FEES AND CHARGES

CONTRACT OWNER TRANSACTION EXPENSES

<TABLE>
<S> <C>
Front End Sales Charge Imposed on Purchases....... 0%
Maximum Surrender Charge for Sales Expenses (as a
percentage of purchase payments)................. 5%(1)
</TABLE>

<TABLE>
<CAPTION>
YEARS SINCE
DATE OF
PAYMENT AMOUNT OF CHARGE
- -------------- ----------------
<S> <C>
Less than 5 5%
5 or more 0%
</TABLE>

<TABLE>
<S> <C>
Other Surrender Fees....................... 0%
Exchange Fee............................... 0%
ANNUAL CONTRACT ADMINISTRATION CHARGE............. $ 30(2)
SEPARATE ACCOUNT EXPENSES (AS A PERCENTAGE OF
AVERAGE ACCOUNT VALUE)

Mortality and Expense Risk Charge.......... 1.25%
Separate Account Administrative Charge..... .10%
---
Total Separate Account Annual Expenses... 1.35%
</TABLE>

- ------------------------
(1) This charge does not apply in certain cases such as partial surrenders each
year of up to 10% of "new purchase payments" as defined under the heading
"surrender charge" or, payment of a death benefit.

(2) This charge, which is otherwise applied at each Contract anniversary and
total surrender of the Contract, will not be charged during the Accumulation
Period if the Contract Value as of such anniversary or surrender is $25,000
or more. Currently, First Fortis waives this charge during the Annuity
Period. This charge is also subject to any applicable limitations under the
law of any state.

FORTIS SERIES ANNUAL EXPENSES (A)

<TABLE>
<CAPTION>
U.S. Global
Money Government Diversified Global High Asset Asset Growth &
Market Securities Income Bond Yield Allocation Allocation Value Income
Series Series Series Series Series Series Series Series Series
------ ---------- ----------- ------ ------ ---------- ---------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investment Advisory and
Management Fee............... 0.30% 0.47% 0.47% 0.75% 0.50% 0.90% 0.48% 0.70% 0.65%
Other Expenses................ 0.08% 0.07% 0.08% 0.35% 0.12% 0.26% 0.05% 0.13% 0.05%
Total Fortis Series Operating
Expenses..................... 0.38% 0.54% 0.55% 1.10% 0.62% 1.16% 0.53% 0.83% 0.70%
</TABLE>

<TABLE>
<CAPTION>
Mid Small Large
S&P 500 Blue Chip International Cap Cap Global Cap Growth Aggressive
Index Stock Stock Stock Value Growth Growth Stock Growth
Series Series Series Series Series Series Series Series Series
------- --------- ------------- ------ ------ ------ ------ ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investment Advisory and
Management Fee............... 0.40% 0.90% 0.85% 0.90% 0.90% 0.70% 0.90% 0.61% 0.69%
Other Expenses................ 0.11% 0.12% 0.23% 0.20% 0.20% 0.09% 0.20% 0.05% 0.07%
Total Fortis Series Operating
Expenses..................... 0.51% 1.02% 1.08% 1.10% 1.10% 0.79% 1.10% 0.66% 0.76%
</TABLE>

- ------------------------------

(a) As a percentage of Series average net assets based on 1997 historical data
except that for Small Cap Value Series, Mid Cap Stock Series and Large Cap
Growth Series these amounts are based upon estimates for their current
fiscal year.

4
<PAGE>
EXAMPLES*

If you SURRENDER your Contract in full at the end of any of the time periods
shown below, you would pay the following cumulative expenses on a $1,000
investment, assuming a 5% annual return on assets:

<TABLE>
<CAPTION>
IF ALL AMOUNTS ARE INVESTED IN ONE PORTFOLIO: 1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Money Market Series....................................... 63 99 139 203
U.S. Government Securities Series......................... 64 104 147 220
Diversified Income Series................................. 64 104 147 221
Global Bond Series........................................ 70 121 175 277
High Yield Series......................................... 65 107 151 229
Global Asset Allocation Series............................ 71 126 183 294
Asset Allocation Series................................... 64 104 146 219
Value Series.............................................. 67 113 161 250
Growth & Income Series.................................... 66 109 155 237
S&P 500 Index Series...................................... 64 103 145 217
Blue Chip Stock Series.................................... 69 119 171 269
International Stock Series................................ 70 120 174 275
Mid Cap Stock Series...................................... 70 121 175 277
Small Cap Value Series.................................... 70 121 175 277
Global Growth Series...................................... 67 112 159 246
Large Cap Growth Series................................... 70 121 175 277
Growth Stock Series....................................... 65 108 153 233
Aggressive Growth Series.................................. 66 111 158 243
</TABLE>

If you COMMENCE AN ANNUITY payment option, or do NOT surrender your Contract,
you would pay the following cumulative expenses on a $1,000 investment, assuming
a 5% annual return on assets:

<TABLE>
<CAPTION>
IF ALL AMOUNTS ARE INVESTED IN ONE PORTFOLIO: 1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Money Market Series....................................... 18 54 94 203
U.S. Government Securities Series......................... 19 59 102 220
Diversified Income Series................................. 19 59 102 221
Global Bond Series........................................ 25 76 130 277
High Yield Series......................................... 20 62 106 229
Global Asset Allocation Series............................ 26 81 138 294
Asset Allocation Series................................... 19 59 101 219
Value Series.............................................. 22 68 116 250
Growth & Income Series.................................... 21 64 110 237
S&P 500 Index Series...................................... 19 58 100 217
Blue Chip Stock Series.................................... 24 74 126 269
International Stock Series................................ 25 75 129 275
Mid Cap Stock Series...................................... 25 76 130 277
Small Cap Value Series.................................... 25 76 130 277
Global Growth Series...................................... 22 67 114 246
Large Cap Growth Series................................... 25 76 130 277
Growth Stock Series....................................... 20 63 108 233
Aggressive Growth Series.................................. 21 66 113 243
</TABLE>

- ------------------------

* For purposes of these examples, the effect of the annual Contract
administration charge has been computed based on the experience of an
affiliated company.

------------------------------

THE EXAMPLES SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES, AND ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.

The foregoing tables and examples, prescribed by the SEC, are included to assist
Contract Owners in understanding the transaction and operating expenses imposed
directly or indirectly under the Contracts and Fortis Series. Amounts for state
premium taxes or similar assessments will also be deducted, where applicable.

See Appendix B for an explanation of the calculation of the amounts set forth
above.

5
<PAGE>
SUMMARY

The following summary should be read in conjunction with the detailed
information in this Prospectus. This Prospectus generally describes only the
portion of the Contract involving the Separate Account. For a brief description
of First Fortis' Fixed Account, please refer to the heading "Fixed Account" in
this Prospectus.

The Contract is designed to provide individuals with retirement benefits through
the accumulation of Net Purchase Payments on a fixed or variable basis, and by
the application of such accumulations to provide fixed or variable annuity
payments.

"We," "our," and "us" mean First Fortis Life Insurance Company. "You" and "your"
mean a reader of this Prospectus who is contemplating making purchase payments
or taking any other action in connection with a Contract.

PURCHASE PAYMENTS

For individual Contracts, each initial or subsequent purchase payment must be at
least $50. For contracts issued in connection with a benefit plan covering
employees, the initial and subsequent purchase payments under each Contract must
at all times average at least $50 and in no case be less than $25. No additional
purchase payments are required, if the Contract Value is at least $500 by the
end of the first Contract year and at least $1,000 by the end of second Contract
year and at all times thereafter. See "Issuance of a Contract and Purchase
Payments."

On the Contract Date, the initial purchase payment is allocated, as specified by
the Contract Owner in the Contract application, among one or more of the
Subaccounts of the Separate Account, or to the Fixed Account, or to both.
Subsequent purchase payments are allocated in the same way, or pursuant to
different allocation percentages that the Contract Owner may subsequently
request.

SEPARATE ACCOUNT INVESTMENT OPTIONS

Each of the Subaccounts of the Separate Account invests in shares of a
corresponding Portfolio of Fortis Series. The investment objective of each of
the Subaccounts of the Separate Account and that of the corresponding Portfolio
of Fortis Series is the same.

Contract Value in each of the Subaccounts of the Separate Account will vary to
reflect the investment experience of each of the corresponding Series, as well
as deductions for certain charges.

Each Portfolio has a separate and distinct investment objective and is managed
by Fortis Advisers, Inc. or a subadviser of Fortis Advisers, Inc. For providing
investment management services to the Portfolios, Fortis Advisers, Inc. receives
fees from Fortis Series based on the average daily net assets of each Portfolio.
The Portfolios also bear most of their other expenses. A full description of the
Portfolios and their investment objectives, policies and risks can be found in
the current Prospectus for Fortis Series, which accompanies this Prospectus, and
Fortis Series' Statement of Additional Information, which is available upon
request from First Fortis at the address and phone number on the cover of this
Prospectus.

TRANSFERS

During the Accumulation Period, you can transfer all or part of your Contract
Value from one Subaccount to another or into the Fixed Account. Additionally,
during the accumulation period we may, in our discretion, permit a continuing
request for transfers of specified amounts automatically on a periodic basis.
There is currently no charge for any of these transfers. We reserve the right to
restrict the frequency of or otherwise condition, terminate, or impose charges
upon, transfers from a Subaccount during the Accumulation Period. During the
Annuity Period the person receiving annuity payments may make up to four
transfers (but not from a Fixed Annuity Option) during each year of the Annuity
Period. For a description of certain limitations on transfer rights, see
"Allocations of Purchase Payments and Contract Values--Transfers."

TOTAL OR PARTIAL SURRENDERS

All or part of the Contract Value of a Contract may be surrendered by the
Contract Owner before the earlier of the Annuitant's death or the Annuity
Commencement Date. Amounts surrendered may be subject to a surrender charge and
total surrenders may not be made without application of the annual
administrative charge if the Contract Value is less than $25,000. See "Total and
Partial Surrenders," "Surrender Charge" and "Annual Administrative Charge."
Particular attention should be paid to the tax implications of any surrender,
including possible penalties for premature distributions. See "Federal Tax
Matters."

CHARGES AND DEDUCTIONS

First Fortis deducts daily charges at a rate of 1.25% per annum of the value of
the average net assets in the Separate Account for the mortality and expense
risks it assumes and .10% per annum of the value of the average net assets in
the Separate Account to cover certain administrative expenses. See "Mortality
and Expense Risk Charge" and "Administrative Expense Charge" under the heading
"Charges Against the Separate Account."

In order to permit investment of the entire Net Purchase Payment, First Fortis
does not deduct sales charges at the time of investment. However, a surrender
charge is imposed on certain total or partial surrenders of the Contract to help
defray expenses relating to the sale of the Contract, including commissions to
registered representatives and other promotional expenses. Certain amounts may
be surrendered without the imposition of any surrender charge. The amount of
such charge-free surrender depends on how recently the purchase payments to
which the surrender relates were made. The aggregate surrender charges will
never exceed 5% of the purchase payments made to date.

There is also an annual administrative charge each year for Contract
administration and maintenance. This charge is $30 per year (subject to any
applicable state law limitations) and is deducted on each anniversary of the
Contract Date and upon total surrender of the Contract. Currently, this charge
is not deducted during the Annuity Period. This charge will be waived during the
Accumulation Period if the Contract Value at the end of the Contract year (or
upon total surrender) is $25,000 or more.

Certain states and other jurisdictions impose premium taxes or similar
assessments upon First Fortis, either at the time purchase payments are made or
when Contract Value is applied to an annuity option. Where such taxes or
assessments are imposed by your state or other jurisdiction upon receipt of
purchase payments, we will deduct a charge for these amounts from the Contract
Value upon surrender, death of the Annuitant or Contract Owner, or annuitization
of the Contract. In jurisdictions where such taxes or assessments are imposed at
the time of annuitization, we will deduct a charge for such amounts at that
time.

6
<PAGE>
ANNUITY PAYMENTS

The Contract provides several types of annuity benefits to Annuitants or their
Beneficiaries, including Fixed and Variable Annuity Options. The Contract Owner
has considerable flexibility in choosing the Annuity Commencement Date. However,
the tax implications of an Annuity Commencement Date must be carefully
considered, including the possibility of penalties for commencing benefits
either too soon or too late. See "Annuity Commencement Date," "Annuity Forms"
and "Federal Tax Matters" in this Prospectus and "Taxation Under Certain
Retirement Plans" in the Statement of Additional Information.

DEATH BENEFIT

In the event that the Annuitant or Contract Owner dies prior to the Annuity
Commencement Date, a death benefit is payable. See "Benefit Payable on Death of
Annuitant or Contract Owner."

RIGHT TO EXAMINE THE CONTRACT

The Contract Owner has a right to examine the Contract. The Contract Owner can
cancel the Contract by delivering or mailing it, together with a Written
Request, to First Fortis' Home Office or to the sales representative through
whom it was purchased, before the close of business on the tenth day after
receipt of the Contract. If these items are sent by mail, properly addressed and
postage prepaid, they will be deemed to be received by First Fortis on the date
postmarked. First Fortis will return to you the then current Contract Value.

LIMITATIONS IMPOSED BY RETIREMENT PLANS

Certain rights a Contract Owner would otherwise have under a Contract may be
limited by the terms of any employee benefit plan in connection with which the
Contract is issued. These limitations may restrict such things as total and
partial surrenders, the amount or timing of purchase payments that may be made,
when annuity payments must start and the type of annuity options that may be
selected. Accordingly, you should familiarize yourself with these and all other
aspects of any retirement plan in connection with which a Contract is issued.

TAX IMPLICATIONS

The tax implications for Contract Owners, Annuitants and Beneficiaries, and
those of any related employee benefit plan can be quite important. A brief
discussion of some of these is set out under "Federal Tax Matters" in this
Prospectus and "Taxation Under Certain Retirement Plans" in the Statement of
Additional Information, but such discussion is not comprehensive. Therefore, you
should consider these matters carefully and consult a qualified tax adviser
before making purchase payments or taking any other action in connection with a
Contract or any related employee benefit plan. Failure to do so could result in
serious adverse tax consequences which might otherwise have been avoided.

QUESTIONS AND OTHER COMMUNICATIONS

Any question about procedures or the Contract should be directed to your sales
representative, or First Fortis' Home Office: P.O. Box 3249, Syracuse, NY 13220;
1-800-745-8248. For certain current information relating to Contract Values such
as Subaccount unit values, interest rates in the Fixed Account, and your
Contract Value, call 1-800-745-8248. Purchase payments and Written Requests
should be mailed or delivered to the same Home Office address. All
communications should include the Contract number, the Contract Owner's name
and, if different, the Annuitant's name. The number for telephone transfers is
1-800-745-8248.

Any purchase payment or other communication, except a 10-day cancellation
notice, is deemed received at First Fortis' Home Office on the actual date of
receipt there in proper form unless received (1) after the close of regular
trading on the New York Stock Exchange, or (2) on a date that is not a Valuation
Date. In either of these two cases, the date of receipt will be deemed to be the
next Valuation Date.

------------------------

FINANCIAL AND PERFORMANCE INFORMATION

The information presented below represents the Accumulation Unit Information for
subaccounts of the Separate Account through December 31, 1997. Accumulation
Units have been rounded to the nearest whole unit.

<TABLE>
<CAPTION>
U.S. GOV'T DIVERSIFIED
MONEY MARKET SECURITIES INCOME GLOBAL BOND HIGH YIELD
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
DECEMBER 31, 1997
Accumulation Units in Force... 170,961 12,970 148,631 5,883 47,286
Accumulation Unit Value....... $1.474 $17.149 $1.963 $11.837 $12.917
DECEMBER 31, 1996
Accumulation Units in Force... 31,800 427 20,649 1,347 9,846
Accumulation Unit Value....... 1.418 15.935 1.801 11.961 11.928
MAY 1, 1996*
Accumulation Unit Value....... $10,000 $10,000 $10,000 $10,000 $10,000

<CAPTION>
GLOBAL ASSET ASSET GROWTH & S&P
ALLOCATION ALLOCATION VALUE INCOME 500
------------ ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
DECEMBER 31, 1997
Accumulation Units in Force... 25,317 542,582 55,753 137,613 96,726
Accumulation Unit Value....... $14.433 $2.809 $13.651 $19.487 $14.786
DECEMBER 31, 1996
Accumulation Units in Force... 7,591 63,004 15,690 14,412 5,144
Accumulation Unit Value....... 12.88 2.368 11.048 15.468 11.326
MAY 1, 1996*
Accumulation Unit Value....... $10,000 $10,000 $10,000 $10,000 $10,000

<CAPTION>
BLUE INTERNATIONAL GLOBAL AGGRESSIVE
CHIP STOCK GROWTH GROWTH STOCK GROWTH
------------ ------------ ------------ ------------- ------------
DECEMBER 31, 1997
Accumulation Units in Force... 74,226 36,305 47,369 240,842 47,583
Accumulation Unit Value....... $14.429 $14.021 $19.507 $3.296 $13.241
DECEMBER 31, 1996
Accumulation Units in Force... 9,457 10,999 6,899 70,686 14,449
Accumulation Unit Value....... 11.520 12.690 18.510 2.971 13.232
MAY 1, 1996*
Accumulation Unit Value....... $10,000 $10,000 $10,000 $10,000 $10,000
</TABLE>

- ----------------------------------------
* Accumulation Unit Value at date of initial registration effectiveness.

Audited financial statements of the Separate Account and First Fortis are
included in the Statement of Additional Information.

Advertising and other sales materials may include yield and total return figures
for the Subaccounts of the Separate Account. These figures are based on
historical results and are not intended to indicate future performance. "Yield"
is the income generated by an investment in the Subaccount over a period of time
specified in the advertisement. This rate of return is assumed to be earned over
a full year and is shown as a percentage of the investment. "Total return" is
the total change in value of an investment in the Subaccount over period of time
specified in the advertisement. The rate of return shown would produce that
change in value over the specified period, if compounded annually. Yield figures
do not reflect the surrender charge and yield and total return figures do not
reflect premium tax charges. This makes the performance shown more favorable.

FIRST FORTIS AND THE SEPARATE ACCOUNT

FIRST FORTIS LIFE INSURANCE COMPANY

First Fortis Life Insurance Company, the issuer of the Policies, was founded in
1971. At the end of 1997, First Fortis had approximately $xx billion of total
life insurance in force. First Fortis is a New York corporation and is qualified
to sell life insurance and annuity con-
tracts in New York. First Fortis is a wholly-owned subsidiary of Fortis,

7
<PAGE>
Inc., which is itself indirectly owned 50% by Fortis AMEV and 50% by Fortis AG.
Fortis, Inc. manages the United States operations for these two companies.

First Fortis is affiliated with the Fortis Financial Group, a joint effort by
Fortis Benefits Life Insurance Company, Fortis Advisers, Inc., Fortis Investors,
Inc. and Fortis Insurance Company (formerly Time Insurance Company), offering
financial products through the management, marketing and servicing of mutual
funds, annuities, life insurance and disability income products.

Fortis AMEV is a diversified financial services company headquartered in
Utrecht, The Netherlands, where its insurance operations began in 1847. Fortis
AG is a diversified financial services company headquarted in Brussels, Belgium,
where its insurance operations began in 1824. Fortis AMEV and Fortis AG have
merged their operating companies under the trade name of Fortis. The Fortis
group of companies is active in insurance, banking and financial services, and
real estate development in The Netherlands, Belgium, the United States, Western
Europe, and the Pacific Rim. The Fortis group of companies has assets in excess
of $xxx billion.

All of the guarantees and commitments under the Contracts are general
obligations of First Fortis, regardless of whether the Contract Value has been
allocated to the Separate Account or to the Fixed Account. None of First Fortis'
affiliated companies has any legal obligation to back First Fortis' obligations
under the Contracts.

THE SEPARATE ACCOUNT

The Separate Account, which is a segregated investment account of First Fortis,
was established as Separate Account A by First Fortis pursuant to the insurance
laws of New York as of October 1, 1993. The assets allocated to the Separate
Account are the exclusive property of First Fortis. Although the Separate
Account is an integral part of First Fortis, the Separate Account is registered
with the Securities and Exchange Commission as a unit investment trust under the
Investment Company Act of 1940. Registration does not involve supervision of the
management or investment practices or policies of the Separate Account or of
First Fortis by the Securities and Exchange Commission.

All income, gains and losses, whether or not realized, from assets allocated to
the Separate Account are credited to or charged against the Separate Account
without regard to other income, gains or losses of First Fortis. Assets in the
Separate Account representing reserves and liabilities will not be chargeable
with liabilities arising out of any other business of First Fortis. First Fortis
may accumulate in the Separate Account proceeds from charges under variable
annuity contracts and other amounts in excess of the Separate Account assets
representing reserves and liabilities. First Fortis may from time to time
transfer to its General Account any of such excess amounts.

There are Subaccounts in the Separate Account. The assets in each Subaccount are
invested exclusively in a distinct class (or series) of stock issued by Fortis
Series, each of which represents a separate investment Portfolio within Fortis
Series. Income and both realized and unrealized gains or losses from the assets
of each Subaccount of the Separate Account are credited to or charged against
that Subaccount without regard to income, gains or losses from any other
Subaccount of the Separate Account or arising out of any other business we may
conduct. New Subaccounts may be added as new Portfolios are added to Fortis
Series and made available to Contract Owners. Correspondingly, if any Portfolios
are eliminated from Fortis Series, Subaccounts may be eliminated from the
Separate Account.

FORTIS SERIES FUND, INC.

Fortis Series is a "series" type of mutual fund which is registered with the
Securities and Exchange Commission as a diversified open-end management
investment company under the Investment Company Act of 1940. Fortis Series has
served as the investment medium for the Separate Account since the Separate
Account commenced operations.

First Fortis purchases and redeems Fortis Series' shares for the Separate
Account at their net asset value without the imposition of any sales or
redemption charges. Such shares represent interests in the Portfolios of Fortis
Series available for investment by the Separate Account. Each Portfolio
corresponds to one of the Subaccounts of the Separate Account. The assets of
each Portfolio are separate from the others and each Series operates as a
separate investment portfolio whose performance has no effect on the investment
performance of any other Portfolio.

Any dividend or capital gain distributions attributable to Contracts are
automatically reinvested in shares of the Portfolio from which they are received
at that Portfolio's net asset value on the date paid. Such dividends and
distributions will have the effect of reducing the net asset value of each share
of the corresponding Portfolio and increasing, by an equivalent value, the
number of shares outstanding of that Portfolio. However, the value of the
interests of Contract Owners, Annuitants and Beneficiaries in the corresponding
Subaccount will not change as a result of any such dividends and distributions.

The Portfolios of Fortis Series available for investment by the Separate Account
are Money Market Series, U.S. Government Securities Series, Diversified Income
Series, Global Bond Series, High Yield Series, Asset Allocation Series, Global
Asset Allocation Series, Value Series, Growth & Income Series, S&P 500 Index
Series, Blue Chip Stock Series, Growth Stock Series, Global Growth Series,
International Stock Series, Aggressive Growth Series, Small Cap Value Series,
Mid Cap Stock Series and Large Cap Growth Series. A full description of the
Portfolios, their investment policies and restrictions, their charges, the risks
attendant to investing in them, and other aspects of their operations is
contained in the Prospectus for Fortis Series accompanying this Prospectus and
in the Statement of Additional Information for Fortis Series referred to
therein. Additional copies of these documents may be obtained from your sales
representative or from our Home Office.

ACCUMULATION PERIOD

ISSUANCE OF A CONTRACT AND PURCHASE PAYMENTS

Persons wishing to purchase a Contract must complete an application and make an
initial purchase payment of at least $50. The application is forwarded to First
Fortis for processing. Acceptance is subject to underwriting and suitability
rules and procedures. First Fortis reserves the right to reject any application
for any reason.

Purchase payments which are remitted through an employer for multiple
employee-Annuitants must also be accompanied by information identifying the
proper Contracts and accounts to be credited with purchase payments.

8
<PAGE>
initial purchase payment will be returned unless the applicant consents to our
retaining the initial purchase payment and crediting it as of the end of the
Valuation Period in which the necessary requirements are fulfilled. Despite the
consent of the applicant, if the initial purchase payment still cannot be
credited within thirty Valuation Dates after receipt because the application or
issuing instructions are incomplete, the initial purchase payment will be
returned to the applicant.

The date that the initial purchase payment is applied to the purchase of the
Contract is the Contract Date. The Contract Date is the date used to determine
Contract years, regardless of when the Contract is delivered. The crediting of
investment experience in the Separate Account, or a fixed rate of return in the
Fixed Account, begins as of the Contract Date, even if that date is delayed due
to the application not being complete.

We will accept additional purchase payments at any time after the Contract Date
and prior to the Annuity Commencement Date, as long as the Annuitant is living.
Purchase payments (together with any required information identifying the proper
Contracts and accounts to be credited with purchase payments) must be
transmitted to our Home Office. Additional purchase payments are credited to the
Contract and added to the Contract Value as of the end of the Valuation Period
in which they are received.

Each additional purchase payment must be at least $50; except that, under
Contracts issued in connection with a benefit plan covering employees, it is
sufficient that all purchase payments under each Contract at all times average
$50. In no case, however, will a purchase payment be accepted if it is less than
$25, and we reserve the right to raise this minimum to not more than $100. The
total of all purchase payments for all Contracts having the same owner,
participant or annuitant may not exceed $1 million (not more than $500,000
allocated to the Fixed Account) without First Fortis' prior approval, and we
reserve the right to modify this limitation at any time.

Purchase payments in excess of the initial minimum may be made by monthly draft
against the bank account of any Contract Owner that has completed and returned
to us a special "Thrift-O-Matic" authorization form that may be obtained from
your sales representative or from our Home Office. Arrangements can also be made
for purchase payments by wire transfer, payroll deduction, military allotment,
direct deposit and billing. Purchase payments by check should be made payable to
First Fortis Life Insurance Company.

We may cancel a Contract if its Contract Value falls below $1,000. (Under our
current administrative procedures, however, we will not cancel a Contract during
the first two Contract years, if the Contract Value is at least $500 by the end
of the first Contract year.) We will provide the Contract Owner with 90 days'
written notice so that additional purchase payments may be made in order to
raise the Contract Value above the applicable minimum. Otherwise, we may cancel
the Contract as of the end of the Valuation Period which includes the next
anniversary of the Contract Date. Upon such cancellation, we will pay the
Contract Owner the full Contract Value. So long as the Contract Value remains
above $1,000, no additional purchase payments under a Contract are ever
required.

CONTRACT VALUE

Contract Value is the total of any Separate Account Value in all the Subaccounts
of the Separate Account pursuant to a Contract, plus any Fixed Account Value
under the Contract. For a discussion of how Fixed Account Value is calculated,
see "The Fixed Account."

There is no guaranteed minimum Separate Account Value. The Separate Account
Value will reflect the investment experience of the chosen Subaccounts of the
Separate Account, all purchase payments made, any partial surrenders, and all
charges assessed in connection with the Contract. Therefore, the Separate
Account Value changes from Valuation Period to Valuation Period. To the extent
Contract Value is allocated to the Separate Account, the Contract Owner bears
the entire investment risk.

DETERMINATION OF SEPARATE ACCOUNT VALUE. A Contract's Separate Account Value is
based on Accumulation Unit values, which are determined on each Valuation Date.
The value of an Accumulation Unit for a Subaccount on any Valuation Date is
equal to the previous value of that Subaccount's Accumulation Unit multiplied by
that Subaccount's net investment factor (discussed directly below) for the
Valuation Period ending on that Valuation Date. Net purchase payments applied to
a given Subaccount will be used to purchase Accumulation Units at the unit value
of that Subaccount next determined after receipt of a purchase payment. See
"Allocation of Purchase Payments and Contract Value--Allocation of Purchase
Payments."

At the end of any Valuation Period, a Contract's Separate Account Value in a
Subaccount is equal to:

- The number of Accumulation Units in the Subaccount;
times

- The value of one Accumulation Unit for that
Subaccount.

The number of Accumulation Units in each Subaccount is equal to:

- The initial Accumulation Units purchased on the
Contract Date; plus

- Accumulation Units purchased at the time that
additional Net Purchase Payments are allocated to the Subaccount; plus

- Accumulation Units purchased through transfers from
another Subaccount or from the Fixed Account; less

- Accumulation Units redeemed to pay for the portion of
any partial surrenders allocated to the Subaccount; less

- Accumulation Units redeemed as part of a transfer to
another Subaccount or to the Fixed Account; less

- Accumulation Units redeemed to pay charges under the
Contract.

NET INVESTMENT FACTOR. A Subaccount's net investment factor for a Valuation
Period is an index number that reflects certain charges to a Contract and the
investment performance of the Subaccount during the Valuation Period. If the net
investment factor is greater than one, the Subaccount's Accumulation Unit value
has increased. If the net investment factor is less than one, the Subaccount's
Accumulation Unit value has decreased. The net investment factor for a
Subaccount is determined by dividing (1) the net asset value per share of the
Portfolio shares held by the Subaccount, determined at the end of the current
Valuation Period, plus the per share amount of any dividend or capital gains
distribution made with respect to the Portfolio shares held by the Subaccount
during the current Valuation Period, minus a per share charge for the increase,
plus a per share credit for the decrease, in any income taxes assessed which we
determine to have resulted from the investment operations of the Subaccount or
any other taxes which are attributable to the Contract, by (2) the net asset
value per share of the Portfolio shares held in the Subaccount as

9
<PAGE>
determined at the end of the previous Valuation Period, and subtracting from
that result a factor representing the mortality risk, expense risk and
administrative expense charge.

ALLOCATION OF PURCHASE PAYMENTS AND CONTRACT VALUE

ALLOCATION OF PURCHASE PAYMENTS. In the application for a Contract, the Contract
Owner can allocate Net Purchase Payments, or portions thereof, to the available
Subaccounts of the Separate Account or to the Fixed Account, or both.
Percentages must be in whole numbers and the total allocation must equal 100%.
The percentage allocations for future Net Purchase Payments may be changed,
without charge, at any time by sending a Written Request to First Fortis' Home
Office. Changes in the allocation of future Net Purchase Payments will be
effective on the date we receive the Contract Owner's Written Request.

TRANSFERS. Transfers of Contract Value from one available Subaccount to another
or into the Fixed Account can be made by the Contract Owner by Written Request
to First Fortis' Home Office, or by telephone transfer as described below. There
is currently no charge for any transfer. All or part of the Contract Value in
one or more Subaccounts of the Separate Account may be transferred at one time.
We may in our discretion permit a continuing request for transfers automatically
and on a periodic basis. The only restriction on the frequency of transfers is a
prohibition of making transfers INTO the Fixed Account within six months of a
transfer out of the Fixed Account. Transfers of Contract Value FROM the Fixed
Account are restricted in both amount and timing. See "Fixed Account--Fixed
Account Transfers, Total and Partial Surrenders." We will count all transfers
between and among the Subaccounts of the Separate Account and the Fixed Account
as one transfer, if all the transfer requests are made at the same time as part
of one request. We will execute the transfers and determine all values in
connection with transfers as of the end of the Valuation Period in which we
receive the transfer request.

At the time an application for a Contract is completed, or at any subsequent
time, you may complete the Telephone Transfer Authorization Form. We will honor
telephone transfer instructions from any person who provides the correct
identifying information. First Fortis will not be responsible for, and you will
bear the risk of loss from, oral instructions, including fraudulent
instructions, which are reasonably believed to be genuine. We will employ
reasonable procedures to confirm that telephone instructions are genuine, but if
such procedures are not deemed reasonable, we may be liable for any losses due
to unauthorized or fraudulent instructions. Our procedures are to verify address
and social security number, tape record the telephone call, and provide written
confirmation of the transaction.

We may modify or terminate our telephone transfer procedures at any time. The
number for telephone transfers is 1-800-745-8248.

Certain restrictions on very substantial investments in any one Subaccount are
set forth under "Limitations on Allocations" in the Statement of Additional
Information.

TOTAL AND PARTIAL SURRENDERS

TOTAL SURRENDERS. The Contract Owner may surrender all of the Cash Surrender
Value at any time during the life of the Annuitant and prior to the Annuity
Commencement Date by a Written Request sent to First Fortis' Home Office. We
reserve the right to require that the Contract be returned to us prior to making
payment, although this will not affect our determination of the amount of the
Cash Surrender Value. Cash Surrender Value is the Contract Value at the end of
the Valuation Period during which the Written Request for the total surrender is
received by First Fortis at its Home Office, less any applicable surrender
charge and less any applicable administrative charge. For a discussion of these
charges and the circumstances under which they apply, see "Annual Administrative
Charge" and "Surrender Charge."

The written consent of all collateral assignees and irrevocable beneficiaries
must be obtained prior to any total surrender. Surrenders from the Separate
Account will generally be paid within seven days of the date of receipt by First
Fortis' Home Office of the Written Request. Postponement of payments may occur,
however, in certain circumstances. See "Postponement of Payment."

Since the Contract Owner assumes the investment risk with respect to amounts
allocated to the Separate Account, and because certain surrenders are subject to
a surrender charge, the amount paid upon total surrender of the Cash Surrender
Value (taking into account any prior partial surrenders) may be more or less
than the total Net Purchase Payments made. After a surrender of the Cash
Surrender Value or at any time the Contract Value is zero all rights of the
Contract Owner, Annuitant, and any Beneficiary, will terminate.

PARTIAL SURRENDERS. At any time prior to the Annuity Commencement Date and
during the lifetime of the Annuitant, you may surrender a portion of the Fixed
Account Value and/or the Separate Account Value by sending to First Fortis' Home
Office a Written Request. The minimum partial surrender amount is $500,
including any surrender charge. If the total Contract Value in both the Separate
Account and Fixed Account would be less than $1,000 after the partial surrender,
First Fortis will surrender the entire Cash Surrender Value under the Contract.
(Under our current administrative procedures, however, we will honor a surrender
request during the first two Contract years without regard to the remaining
Contract Value.)

In order for a request to be processed, the Contract Owner MUST specify from
which Subaccounts of the Separate Account or the Fixed Account a partial
surrender should be made and charges deducted.

We will surrender Accumulation Units from the Separate Account and/ or dollar
amounts from the Fixed Account so that the total amount of the partial surrender
equals the dollar amount of the partial surrender request plus any applicable
surrender charge. The partial surrender will be effective at the end of the
Valuation Period in which First Fortis receives the Written Request for partial
surrender at its Home Office. Payments will generally be made within seven days
of the effective date of such request, although certain delays are permitted.
See "Postponement of Payment."

The Internal Revenue Code provides that a penalty tax will be imposed on certain
premature surrenders. For a discussion of this and other tax implications of
total and partial surrenders, including withholding requirements, see "Federal
Tax Matters." Also, under tax deferred annuity Contracts pursuant to Section
403(b) of the Internal Revenue Code, no distributions of voluntary salary
reduction amounts will be permitted prior to one of the following events:
attainment of age 59 1/2 by the employee or the employee's separation from
service, death, disability or hardship. (Hardship distributions will be limited
to the lesser of the amount of the hardship or the amount of salary reduction
contributions, exclusive of earnings thereon.) This restriction does not apply
to amounts transferred to another investment alternative permitted under a
Section 403(b) retirement arrangement or to amounts attributable to premium
payments received prior to January 1, 1989.

10
<PAGE>
BENEFIT PAYABLE ON DEATH OF ANNUITANT OR CONTRACT OWNER

If the Annuitant or Contract Owner dies prior to the Annuity Commencement Date,
a death benefit will be paid to the Beneficiary. If more than one Annuitant has
been named, the death benefit payable upon the death of an Annuitant will only
be paid upon the death of the last survivor of the persons so named. The death
benefit will equal the greatest of (1), (2), or (3) as follows:

(1) the sum of all Net Purchase Payments made, less all prior surrenders
(other than any automatic surrenders made to pay the annual
administrative charge) and previously-imposed surrender charges,

(2) the Contract Value as of the date used for valuing the death benefit, or

(3) the Contract Value (less the amount of any subsequent surrenders and
surrender charges) as of the Contract's Five Year Anniversary immediately
preceding the earlier of (a) the date of death of either the Contract
Owner or the Annuitant, or (b) the date either first reaches his or her
75th birthday. (See Appendix A for sample death benefit calculations.)

The death benefit may be reduced by premium taxes where such taxes were imposed
upon receipt of purchase payments and were paid by First Fortis in behalf of the
Contract Owner. For further information, see "Charges and Deductions--Premium
Taxes."

The value of the death benefit is determined as of the end of the Valuation
Period in which we receive, at our Home Office, proof of death and the Written
Request as to the manner of payment. Upon receipt of these items, the death
benefit generally will be paid within seven days. Under certain circumstances,
payment of the death benefit may be postponed. See "Postponement of Payment." If
we do not receive a Written Request for a settlement method, we will pay the
death benefit in a single sum, based on values determined at that time.

The Beneficiary may (a) receive a single sum payment, which terminates the
Contract, or (b) select an annuity option. If the Beneficiary selects an annuity
option, he or she will have all the rights and privileges of an Annuitant under
the Contract. If the Beneficiary desires an annuity option, the election should
be made within 60 days of the date the death benefit becomes payable. Failure to
make a timely election can result in unfavorable tax consequences. For further
information, see "Federal Tax Matters."

We accept any of the following as proof of death: a copy of a certified death
certificate; a copy of a certified decree of a court of competent jurisdiction
as to the finding of death; a written statement by a medical doctor who attended
the deceased at the time of death.

If the Contract Owner dies before the Annuitant and before the Annuity
Commencement Date with respect to a Non-Qualified Contract, certain additional
requirements are mandated by the Internal Revenue Code, which are discussed
below under "Federal Tax Matters-- Required Distributions for Non-Qualified
Contracts." It is imperative that Written Notice of the death of the Contract
Owner be promptly transmitted to First Fortis at its Home Office, so that
arrangements can be made for distribution of the entire interest in the Contract
to the Beneficiary in a manner that satisfies the Internal Revenue Code
requirements. Failure to satisfy these requirements may result in the Contract
not being treated as an annuity contract for federal income tax purposes, which
could have adverse tax consequences.

THE ANNUITY PERIOD

ANNUITY COMMENCEMENT DATE

The Contract Owner may specify an Annuity Commencement Date in the application
not later than the Annuitant's 90th birthday. The Annuity Commencement Date
marks the beginning of the period during which an Annuitant receives annuity
payments under the Contract. The Annuity Commencement Date must be at least two
years after the Contract Date. However, We may allow an earlier Annuity
Commencement Date associated with certain annuitizations where the Contract is
purchased in conjunction with the purchase of a life insurance policy issued by
Us, if it fulfills certain other minimum guidelines established by Us, and the
annuity payments are designated to be applied to the payment of the premiums on
such life insurance policy.

Depending on the type of retirement arrangement in connection with which a
Contract is issued, amounts that are distributed either too soon or too late may
be subject to penalty taxes under the Internal Revenue Code. See "Federal Tax
Matters." You should consider this carefully in selecting or changing an Annuity
Commencement Date.

In order for the Contract Owner to advance or defer the Annuity Commencement
Date, the Contract Owner must submit a Written Request during the Annuitant's
lifetime. The request must be received at our Home Office at least 30 days
before the then-scheduled Annuity Commencement Date. The new Annuity
Commencement Date must also be at least 30 days after the Written Request is
received. There is no right to make any total or partial surrender during the
Annuity Period.

COMMENCEMENT OF ANNUITY PAYMENTS

If the Contract Value at the end of the Valuation Period which contains the
Annuity Commencement Date is less than $2,000, we may pay the entire Contract
Value, without the imposition of any charges other than premium taxes, if
applicable, in a single sum payment to the Annuitant or other properly
designated payee and cancel the Contract.

Otherwise, First Fortis will apply (1) the Fixed Account Value to provide a
Fixed Annuity Option and (2) the Separate Account Value in any Subaccount to
provide a Variable Annuity Option using the same Subaccount, unless the Contract
Owner has notified us by Written Request to apply the Fixed Account Value and
Separate Account Value in different proportions. Any such Written Request must
be received by us at our Home Office at least 30 days before the Annuity
Commencement Date.

Annuity payments under a Fixed or Variable Annuity Option will be made on a
monthly basis to the Annuitant or other properly-designated payee, unless we
agree to a different payment schedule. If more than one person is named as an
Annuitant, the Contract Owner may elect to name one of such persons to be the
sole Annuitant as of the Annuity Commencement Date. We reserve the right to
change the frequency of any annuity payment so that each payment will be at
least $50. There is no right to make any total or partial surrender during the
Annuity Period.

11
<PAGE>
Payments" in the Statement of Additional Information. The Statement of
Additional Information also contains detailed information about how the amount
of each annuity payment is computed.

The dollar amount of any fixed annuity payments is specified during the entire
period of annuity payments according to the provisions of the annuity form
selected.

The dollar amount of variable annuity payments varies during the annuity period
based on changes in Annuity Unit Values for the Subaccounts that you choose to
use in connection with your payments.

RELATIONSHIP BETWEEN SUBACCOUNT INVESTMENT PERFORMANCE AND AMOUNT OF VARIABLE
ANNUITY PAYMENTS

If a Subaccount on which a variable annuity payment is based has an average
effective net investment return higher than 4% (the assumed investment return)
per annum during the period between two such annuity payments, the Annuity Unit
Value will increase, and the second payment will be higher than the first.
Conversely, if the Subaccount's average effective net investment return over the
period between the annuity payments is less than 4% per annum, the Annuity Unit
Value will decrease, and the second payment will be lower than the first. "Net
investment return," for this purpose, refers to the Subaccount's overall
investment performance, net of the mortality and expense risk and administrative
expense charges, which are assessed at a nominal aggregate annual rate of 1.35%.

We guarantee that the amount of each variable annuity payment after the first
payment will not be affected by variations in our mortality experience or our
expenses, except to the extent that we reserve the right to impose the $30
annual administrative expense charge during the Annuity Period just as we do
during the Accumulation Period.

TRANSFERS. During the Annuity Period, the person receiving annuity payments may
make up to four transfers a year among Subaccounts or from Subaccounts to the
Fixed Account. The current procedures for these transfers are the same as
described above under "Allocation of Purchase Payments and Contract
Value--Transfers." Transfers out of the Fixed Account are not permitted during
the Annuity Period.

ANNUITY FORMS

The Contract Owner may select an annuity form or change a previous selection by
Written Request, which must be received by us at least 30 days before the
Annuity Commencement Date. Only one annuity form may be selected, although as
discussed above, payments under that form may be received on a combination fixed
and variable basis. If no annuity form selection is in effect on the Annuity
Commencement Date, in most cases we automatically apply Option B (described
below), with payments guaranteed for 10 years. If the Contract is issued under
certain retirement plans, however, federal pension law may require that default
payments be made pursuant to plan provisions and/or federal law. Tax laws and
regulations may impose further restrictions to assure that the primary purpose
of the plan is distribution of the accumulated funds to the employee.

The following options are available for fixed annuity payments and for variable
annuity payments.

OPTION A, LIFE ANNUITY. Payments are made as of the first Valuation Date of each
monthly period during the Annuitant's life, starting with the Annuity
Commencement Date. No payments will be made after the Annuitant dies. It is
possible for the payee to receive only one payment under this option if the
Annuitant dies before the second payment is due.

OPTION B, LIFE ANNUITY WITH PAYMENTS GUARANTEED FOR 10 YEARS OR 20
YEARS. Payments are made as of the first Valuation Date of each monthly period
starting on the Annuity Commencement Date. Payments will continue as long as the
Annuitant lives. If the Annuitant dies before all of the guaranteed payments
have been made, we will continue installments of the guaranteed payments to the
Beneficiary.

OPTION C, JOINT AND FULL SURVIVOR ANNUITY. Payments are made as of the first
Valuation Date of each monthly period starting with the Annuity Commencement
Date. Payments will continue as long as either the Annuitant or the joint
Annuitant is alive. Payments will stop when both the Annuitant and the joint
Annuitant have died. It is possible for the payee or payees under this option to
receive only one payment if both Annuitants die before the second payment is
due.

OPTION D, JOINT AND ONE-HALF CONTINGENT SURVIVOR ANNUITY. Payments are made as
of the first Valuation Date of each monthly period starting with the Annuity
Commencement Date. Payments will continue as long as either the Annuitant or the
joint Annuitant is alive. If the Annuitant dies first, payments will continue to
the joint Annuitant at one-half the original amount. If the joint Annuitant dies
first, payments will continue to the Annuitant at the original full amount.
Payments will stop when both the Annuitant and the joint Annuitant have died. It
is possible for the payee or payees under this option to receive only one
payment if both Annuitants die before the second payment is due.

We also have other annuity forms available and information about them can be
obtained from your sales representative or by calling or writing to our Home
Office.

DEATH OF ANNUITANT OR OTHER PAYEE

Under most annuity forms offered by First Fortis, the amounts, if any, payable
on the death of the Annuitant during the Annuity Period are the continuation of
annuity payments for any remaining guarantee period or for the life of any joint
Annuitant. In all cases, the person entitled to receive payments also receives
any rights and privileges under the annuity form in effect.

Additional rules applicable to such distributions under Non-Qualified Contracts
are described under "Federal Tax Matters--Required Distributions for
Non-qualified Contracts". Though the rules there described do not apply to
Contracts issued in connection with qualified plans, similar rules apply to the
plans themselves.

CHARGES AND DEDUCTIONS

The charges that we assess in connection with the Contracts are described below.

PREMIUM TAXES

First Fortis will deduct a charge for state premium taxes or similar assessments
from the Contract Value at the time that annuity payments begin. The charge will
be deducted on a pro-rata basis from the then-current Fixed Account Value and,
by redemption of Accumulation Units, the then-current Separate Account Value in
each Subaccount. Similarly, First Fortis may deduct premium taxes from the
Contract Value when no deduction was made from purchase payments, but is
subsequently determined to be due. Conversely, First Fortis will credit to
Contract Value the amount of any deductions for premium taxes or similar
assessments that are subsequently determined not to be owed.

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Applicable premium tax rates depend upon the Contract Owner's then-current place
of residence. Applicable rates are subject to change by legislation,
administrative interpretations or judicial acts.

ANNUAL ADMINISTRATIVE CHARGE

A $30 annual administrative charge is deducted each Contract year from the
Contract Value on each anniversary of the Contract Date. (This charge will be
lower to the extent legally required in some states.) This charge is to help
cover administrative costs such as those incurred in issuing Contracts,
establishing and maintaining the records relating to Contracts, making
regulatory filings and furnishing confirmation notices, voting materials and
other communications, providing computer, actuarial and accounting services, and
processing Contract transactions. This charge will initially be waived during
the Annuity Period, although First Fortis reserves the right to reinstitute it
at any time. This charge will be waived during the Accumulation Period if the
Contract Value at the end of the Contract Year (or upon total surrender) is
$25,000 or more.

The annual administrative charge will be deducted by redemption of Accumulation
Units from each Subaccount of the Separate Account and from the Fixed Account in
the same proportion as the then-current Contract Value is then allocated among
those alternatives pursuant to the Contract. If the Contract is totally
surrendered, the full annual administrative charge will be deducted at the time
of surrender if the Contract Value is less than $25,000 at such time.

CHARGES AGAINST THE SEPARATE ACCOUNT

Certain charges will be assessed as a percentage of the value of the net assets
of the Separate Account to compensate First Fortis for risks assumed in
connection with the Contract, and administrative expenses which may apply to the
Separate Account.

MORTALITY AND EXPENSE RISK CHARGE. We will assess each Subaccount of the
Separate Account with a daily charge for mortality and expense risk at a nominal
annual rate of 1.25% of the average daily net assets of the Separate Account
(consisting of approximately .8% for mortality risk and approximately .45% for
expense risk). This charge is assessed during both the Accumulation Period and
the Annuity Period. We guarantee not to increase this charge for the duration of
the Contract. This charge is assessed daily when determining the value of an
Accumulation Unit.

The mortality risk borne by First Fortis arises from its obligation to make
annuity payments (determined in accordance with the annuity tables and other
provisions contained in the Contract) for the full life of all Annuitants
regardless of how long all Annuitants or any individual Annuitant might live.
This undertaking assures that neither an Annuitant's own longevity, nor an
improvement in life expectancy generally, will have any adverse effect on the
annuity payments the Annuitant will receive under the Contract. This, therefore,
relieves the Annuitant from the risk that he or she will outlive the funds
accumulated for retirement.

In addition, First Fortis bears a mortality risk in that it guarantees to pay a
death benefit in a single sum (which may also be taken in the form of an annuity
option) upon the death of an Annuitant or Contract Owner prior to the Annuity
Commencement Date. No surrender charge is imposed upon the payment of a death
benefit, which places a further mortality risk on the Company.

The expense risk assumed is that actual expenses incurred in connection with
issuing and administering the Contracts will exceed the limits on administrative
charges set in the Contracts.

If the administrative charges and the mortality and expense risk charge are
insufficient to cover the expenses and costs assumed, the loss will be borne by
the Company. Conversely, if the amount deducted proves more than sufficient, the
excess will be profit to First Fortis.

ADMINISTRATIVE EXPENSE CHARGE. We will assess each Subaccount of the Separate
Account with a daily charge at a nominal annual rate of .10% of the average
daily net assets of the Subaccount. This charge is imposed during both the
Accumulation Period and the Annuity Period. The daily administrative expense
charge is assessed to help cover administrative expenses such as those described
above under "Annual Administrative Charge." The daily administrative expense
charge, like the annual administrative charge, is designed to defray expenses
actually incurred. There is no necessary relationship between the amount of
administrative charges imposed on a given Contract and the amount of expenses
actually attributable to that Contract.

TAX CHARGE. We currently impose no charge for taxes payable by us in connection
with this Contract, other than for premium taxes and similar assessments when
applicable. We reserve the right to impose a charge for any other taxes that may
become payable by us in the future in connection with the Contracts or the
Separate Account.

The annual administrative charge and charges against the Separate Account
described above are for the purposes described and First Fortis may receive a
profit as a result of these charges.

SURRENDER CHARGE

No sales charge is collected or deducted at the time Net Purchase Payments are
applied under a Contract. A surrender charge will be assessed on certain total
or partial surrenders. The amounts obtained from the surrender charge will be
used to partially defray expenses incurred in the sale of the Contracts,
including commissions and other promotional or distribution expenses associated
with the marketing of the Contracts, and costs associated with the printing and
distribution of prospectuses and sales material.

FREE SURRENDERS. The following amounts can be withdrawn from the Contract
without a surrender charge:

- Any purchase payments received by us more than five
years prior to the surrender date and that have not been previously
surrendered;

- In any Contract year, up to 10% of the purchase payments
received by us less than five years prior to the surrender date
(whether or not the purchase payments have been previously
surrendered).

Purchase payments not subject to a surrender charge are deemed to be withdrawn
first. If all purchase payments have been withdrawn, the remaining earnings can
be withdrawn without a surrender charge. That is, surrender charges do not apply
to Contract earnings. For this purpose, it is assumed that all purchase payments
are withdrawn before earnings are withdrawn. (For federal income tax purposes,
however, certain partial surrenders will be deemed to come first from earnings.
See "Federal Tax Matters.")

No surrender charge is imposed on annuitization (or payment of a single sum
because the Contract Value is less than the minimum required to provide an
annuity on the Annuity Commencement Date). Nor is the surrender charge deducted
from the payment of any benefit upon the death of an Annuitant or Contract
Owner.

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In addition, we have an administrative policy to waive surrender charges for
full surrenders of Contracts that have been in force for at least ten years
provided that the amount then subject to the surrender charge is less than 25%
of the Contract Value. Since the Contracts have been offered only since 1994, no
such waivers have yet been made. We reserve the right to change or terminate
this practice at any time, both for new and for previously issued Contracts.

AMOUNT OF SURRENDER CHARGE. Surrender charges apply only if the amount being
withdrawn exceeds the sum of the amounts listed above under Free Surrenders. The
surrender charge is 5% of the purchase payments withdrawn which were received by
us less than five years prior to the surrender date.

We anticipate the surrender charge will not be sufficient to cover our
distribution expenses. To the extent that the surrender charge is insufficient
to cover the actual costs of distribution, such costs will be paid from First
Fortis' General Account assets, which will include profit, if any, derived from
the mortality and expense risk charge.

MISCELLANEOUS

Because the Separate Account invests in shares of the Portfolios of Fortis
Series, the net assets of the Separate Account will reflect the investment
advisory fees and certain other expenses incurred by the Portfolios that are
described in the prospectus for Fortis Series.

REDUCTION OF CHARGES

No surrender charge will be imposed under any Contract owned by (A) First
Fortis, and the following persons associated with First Fortis, if at the
Contract Issue date they are: (1) officers and directors; (2) employees; or (3)
spouses of any such persons or any of such persons' children.

FIXED ACCOUNT

Contract Owners may allocate Net Purchase Payments and transfer Contract Value
to the Fixed Account, in which case such amounts are held in the General Account
of First Fortis. Because of exemptive and exclusionary provisions, interests in
the Fixed Account have not been registered under the Securities Act of 1933 and
the Fixed Account has not been registered as an investment company under the
Investment Company Act of 1940. Accordingly, neither the Fixed Account nor any
interests therein are subject to the provisions of these acts and, as a result,
the staff of the Securities and Exchange Commission has not reviewed the
disclosures in this Prospectus relating to the Fixed Account. Disclosures
regarding the Fixed Account may, however, be subject to certain generally
applicable provisions of the federal securities laws relating to the accuracy
and completeness of statements made in prospectuses. This Prospectus is
generally intended to serve as a disclosure document only for the aspects of the
Contract involving the Separate Account and contains only selected information
regarding the Fixed Account. More information regarding the Fixed Account may be
obtained from First Fortis' Home Office or from your sales representative.

GENERAL DESCRIPTION

Our obligations with respect to the Fixed Account are supported by our General
Account. Subject to applicable law, we have sole discretion over the investment
of the assets in our General Account.

First Fortis guarantees that Contract Value in the Fixed Account will accrue
interest at an effective annual rate of at least 4%, independent of the actual
investment experience of the General Account. We may, at our sole discretion,
credit higher rates of interest, although we are not obligated to credit
interest in excess of the guaranteed rate of 4% per year. Any interest rate in
excess of 4% per year with respect to any amount in the Fixed Account pursuant
to a Contract will not be modified more than once each calendar year. Any higher
rate of interest will be quoted at an effective annual rate. The rate of any
excess interest initially or subsequently credited to any amount can in many
cases vary, depending on when that amount was originally allocated to the Fixed
Account. Once credited, such interest will be guaranteed and will become part of
Contract Value in the Fixed Account from which deductions for fees and charges
may be made.

Charges under the Contract are the same as when the Separate Account is being
used, except that the 1.35% per annum charged for mortality and expense risk and
administrative expenses is not imposed on amounts of Contract Value in the Fixed
Account.

FIXED ACCOUNT VALUE

The Contract's Fixed Account Value on any Valuation Date is the sum of the Net
Purchase Payments allocated to the Fixed Account, plus any transfers from the
Separate Account, plus interest credited to the Fixed Account, less any
surrenders, surrender charges or annual administrative charges allocated to the
Fixed Account or transfers to the Separate Account.

FIXED ACCOUNT TRANSFERS, TOTAL AND PARTIAL SURRENDERS

Amounts in the Fixed Account are generally subject to the same rights and
limitations and will be subject to the same charges as are amounts allocated to
the Subaccounts of the Separate Account with respect to total and partial
surrenders. See "Total and Partial Surrenders."

Transfers out of the Fixed Account have special limitations. Prior to the
Annuity Commencement Date, Contract Owners may transfer part or all of the
Contract Value from the Fixed Account to the Separate Account, provided that (1)
no more than one such transfer is made each Contract year, (2) no more than 50%
of the Fixed Account Value is transferred at any time (unless the balance in the
Fixed Account after the transfer would be less than $1,000, in which case up to
the entire balance may be transferred) and (3) at least $500 is transferred at
any one time (or, if less, the entire amount in the Fixed Account). Irrespective
of the above, we may in our discretion permit a continuing request for transfer
of lesser specified amounts automatically on a periodic basis. However, we
reserve the right to discontinue or modify any such arrangements at our
discretion.

No transfers from the Fixed Account may be made after the Annuity Commencement
Date.

GENERAL PROVISIONS

THE CONTRACT

The Contract, copies of any applications, amendments, riders, or endorsements
attached to the Contract, and copies of any supplemental applications,
amendments, endorsements, or revised Contract pages which are mailed to you are
the entire Contract. Only an officer of First Fortis can agree to change or
waive any provisions of a Contract. Any change or waiver must be in writing and
signed by one of these representatives of First Fortis.

The Contracts are non-participating and do not share in dividends or earnings of
First Fortis.

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POSTPONEMENT OF PAYMENTS

With respect to amounts in the Subaccounts of the Separate Account, payment of
any amount due upon a total or partial surrender, death or under an annuity
option will ordinarily be made within seven days after all documents required
for such payment are received by First Fortis at its Home Office.

However, First Fortis may defer the determination, application or payment of any
death benefit, partial or total surrender or annuity payment, to the extent
dependent on Accumulation or Annuity Unit Values, or any transfer, for any
period during which the New York Stock Exchange is closed (other than customary
weekend and holiday closings) or trading on the New York Stock Exchange is
restricted as determined by the Securities and Exchange Commission, for any
period during which any emergency exists as a result of which it is not
reasonably practicable for First Fortis to determine the investment experience
for the Contract, or for such other periods as the Securities and Exchange
Commission may by order permit for the protection of Contract Owners.

First Fortis may also defer for up to 15 days the payment of any amount
attributable to a purchase payment made by check to allow the check reasonable
time to clear. First Fortis may also defer payment of surrender proceeds payable
out of the Fixed Account for a period of up to 6 months.

MISSTATEMENT OF AGE OR SEX AND OTHER ERRORS

If the age or sex of the Annuitant has been misstated, any amount payable will
be that which the purchase payments paid would have purchased at the correct age
and sex. If we have made any overpayments because of incorrect information about
age or sex, or any error or miscalculation, First Fortis will deduct the
overpayment from the next payment or payments due. We add underpayments to the
next payment. The amount of any adjustment will be credited or charged with
interest at the rate of 4% per year.

ASSIGNMENT AND OWNERSHIP RIGHTS

Rights and interests under a Qualified Contract may be assigned only in certain
narrow circumstances referred to in the Contract. Contract Owners and other
payees may assign their rights and interests under Non-Qualified Contracts,
including their ownership rights.

We take no responsibility for the validity of any assignment. An ownership
change must be made in writing and a copy must be sent to First Fortis' Home
Office. The change will be effective on the date it was made, although we are
not bound by a change until the date we record it. Contract Owner, Annuitant and
Beneficiary rights are subject to any assignment of record at the Home Office of
First Fortis. An assignment or pledge of a Contract may have adverse tax
consequences. See below under "Federal Tax Matters."

BENEFICIARY

Before the Annuity Commencement Date and while the Annuitant is living, the
Contract Owner may name or change a beneficiary or a contingent beneficiary by
sending a Written Request of the change to First Fortis. Under certain
retirement programs, however, spousal consent may be required to name or change
a beneficiary, and the right to name a beneficiary other than the spouse may be
subject to applicable tax laws and regulations. We are not responsible for the
validity of any change. A change will take effect as of the date it is signed
but will not affect any payments we make or action we take before receiving the
Written Request. We also need the consent of any irrevocably named person before
making a requested change.

In the event of the death of a Contract Owner or Annuitant prior to the Annuity
Commencement date the Beneficiary will be determined as follows:

- If upon the death of a Contract Owner there is one or
more surviving Contract Owners, the surviving Contract Owner(s) will
be the Beneficiary (this overrides any other beneficiary designation).

- If upon the death of a Contract Owner there are no
surviving Contract Owners, and upon the death of the Annuitant, the
Beneficiary will be the beneficiary designated by the Contract Owner.
If there is no surviving beneficiary who has been designated by the
Contract Owner, then the Contract Owner, or the Contract Owner's
estate will be the Beneficiary.

REPORTS

We will mail to the Contract Owner, at the last known address of record, any
reports required by any applicable law or regulation. You should therefore give
us prompt written notice of any address change. Each Contract Owner will also be
sent an annual and a semi-annual report for Fortis Series and a list of the
portfolio securities held in each Portfolio of Fortis Series. All reports will
be mailed to the person receiving payments during the Annuity Period, rather
than to the Contract Owner.

RIGHTS RESERVED BY FIRST FORTIS

First Fortis reserves the right to make certain changes if, in its judgement,
they would best serve the interests of Contract Owners and Annuitants or would
be appropriate in carrying out the purposes of the Contract. Any changes will be
made only to the extent and in the manner permitted by applicable laws. Also,
when required by law, First Fortis will obtain your approval of the changes and
approval from any appropriate regulatory authority. Such approval may not be
required in all cases, however. Examples of the changes First Fortis may make
include:

- To operate the Separate Account in any form permitted
under the Investment Company Act of 1940 or in any other form
permitted by law.

- To transfer any assets in any Subaccount to another
Subaccount, or to one or more separate accounts, or to the Fixed
Account; or to add, combine or remove Subaccounts in the Separate
Account.

- To substitute, for the Portfolio shares held in any
Subaccount, the shares of another Portfolio of Fortis Series or the shares
of another investment company or any other investment permitted by
law.

- To make any changes required by the Internal Revenue
Code or by any other applicable law in order to continue treatment of
the Contract as an annuity.

- To change the time or times of day at which a Valuation
Date is deemed to have ended.

- To make any other necessary technical changes in the
Contract in order to conform with any action the above provisions
permit First Fortis to take, including to change the way First Fortis
assesses charges, but without increasing as to any then outstanding
Contract the aggregate amount of the types of charges which First
Fortis has guaranteed.

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DISTRIBUTION

The Contracts will be sold by individuals who, in addition to being licensed by
state insurance authorities to sell the Contracts of First Fortis, are also
registered representatives of Fortis Investors, Inc. ("Fortis Investors"), the
principal underwriter of the Contracts or registered representatives of other
broker-dealer firms, or representatives of other firms that are exempt from
broker-dealer regulation. Fortis Investors and any such other broker-dealer
firms are registered with the Securities and Exchange Commission under the
Securities Exchange Act of 1934 as broker-dealers and are members of the
National Association of Securities Dealers, Inc.

Fortis Investors will pay a selling allowance to its registered representatives
and selling brokers in varying amounts which under normal circumstances is not
expected to exceed 6.25% of purchase payments plus a servicing fee of .25% of
contract value per year, starting in the first contract year.

First Fortis may, under certain flexible compensation arrangements, pay lesser
or greater selling allowances and larger or smaller service fees to its
registered representatives and other broker dealer firms than as set forth
above. However, in such case, such flexible compensation arrangements will have
actuarial present values which are approximately equivalent to the amounts of
the selling allowances set forth above. Additionally, registered
representatives, broker-dealer firms, and exempt firms may be eligible for
additional compensation based upon meeting certain production standards. Fortis
Investors may "chargeback" commissions paid to others if the contract upon which
the commission was paid is surrendered or canceled within certain specified time
periods.

First Fortis or Fortis Investors may also provide additional compensation to
broker-dealers in connection with sales of Contracts. Compensation may include
financial assistance to broker-dealers in connection with conferences, sales or
training programs for their employees, seminars for the public, advertising,
sales campaigns regarding Contracts, and other broker-dealer sponsored programs
or events. Compensation may include payment for travel expenses incurred in
connection with trips taken by invited sales representatives and members of
their families to locations within or outside of the United States for meetings
or seminars of a business nature.

Fortis Investors is an indirect subsidiary of Fortis AMEV and Fortis AG and is
therefore under common control with First Fortis. Fortis Investors' principal
business address is 500 Bielenberg Drive, Woodbury, Minnesota 55115 and its
mailing address is P.O. Box 64284, St. Paul, MN 55164.

FEDERAL TAX MATTERS

The following description is a general summary of the tax rules, primarily
related to federal income taxes, which in the opinion of First Fortis are
currently in effect. These rules are based on laws, regulations and
interpretations which are subject to change at any time. This summary is not
comprehensive and is not intended as tax advice. Federal estate and gift tax
considerations, as well as state and local taxes, may also be material. You
should consult a qualified tax adviser as to the tax implications of taking any
action under a Contract or related retirement plan.

NON-QUALIFIED CONTRACTS

Section 72 of the Internal Revenue Code ("Code") governs the taxation of
annuities in general. Purchase payments made under Non-Qualified Contracts are
not excludible or deductible from the gross income of the Contract Owner or any
other person. However, any increase in the accumulated value of a Non-Qualified
Contract resulting from the investment performance of the Separate Account or
interest credited to the Fixed Account is generally not taxable to the Contract
Owner or other payee until received by him or her, as surrender proceeds, death
benefit proceeds, or otherwise. The exception to this rule is that, generally,
Contract Owners who are not natural persons ARE taxed annually for any increase
in the Contract Value. However, this exception does not apply in all cases, and
you may wish to discuss this with your tax adviser.

The following discussion applies generally to Contracts owned by natural
persons.

In general, surrenders or partial withdrawals under Contracts are taxed as
ordinary income to the extent of the accumulated income or gain under the
Contract. If a Contract Owner assigns or pledges any part of the value of a
Contract, the value so pledged or assigned is taxed to the Contract Owner as
ordinary income to the same extent as a partial withdrawal.

With respect to annuity payment options, although the tax consequences may vary
depending on the option elected under the Contract, until the investment in the
Contract is recovered, generally only the portion of the annuity payment that
represents the amount by which the Contract Value exceeds the "investment in the
contract" will be taxed. In general, an Annuitant's or other payee's "investment
in the contract" is the aggregate amount of purchase payments made by him or
her. After the "investment in the contract" is recovered, the full amount of any
additional annuity payments is taxable. For variable annuity payments, in
general the taxable portion of each annuity payment (prior to recovery of the
"investment in the contract") is determined by a formula which establishes the
specific dollar amount of each annuity payment that is not taxed. This dollar
amount is determined by dividing the "investment in the contract" by the total
number of expected annuity payments. For fixed annuity payments in general,
prior to recovery of the "investment in the contract," there is no tax on the
amount of each payment which bears the same ratio to such payment that the
"investment in the contract" bears to the total expected return under the
Contract. The remainder of each annuity payment is taxable. The taxable portion
of a distribution (in the form of an annuity or a single sum payment) is taxed
as ordinary income.

For purposes of determining the amount of taxable income resulting from
distributions, all Contracts and other annuity contracts issued by us or our
affiliates to the same Contract Owner within the same calendar year will be
treated as if they were a single contract.

There is a 10% penalty under the Code on the taxable portion of a "premature
distribution." Generally, an amount is a "premature distribution" unless the
distribution is (1) made on or after the Contract Owner or other payee reaches
age 59 1/2, (2) made to a Beneficiary on or after death of the Contract Owner,
(3) made upon the disability of the Contract Owner or other payee, or (4) part
of a series of substantially equal annuity payments for the life or life
expectancy of the Contract Owner or the Contract Owner and Beneficiary.
Premature distributions may result, for example, from an early Annuity
Commencement Date, any early surrender, partial surrender or assignment of a
Contract or the early death of an Annuitant who is not the Contract Owner.

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are beyond the scope of this discussion. A Contract Owner contemplating any
transfer or assignment of a Contract should contact a competent tax adviser with
respect to the potential tax effects of such transaction.

REQUIRED DISTRIBUTIONS FOR NON-QUALIFIED CONTRACTS

In order that a Non-Qualified Contract be treated as an annuity contract for
federal income tax purposes, Section 72(s) of the Code requires (a) if the
person receiving payments dies on or after the Annuity Commencement Date but
prior to the time the entire interest in the Contract has been distributed, the
remaining portion of such interest will be distributed at least as rapidly as
under the method of distribution being used as of the date of that person's
death; and (b) if any Contract Owner dies prior to the Annuity Commencement
Date, the entire interest in the Contract will be distributed (1) within five
years after the date of that Contract Owner's death or (2) as annuity payments
which will begin within one year of that Contract Owner's death and which will
be made over the life of the Contract Owner's designated beneficiary or over a
period not extending beyond the life expectancy of that beneficiary. However, if
the Contract Owner's designated Beneficiary is the surviving spouse of the
Contract Owner, the Contract may be continued with the surviving spouse deemed
to be the new Contract Owner for purposes of Section 72(s). Where the Contract
Owner or other person receiving payments is not a natural person, the required
distributions provided for in Section 72(s) apply upon the death of the primary
Annuitant.

No regulations interpreting the requirements of Section 72(s) have yet been
issued (although proposed regulations have been issued interpreting similar
requirements for qualified plans). First Fortis intends to review and modify the
endorsement if necessary to ensure that the Contracts comply with the
requirements of Section 72(s) when clarified by regulation or otherwise.

Generally, unless the Beneficiary elects otherwise, the above requirements will
be satisfied where the death occurs prior to the Annuity Commencement Date by
paying the death benefit in a single sum, subject to proof of the Contract
Owner's death. The Beneficiary, however, may elect by Written Request to receive
an annuity option instead of a lump sum payment. However, if the election is not
made within 60 days of the date the single sum death benefit otherwise becomes
payable, particularly where the annuitant dies and the annuitant is not the
Contract Owner, the IRS may disregard the election for tax purposes and tax the
Beneficiary as if a single sum payment had been made.

QUALIFIED CONTRACTS

The Contract may be used with several types of tax-qualified plans. The tax
rules applicable to Contract Owners, Annuitants and other payees vary according
to the type of plan and the terms and conditions of the plan itself. In general,
purchase payments made under a retirement program recognized under the Code on
behalf of an individual are excludible from the individual's gross income for
tax purposes during the Accumulation Period. The portion, if any, of any
purchase payment made by or on behalf of an individual under a Contract that is
not excluded from the individual's gross income for tax purposes during the
Accumulation Period constitutes the individual's "investment in the contract."
Aggregate deferrals under all plans at the employee's option may be subject to
limitations.

The Contracts are available in connection with the following types of retirement
plans: Section 403(b) annuity plans for employees of certain tax-exempt
organizations and public educational institutions; Section 401 or 403(a)
qualified pension, profit-sharing or annuity plans; individual retirement
annuities ("lRAs") under Section 408(b); SIMPLE IRA Plans under Section 408(p);
simplified employee pension plans ("SEPs") under Section 408(k); Section 457
unfunded deferred compensation plans of public employers and tax-exempt
organizations; and private employer unfunded deferred compensation plans. The
tax implications of these plans are further discussed in the Statement of
Additional Information under the heading "Taxation Under Certain Retirement
Plans."

When annuity payments begin, the individual will receive back his or her
"investment in the contract" if any, as a tax-free return of capital. The dollar
amount of annuity payments received in any year in excess of such return is
taxable as ordinary income. When payments are received as an annuity, the
tax-free return of capital is treated as if received ratably over the entire
period of the annuity until fully recovered (as described above with respect to
Non-Qualified Contracts).

WITHHOLDING

Annuity payments and other amounts received under Contracts are subject to
income tax withholding unless the recipient elects not to have taxes withheld.
The amounts withheld will vary among recipients depending on the tax status of
the individual and the type of payments from which taxes are withheld.

Notwithstanding the recipient's election, withholding may be required with
respect to certain payments to be delivered outside the United States and with
respect to certain distributions from certain types of qualified retirement
plans unless the proceeds are transferred directly from the qualified retirement
plan to another qualified retirement plan. Moreover, special "backup
withholding" rules may require First Fortis to disregard the recipient's
election if the recipient fails to supply First Fortis with a "TIN" or taxpayer
identification number (social security number for individuals), or if the
Internal Revenue Service notifies First Fortis that the TIN provided by the
recipient is incorrect.

PORTFOLIO DIVERSIFICATION

The United States Treasury Department has adopted regulations under Section
817(h) of the Code which set standards of diversification for the investments
underlying the Contracts, in order for the Contracts to be treated as annuities.
First Fortis believes that these diversification standards will be satisfied.
Failure to do so would result in immediate taxation to Contract Owners or
Annuitants of all returns credited to Contracts, except in the case of certain
Qualified Contracts. Also, current regulations do not provide guidance as to any
circumstances in which control over allocation of values among different
investment alternatives may cause Contract Owners or Annuitants to be treated as
the owners of Separate Account assets for tax purposes. First Fortis reserves
the right to amend the Contracts in any way necessary to avoid any such result.
The Treasury Department has stated that it expects to establish standards in
this regard through regulations or rulings. Such standards may apply only
prospectively, although retroactive application is possible if such standards
were considered not to embody a new position.

CERTAIN EXCHANGES

Section 1035 of the Code provides generally that no gain or loss will be
recognized upon the exchange of a life insurance or annuity contract for an
annuity contract. Thus, a properly completed exchange from one of these types of
products into a Contract pursuant to the special annuity contract exchange form
we provide for this purpose is not generally a taxable event under the Code, and
your investment in the Contract will be the same as your investment in the
contract or policy

17
<PAGE>
exchanged. However, an exchange from a Fortis Group Fund or other investment
that is not a life insurance or annuity contract may be a taxable event.

Certain existing annuity contracts may be "grandfathered" under various
provisions of the tax laws, i.e., subject to more favorable tax treatment than
generally offered under current law. For example, certain annuity contracts
issued before January 19, 1985 may not be subject to the distribution rules of
Code Section 72(s). Also, certain distributions from contracts issued before the
same date may not be subject to the 10% penalty tax for premature distributions.
Also, if a contract contained principal on August 13, 1982, that principal may
generally be withdrawn in a partial distribution before the withdrawal of any
taxable gain in the contract. These "grandfather" provisions may be lost if such
contract is exchanged for a Contract. In connection with contracts issued
pursuant to Section 1035 exchanges, if the data is provided to us, we can
separately track amounts attributable to purchase payments made to the original
contract before or after the effective date of the Tax Equity and Fiscal
Responsibility Act of 1982. That separate tracking can preserve certain of the
above grandfathered provisions.

Because of the complexity of these matters, you should consult a qualified tax
adviser before making any exchange.

TAX LAW RESTRICTIONS AFFECTING SECTION 403(B) PLANS

Section 403(b)(12) of the Internal Revenue Code restricts the distribution under
Section 403(b) annuity contracts of:

(1) elective contributions made for years beginning after December 31, 1988;

(2) earnings on those contributions; and

(3) earnings on amounts held as of December 31, 1988.

Distribution of those amounts may only occur upon death of the employee,
attainment of age 59 1/2, separation from service, disability, or financial
hardship. In addition, income attributable to elective contributions which
accrues after December 31, 1988 may not be distributed in the case of hardship.

VOTING PRIVILEGES

In accordance with its view of current applicable law, First Fortis will vote
shares of each of the Portfolios which are attributable to a Contract at regular
and special meetings of the shareholders of Fortis Series in proportion to
instructions received from the persons having the voting interest in the
Contract as of the record date for the corresponding Fortis Series shareholders
meeting. Contract Owners have the voting interest during the Accumulation
Period, persons receiving annuity payments have the voting interest during the
Annuity Period, and Beneficiaries have the voting interest after the death of
the Annuitant or Contract Owner. However, if the Investment Company Act of 1940
or any rules thereunder should be amended or if the present interpretation
thereof should change, and as a result First Fortis determines that it is
permitted to vote shares of the Portfolios in its own right, it may elect to do
so.

During the Accumulation Period, the number of shares of a Portfolio attributable
to a Contract is determined by dividing the amount of Contract Value in the
corresponding Subaccount pursuant to the Contract as of the record date for the
shareholders meeting by the net asset value of one Portfolio share as of that
date. During the Annuity Period, or after the death of the Contract Owner or
Annuitant, the number of Portfolio shares deemed attributable to the Contract
will be computed in a comparable manner, based on the liability for future
variable annuity payments allocable to that Subaccount under the Contract as of
the record date. Such liability for future payments will be calculated on the
basis of the mortality assumptions and the assumed interest rate used in
determining the number of Annuity Units credited to the Contract and the
applicable Annuity Unit value on the record date. During the Annuity Period, the
number of votes attributable to a Contract will generally decrease since funds
set aside to make the annuity payments will decrease.

Where Contract Owners are permitted to instruct us as to how to vote Portfolio
shares, our policy is to permit an Annuitant or payee who is not the Contract
Owner to direct the Contract Owner with respect to the voting of certain
Portfolio shares attributable to his or her Contract. An Annuitant or other
payee may direct the Contract Owner with respect to that number of Portfolio
shares that is attributable to purchase payments, if any, contributed by such
Annuitant or payee and any additional shares, to the extent authorized by an
employee benefit plan. (For these purposes, the number of shares attributable to
the Annuitant or payee is computed on a basis consistent with that for
attributing Portfolio shares to Contract Owners, as described above.)

Contract Owners are to instruct First Fortis to vote in accordance with such
directions from Annuitants and payees. Furthermore, Contract Owners are to
instruct First Fortis to vote shares of any Portfolio for which directions could
have been but were not received from Annuitants and other payees in the same
proportion as other shares in that Portfolio attributable to the Contract Owner
which are to be voted in accordance with directions received from Annuitants and
other payees. The Contract Owner may instruct us as to the voting of any other
shares attributable to Contracts as the Contract Owner may determine. The
Separate Account, Fortis Series and First Fortis do not have any obligation to
determine whether or not voting directions are requested or received by a
Contract Owner or whether or not a Contract Owner has instructed First Fortis in
accordance with directions given by Annuitants and other payees.

First Fortis will vote shares as to which it has received no timely
instructions, and any shares attributable to excess amounts First Fortis has
accumulated in the related Subaccount, in proportion to the voting instructions
which it receives with respect to all Contracts and other variable annuity
contracts participating in a Portfolio. To the extent that First Fortis or any
affiliated company holds any shares of a Portfolio, they will be voted in the
same proportion as instructions for that Portfolio that are received from
persons holding the voting interest with respect to all First Fortis separate
accounts participating in that Portfolio. Shares held by separate accounts other
than the Separate Account will in general be voted in accordance with
instructions of participants in such other separate accounts. This diminishes
the relative voting influence of the Contracts.

Each person having a voting interest in a Subaccount of the Separate Account
will receive proxy material, reports and other materials relating to the
appropriate Portfolio. Pursuant to the procedures described above, these persons
may give instructions regarding the election of the Board of Directors of Fortis
Series, ratification of the selection of its independent auditors, the approval
of the investment manager of a Portfolio, changes in fundamental investment
policies of a Portfolio and all other matters that are put to a vote by Fortis
Series shareholders.

18
<PAGE>
STATE REGULATION

First Fortis is subject to regulation and supervision by the Insurance
Department of the State of New York, which periodically examines its affairs.

LEGAL MATTERS

The legality of the Contracts described in this Prospectus has been passed upon
by David A. Peterson, Esquire, Vice President and Assistant General Counsel of
Fortis Benefits Insurance Company, an affiliate of First Fortis. Messrs.
Freedman, Levy, Kroll & Simonds, Washington, D.C., have advised First Fortis on
certain federal securities law matters.

CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION

<TABLE>
<CAPTION>
PAGE

<S> <C>
First Fortis.............................................................. 2
Calculation of Annuity Payments........................................... 2
Services.................................................................. 3
- Safekeeping of Separate Account Assets.............................. 3
- Experts............................................................. 3
- Principal Underwriter............................................... 3
Limitation On Allocations................................................. 3
Change of Investment Adviser or Investment Policy......................... 4
Taxation Under Certain Retirement Plans................................... 4
Other Information......................................................... 8
Financial Statements...................................................... 8
APPENDIX A--Performance Information....................................... A-1
</TABLE>

19
<PAGE>
(This page has been left blank intentionally.)
<PAGE>

APPENDIX A
SAMPLE DEATH BENEFIT CALCULATIONS
(FOR CONTRACTS ISSUED ON AND AFTER
MAY 1, 1997 WITH ENHANCED DEATH BENEFIT RIDER)

DATE OF DEATH IS THE 3RD CONTRACT ANNIVERSARY:

<TABLE>
<CAPTION>
EXAMPLE EXAMPLE
1 2
------- -------
<C> <C> <C>
a. Net Purchase Payments Made Prior to Date of Death........... $20,000 $20,000
b. Contract Value on Date of Death............................. $17,000 $25,000
Death Benefit is larger of a, and b............................. $20,000 $25,000
</TABLE>

DATE OF DEATH IS THE 8TH CONTRACT ANNIVERSARY:

<TABLE>
<CAPTION>
EXAMPLE EXAMPLE EXAMPLE
3 4 5
------- ------- -------
<C> <C> <C> <C>
a. Net Purchase Payments Made Prior to Date of Death........... $20,000 $20,000 $20,000
b. Contract Value on 5th Contract Anniversary.................. $15,000 $30,000 $30,000
c. Contract Value on Date of Death............................. $17,000 $25,000 $35,000
Death Benefit is larger of a, b, and c........................ $20,000 $30,000 $35,000
</TABLE>

DATE OF DEATH IS THE 13TH CONTRACT ANNIVERSARY:

<TABLE>
<CAPTION>
EXAMPLE EXAMPLE EXAMPLE
6 7 8
------- ------- -------
<C> <C> <C> <C>
a. Net Purchase Payments Made Prior to Date of Death........... $20,000 $20,000 $20,000
b. Contract Value on 10th Contract Anniversary................. $15,000 $40,000 $40,000
c. Contract Value on Date of Death............................. $17,000 $30,000 $50,000
Death Benefit is larger of a, b, and c.......................... $20,000 $40,000 $50,000
</TABLE>

A-1
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
APPENDIX B
EXPLANATION OF EXPENSE CALCULATIONS

The expense for a given year is calculated by multiplying the projected
beginning of the year policy value by the total expense rate. The total expense
rate is the sum of the variable account expense rate plus the total Series Fund
expense rate plus the annual administrative charge rate.

The policy values are projected by assuming a single payment of $1,000 grows at
an annual rate equal to 5% reduced by the total expense rate described above.

For example, the 3 year expense for the Growth Stock Series is calculated as
follows:

<TABLE>
<S> <C> <C>
Total Variable Account Annual Expenses 1.35%
+ Total Series Fund Operating Expenses 0.66%
+ Annual Administrative Charge Rate (See Below) 0.02%
= Total Expense Rate 2.03%
</TABLE>

The Annual Administrative Charge Rate is calculated by dividing the total Annual
Contract charges collected in 1997 by the average policy value in force in 1997.

Year 1 Beginning Policy Value = $1000.00
Year 1 Expense = $1000.00 x .0203 = $20.33

Year 2 Beginning Policy Value = $1029.67
Year 2 Expense = $1029.67 x .0203 = $20.93

Year 3 Beginning Policy Value = $1060.22
Year 3 Expense = $1060.22 x .0203 = $21.55

So the cumulative expenses for years 1-3 for the Growth Stock Series are equal
to $20.33 + $20.93 + $21.55 = $62.81.

If the contract is surrendered, the surrender charge is the surrender charge
percentage times the purchase payment minus the 10% free withdrawal amount:

<TABLE>
<S> <C> <C> <C>
Surrender Charge Percentage x (Initial Premium - 10% Free Withdrawal) = Surrender Charge
0.05 x ( $1000.00 - $100.00 ) = $45.00
</TABLE>

So the total expense if surrendered is $62.81 + $45.00 = $107.81.

B-1
<PAGE>
(This page has been left blank intentionally.)
<PAGE>

FIRST FORTIS
OPPORTUNITY+
VARIABLE
ANNUITY

Individual Flexible
Premium Deferred
Variable Annuity Contract

PROSPECTUS DATED
May 1, 1998

FORTIS-Registered Trademark-

FIRST FORTIS LIFE INSURANCE COMPANY
MAILING ADDRESS: STREET ADDRESS: PHONE:
P.O. BOX 3249 220 SALINA MEADOWS PARKWAY 1-800-745-8248
SYRACUSE, NY 13220 SUITE 255
SYRACUSE, NY 13220

<TABLE>
<S> <C>
Money Market Series S&P 500 Index Series
U.S. Government Securities Blue Chip Stock
Series Series
International Stock
Diversified Income Series Series
Global Bond Series Mid Cap Stock Series
Small Cap Value
High Yield Series Series
Global Asset Allocation
Series Global Growth Series
Large Cap Growth
Asset Allocation Series Series
Value Series Growth Stock Series
Aggressive Growth
Growth & Income Series Series
</TABLE>

The accompanying Prospectus for the Portfolios describes the investment
objectives, policies and risks of each of the Portfolios.

You have the right to examine a Contract for ten days from the time you receive
the Contract and return it for a refund of the full Contract Value.

This Prospectus gives prospective investors information about the Contracts that
they should know before investing. This Prospectus must be accompanied by a
current Prospectus for the Portfolios. All of the Prospectuses should be read
carefully and kept for future reference.

97103 (Ed. 5/98)

<PAGE>
TABLE OF CONTENTS

<TABLE>
<CAPTION>
PAGE
<S> <C>
SPECIAL TERMS USED IN THIS PROSPECTUS................................................................... 3
INFORMATION CONCERNING FEES AND CHARGES................................................................. 4
SUMMARY................................................................................................. 6
FIRST FORTIS AND THE SEPARATE ACCOUNT................................................................... 7
- First Fortis Life Insurance Company............................................................... 7
- The Separate Account.............................................................................. 8
- The Portfolios.................................................................................... 8
ACCUMULATION PERIOD..................................................................................... 8
- Issuance of a Contract and Purchase Payments...................................................... 8
- Contract Value.................................................................................... 9
- Allocation of Purchase Payments and Contract Value................................................ 9
- Total and Partial Surrenders...................................................................... 10
- Benefit Payable on Death of Contract Owner (or Annuitant)......................................... 10
THE ANNUITY PERIOD...................................................................................... 11
- Annuity Commencement Date......................................................................... 11
- Commencement of Annuity Payments.................................................................. 11
- Relationship Between Subaccount Investment Performance and Amount of Variable Annuity Payments.... 12
- Annuity Forms..................................................................................... 12
- Death of Annuitant or Other Payee................................................................. 12
CHARGES AND DEDUCTIONS.................................................................................. 13
- Premium Taxes..................................................................................... 13
- Annual Administrative Charge...................................................................... 13
- Charges Against the Separate Account.............................................................. 13
- Surrender Charge.................................................................................. 13
- Miscellaneous..................................................................................... 14
- Reduction of Charges.............................................................................. 14
FIXED ACCOUNT........................................................................................... 14
- General Description............................................................................... 14
- Fixed Account Value............................................................................... 14
- Fixed Account Transfers, Total and Partial Surrenders............................................. 14
GENERAL PROVISIONS...................................................................................... 15
- The Contract...................................................................................... 15
- Postponement of Payments.......................................................................... 15
- Misstatement of Age or Sex and Other Errors....................................................... 15
- Assignment and Ownership Rights................................................................... 15
- Beneficiary....................................................................................... 15
- Reports........................................................................................... 15
RIGHTS RESERVED BY FIRST FORTIS......................................................................... 15
DISTRIBUTION............................................................................................ 16
FEDERAL TAX MATTERS..................................................................................... 16
VOTING PRIVILEGES....................................................................................... 18
STATE REGULATION........................................................................................ 19
LEGAL MATTERS........................................................................................... 19
CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION......................................................... 19
APPENDIX A--Sample Death Benefit Calculations........................................................... A-1
APPENDIX B--Explanation of Expense Calculations......................................................... B-1
</TABLE>

<TABLE>
<S> <C>
ACCUMULATION PERIOD The time period under a Contract between the Contract Date and the Annuity Period.
ACCUMULATION UNIT A unit of measure used to calculate the interest of the Contract Owner in the Separate
Account during the Accumulation Period.
ANNUITANT A person during whose life annuity payments are to be made by First Fortis under the
Contract. The Annuitant is the person named in the application for the Contract. If
such person dies before the Annuity Commencement Date and there is an additional
annuitant named in the application, the additional annuitant shall become the
Annuitant. If there is no named additional annuitant, or the additional annuitant has
predeceased the annuitant who is named in the application, the Contract Owner, if he
or she is a natural person, shall become the Annuitant.
ANNUITY COMMENCEMENT The date on which the Annuity Period commences.
DATE
ANNUITY PERIOD The time period following the Accumulation Period, during which annuity payments are
made by First Fortis.
ANNUITY UNIT A unit of measurement used to calculate variable annuity payments.
BENEFICIARY The person entitled to receive benefits under the terms of the Contract.
CASH SURRENDER VALUE The amount payable to the Contract Owner on surrender of the Contract after deduction
of all applicable charges.
CONTRACT OWNER The person named in the application as the Contract Owner, or any successor Contract
Owner. Unless otherwise named, the Annuitant is the Contract Owner.
CONTRACT DATE The date on which the Contract was issued. Contract years are measured from the
Contract Date.
CONTRACT VALUE The sum of the Fixed Account Value and the Separate Account Value.
FIXED ACCOUNT The name of the alternative under which purchase payments are allocated to First
Fortis' General Account.
FIXED ACCOUNT VALUE The amount of your Contract Value which is in the Fixed Account.
FIXED ANNUITY OPTION An annuity option under which First Fortis promises to pay the Annuitant or any other
properly designated payee one or more fixed payments.
GENERAL ACCOUNT All assets of First Fortis other than those in the Separate Account, or in any other
legally segregated separate account established by First Fortis.
HOME OFFICE Our office at 220 Salina Meadows Parkway, Suite 255, Syracuse, New York;
-]800-745-8248; Mailing address: P.O. Box 3249, Syracuse, NY 13220.
NET PURCHASE PAYMENT The gross amount of a purchase payment less any applicable premium taxes or similar
governmental assessments.
NON-QUALIFIED CONTRACTS Contracts that do not qualify for the special federal income tax treatment applicable
in connection with certain retirement plans.
PORTFOLIO Each separate investment portfolio available for investment by the Separate Account.
QUALIFIED CONTRACTS Contracts that are qualified for the special federal income tax treatment applicable
in connection with certain retirement plans.
SEPARATE ACCOUNT The segregated asset account referred to as Separate Account A of First Fortis Life
Insurance Company established to receive and invest purchase payments made under
Contracts.
SEPARATE ACCOUNT VALUE The amount of your Contract Value in the Subaccounts of the Separate Account.
SUBACCOUNTS The several Subaccounts of the Separate Account, each of which invests its assets in a
different Portfolio.
VALUATION DATE Each business day of First Fortis except, with respect to any Subaccount, days on
which the related Portfolio does not value its shares. Generally, the Portfolios value
their shares on each day the New York Stock Exchange is open.
VALUATION PERIOD The period that starts at the close of regular trading on the New York Stock Exchange
on a Valuation Date and ends at the close of regular trading on the exchange on the
next succeeding Valuation Date.
VARIABLE ANNUITY OPTION An annuity option under which First Fortis promises to pay the Annuitant or any other
properly designated payee one or more payments which vary in amount in accordance with
the net investment experience of the Subaccounts selected by the Annuitant.
WRITTEN REQUEST A written, signed and dated request, in form and substance satisfactory to First
Fortis and received at our Home Office.
</TABLE>

3
<PAGE>
INFORMATION CONCERNING FEES AND CHARGES

CONTRACT OWNER TRANSACTION EXPENSES

<TABLE>
<S> <C>
Front End Sales Charge Imposed on Purchases....... 0%
Maximum Surrender Charge for Sales Expenses (as a
percentage of purchase payments)................. 5%(1)
</TABLE>

<TABLE>
<CAPTION>
YEARS SINCE
DATE OF
PAYMENT AMOUNT OF CHARGE
- -------------- ----------------
<S> <C>
Less than 5 5%
5 or more 0%
</TABLE>

<TABLE>
<S> <C>
Other Surrender Fees....................... 0%
Exchange Fee............................... 0%
ANNUAL CONTRACT ADMINISTRATION CHARGE............. $ 30(2)
</TABLE>

SEPARATE ACCOUNT ANNUAL EXPENSES

(AS A PERCENTAGE OF AVERAGE ACCOUNT VALUE)

<TABLE>
<S> <C>
Mortality and Expense Risk Charge.............................................................. 1.25%
Separate Account Administrative Charge......................................................... .10%
---
Total Separate Account Annual Expenses....................................................... 1.35%
</TABLE>

PORTFOLIO ANNUAL EXPENSES (A)

<TABLE>
<CAPTION>
Mid Small Large
S&P 500 Blue Chip Cap Cap Global Cap Growth Aggressive
Index Stock International Stock Value Growth Growth Stock Growth
Series Series Stock Series Series Series Series Series Series Series
------- --------- ------------- ------ ------ ------ ------ ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investment Advisory and
Management Fee............... 0.40% 0.90% 0.85% 0.90% 0.90% 0.70% 0.90% 0.61% 0.69%
Other Expenses................ 0.11% 0.12% 0.23% 0.20% 0.20% 0.09% 0.20% 0.05% 0.07%
Total Fortis Series Operating
Expenses..................... 0.51% 1.02% 1.08% 1.10% 1.10% 0.79% 1.10% 0.66% 0.76%
</TABLE>

- ------------------------------

(a) As a percentage of Portfolio average net assets based on 1997 historical
data except that for Small Cap Value Series, Mid Cap Stock Series and Large
Cap Growth Series these amounts are based upon estimates for their current
fiscal year.

4
<PAGE>
EXAMPLES*

<TABLE>
<CAPTION>
IF ALL AMOUNTS ARE INVESTED IN ONE PORTFOLIO: 1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Money Market Series....................................... $ 63 $ 99 $ 139 $ 203
U.S. Government Securities Series......................... 64 104 147 220
Diversified Income Series................................. 64 104 147 221
Global Bond Series........................................ 70 121 175 277
High Yield Series......................................... 65 107 151 229
Global Asset Allocation Series............................ 71 126 183 294
Asset Allocation Series................................... 64 104 146 219
Value Series.............................................. 67 113 161 250
Growth & Income Series.................................... 66 109 155 237
S&P 500 Index Series...................................... 64 103 145 217
Blue Chip Stock Series.................................... 69 119 171 269
International Stock Series................................ 70 120 174 275
Mid Cap Stock Series...................................... 70 121 175 277
Small Cap Value Series.................................... 70 121 175 277
Global Growth Series...................................... 67 112 159 246
Large Cap Growth Series................................... 70 121 175 277
Growth Stock Series....................................... 65 108 153 233
Aggressive Growth Series.................................. 66 111 158 243
</TABLE>

If you COMMENCE AN ANNUITY payment option, or do NOT surrender your Contract,
you would pay the following cumulative expenses on a $1,000 investment, assuming
a 5% annual return on assets:

<TABLE>
<CAPTION>
IF ALL AMOUNTS ARE INVESTED IN ONE PORTFOLIO: 1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Money Market Series....................................... $ 18 $ 54 $ 94 $ 203
U.S. Government Securities Series......................... 19 59 102 220
Diversified Income Series................................. 19 59 102 221
Global Bond Series........................................ 25 76 130 277
High Yield Series......................................... 20 62 106 229
Global Asset Allocation Series............................ 26 81 138 294
Asset Allocation Series................................... 19 59 101 219
Value Series.............................................. 22 68 116 250
Growth & Income Series.................................... 21 64 110 237
S&P 500 Index Series...................................... 19 58 100 217
Blue Chip Stock Series.................................... 24 74 126 269
International Stock Series................................ 25 75 129 275
Mid Cap Stock Series...................................... 25 76 130 277
Small Cap Value Series.................................... 25 76 130 277
Global Growth Series...................................... 22 67 114 246
Large Cap Growth Series................................... 25 76 130 277
Growth Stock Series....................................... 20 63 108 233
Aggressive Growth Series.................................. 21 66 113 243
</TABLE>

- ------------------------

* For purposes of these examples, the effect of the annual Contract
administration charge has been computed based on the experience of an
affiliated company.

------------------------------

THE EXAMPLES SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES, AND ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.

The foregoing tables and examples, prescribed by the SEC, are included to assist
Contract Owners in understanding the transaction and operating expenses imposed
directly or indirectly under the Contracts and the Portfolios. Amounts for state
premium taxes or similar assessments will also be deducted, where applicable.

See Appendix B for an explanation of the calculation of the amounts set forth
above.

5
<PAGE>
SUMMARY

PURCHASE PAYMENTS

SEPARATE ACCOUNT INVESTMENT OPTIONS

Each of the Subaccounts of the Separate Account invests in shares of a
corresponding Portfolio. The investment objective of each of the Subaccounts of
the Separate Account and that of the corresponding Portfolio is the same.

Contract Value in each of the Subaccounts of the Separate Account will vary to
reflect the investment experience of each of the corresponding Series, as well
as deductions for certain charges.

Each Portfolio has a separate and distinct investment objective and is managed
by Fortis Advisers, Inc. or a subadviser of Fortis Advisers, Inc. For providing
investment management services to the Portfolios, Fortis Advisers, Inc. receives
fees from Fortis Series based on the average daily net assets of each Portfolio.
The Portfolios also bear most of their other expenses. A full description of the
Portfolios and their investment objectives, policies and risks can be found in
the current Prospectus for the Portfolios, which accompanies this Prospectus,
and the Portfolios' Statement of Additional Information, which is available upon
request from First Fortis at the address and phone number on the cover of this
prospectus.

TRANSFERS

TOTAL OR PARTIAL SURRENDERS

CHARGES AND DEDUCTIONS

6
<PAGE>
ANNUITY PAYMENTS

DEATH BENEFIT

In the event of the death of the Contract Owner, or the Annuitant if the
Contract Owner is a non-natural person prior to the Annuity Commencement Date, a
death benefit is payable. See "Benefit Payable on Death of Contract Owner (or
Annuitant)."

RIGHT TO EXAMINE THE CONTRACT

LIMITATIONS IMPOSED BY RETIREMENT PLANS

TAX IMPLICATIONS

QUESTIONS AND OTHER COMMUNICATIONS

------------------------

FINANCIAL AND PERFORMANCE INFORMATION

<TABLE>
<CAPTION>
U.S. GOV'T DIVERSIFIED
MONEY MARKET SECURITIES INCOME GLOBAL BOND HIGH YIELD
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
DECEMBER 31, 1997
Accumulation Units in Force... 170,961 12,970 148,631 5,883 47,286
Accumulation Unit Value....... 1.474 17.149 1.963 11.837 12.917
DECEMBER 31, 1996
Accumulation Units in Force... 31,800 427 20,649 1,347 9,846
Accumulation Unit Value....... 1.418 15.935 1.801 11.961 11.928
MAY 1, 1996*
Accumulation Unit Value....... $10,000 $10,000 $10,000 $10,000 $10,000

<CAPTION>
GLOBAL ASSET ASSET GROWTH & S&P BLUE
ALLOCATION ALLOCATION VALUE INCOME 500 CHIP
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C>
DECEMBER 31, 1997
Accumulation Units in Force... 25,317 542,582 55,753 137,613 96,726 74,226
Accumulation Unit Value....... 14.433 2.809 13.651 19.487 14.786 14.429
DECEMBER 31, 1996
Accumulation Units in Force... 7,591 63,004 15,690 14,412 5,144 9,457
Accumulation Unit Value....... 12.884 2.368 11.048 15.468 11.326 11.520
MAY 1, 1996*
Accumulation Unit Value....... $10,000 $10,000 $10,000 $10,000 $10,000 $10,000

<CAPTION>
INTERNATIONAL GLOBAL
STOCK GROWTH
------------ ------------
DECEMBER 31, 1997
Accumulation Units in Force... 36,305 47,369
Accumulation Unit Value....... 14.021 19.507
DECEMBER 31, 1996
Accumulation Units in Force... 10,999 6,899
Accumulation Unit Value....... 12.690 18.510
MAY 1, 1996*
Accumulation Unit Value....... $10,000 $10,000

<CAPTION>
AGGRESSIVE
GROWTH STOCK GROWTH
------------- ------------
DECEMBER 31, 1997
Accumulation Units in Force... 240,842 47,583
Accumulation Unit Value....... 3.296 13.241
DECEMBER 31, 1996
Accumulation Units in Force... 70,686 14,449
Accumulation Unit Value....... 2.971 13.232
MAY 1, 1996*
Accumulation Unit Value....... $10,000 $10,000
</TABLE>

- ----------------------------------------
* Accumulation Unit Value at date of initial registration effectiveness.

Audited financial statements of the Separate Account and First Fortis are
included in the Statement of Additional Information.

FIRST FORTIS AND THE SEPARATE ACCOUNT

FIRST FORTIS LIFE INSURANCE COMPANY

First Fortis Life Insurance Company, the issuer of the Policies, was founded in
1971. At the end of 1997, First Fortis had approximately $x.x billion of total
life insurance in force. First Fortis is a New York corporation and is qualified
to sell life insurance and annuity contracts in New York. First Fortis is a
wholly-owned subsidiary of Fortis,

7
<PAGE>
Inc., which is itself indirectly owned 50% by Fortis AMEV and 50% by Fortis AG.
Fortis, Inc. manages the United States operations for these two companies.

THE SEPARATE ACCOUNT

There are Subaccounts in the Separate Account. The assets in each Subaccount are
invested exclusively in a distinct class (or series) of stock issued by the
Portfolios, each of which represents a separate investment Portfolio within the
Portfolios. Income and both realized and unrealized gains or losses from the
assets of each Subaccount of the Separate Account are credited to or charged
against that Subaccount without regard to income, gains or losses from any other
Subaccount of the Separate Account or arising out of any other business we may
conduct. New Subaccounts may be added as new Portfolios are added and made
available to Contract Owners. Correspondingly, if any Portfolios are eliminated,
Subaccounts may be eliminated from the Separate Account.

THE PORTFOLIOS

First Fortis purchases and redeems shares for the Separate Account at their net
asset value without the imposition of any sales or redemption charges. Such
shares represent interests in the Portfolios available for investment by the
Separate Account. Each Portfolio corresponds to one of the Subaccounts of the
Separate Account. The assets of each Portfolio are separate from the others and
each operates as a separate investment portfolio whose performance has no effect
on the investment performance of any other Portfolio.

ACCUMULATION PERIOD

ISSUANCE OF A CONTRACT AND PURCHASE PAYMENTS

If the application can be accepted in the form received, the initial purchase
payment will be credited within two Valuation Dates after the later of receipt
of the application or receipt of the initial purchase payment at First Fortis'
Home Office. If the initial purchase payment cannot be credited within five
Valuation Dates after receipt because the application or other issuing
requirements are incomplete, the initial purchase payment will be returned
unless the applicant consents to our retaining the initial purchase payment and
crediting it as of the end of the Valuation Period in which the necessary
requirements are fulfilled. Despite the consent of the applicant, if the initial
purchase payment still cannot be credited within thirty Valuation Dates after
receipt because the application or issuing instructions are incomplete, the
initial purchase payment will be returned to the applicant.

8
<PAGE>
Office. Additional purchase payments are credited to the Contract and added to
the Contract Value as of the end of the Valuation Period in which they are
received.

CONTRACT VALUE

At the end of any Valuation Period, a Contract's Separate Account Value in a
Subaccount is equal to:

- The number of Accumulation Units in the Subaccount;
times

- The value of one Accumulation Unit for that
Subaccount.

The number of Accumulation Units in each Subaccount is equal to:

- The initial Accumulation Units purchased on the
Contract Date; plus

- Accumulation Units purchased at the time that
additional Net Purchase Payments are allocated to the Subaccount; plus

- Accumulation Units purchased through transfers from
another Subaccount or from the Fixed Account; less

- Accumulation Units redeemed to pay for the portion of
any partial surrenders allocated to the Subaccount; less

- Accumulation Units redeemed as part of a transfer to
another Subaccount or to the Fixed Account; less

- Accumulation Units redeemed to pay charges under the
Contract.

ALLOCATION OF PURCHASE PAYMENTS AND CONTRACT VALUE

9
<PAGE>
discretion permit a continuing request for transfers automatically and on a
periodic basis. The only restriction on the frequency of transfers is a
prohibition of making transfers INTO the Fixed Account within six months of a
transfer out of the Fixed Account. Transfers of Contract Value FROM the Fixed
Account are restricted in both amount and timing. See "Fixed Account--Fixed
Account Transfers, Total and Partial Surrenders." We will count all transfers
between and among the Subaccounts of the Separate Account and the Fixed Account
as one transfer, if all the transfer requests are made at the same time as part
of one request. We will execute the transfers and determine all values in
connection with transfers as of the end of the Valuation Period in which we
receive the transfer request.

We may modify or terminate our telephone transfer procedures at any time. The
number for telephone transfers is 1-800-745-8248.

Certain restrictions on very substantial investments in any one Subaccount are
set forth under "Limitations on Allocations" in the Statement of Additional
Information.

TOTAL AND PARTIAL SURRENDERS

In order for a request to be processed, the Contract Owner MUST specify from
which Subaccounts of the Separate Account or the Fixed Account a partial
surrender should be made and charges deducted.

BENEFIT PAYABLE ON DEATH OF CONTRACT OWNER (OR ANNUITANT)

If the Contract Owner dies prior to the Annuity Commencement Date, a death
benefit will be paid to the Beneficiary. If the Contract Owner is a non-natural
person, then a death benefit will be paid upon the death of the Annuitant prior
to the Annuity Commencement Date. In such case, if more than one Annuitant has
been named, the death benefit payable upon the death of an Annuitant will only
be paid upon the death of the last survivor of the persons so named. The term
"decedent" in the death benefit description below refers to the death of the
Contract Owner unless the Contract Owner is a non-natural person, in which case
it refers to the death of the Annuitant. Also, the death benefit description
refers to the age of the Contract Owner. If the Contract Owner is a non-natural
person, the relevant age will instead be that of the Annuitant.

Additionally, the death benefit description makes reference to "Pro Rata
Adjustments." A Pro Rata Adjustment is calculated separately for each
withdrawal, creating a decrease in the death benefit proportional to the
decrease the withdrawal makes in the Contract Value. Pro Rata Adjustments are
made for amounts withdrawn for partial surrenders and any associated surrender
charge (which shall be deemed to be an amount withdrawn), but not for any
Contract fee-related surrenders.

10
<PAGE>

The death benefit will equal the greatest of (1), (2), or (3) as follows:

(1)
The Contract Value as of the date used for valuing the death
benefit.

(2)
The sum or all Net Purchase Payments made, reduced by Pro
Rata Adjustments for each withdrawal.

The Pro Rata Adjustment for a given withdrawal is equal to:

(a) the withdrawn amount, divided by

(b) the Contract Value immediately before the amount was withdrawn, the
result multiplied by

(3)
The highest Anniversary Value of each of the Contract's
anniversaries prior to the earlier of: (1) the decedent's death, or (2) the
Contract Owner's attainment of age 75.

An Anniversary Value is equal to:

(a) the Contract Value on the anniversary, plus

(b) any Net Purchase Payments made since the anniversary, reduced by

The Pro Rata Adjustment for a given withdrawal is equal to:

(a) the withdrawn amount, divided by

(b) the Contract Value immediately before the amount was withdrawn, the
result multiplied by

(i) the Contract Value on the anniversary, plus

(ii) Net Purchase Payments made since the anniversary and before the
withdrawal, minus

(iii) Pro Rata Adjustments for withdrawals made since the anniversary
and before the given withdrawal.

If the Contract Owner dies before the Annuity Commencement Date with respect to
a Non-Qualified Contract, certain additional requirements are mandated by the
Internal Revenue Code, which are discussed below under "Federal Tax
Matters--Required Distributions for Non-Qualified Contracts." It is imperative
that Written Notice of the death of the Contract Owner be promptly transmitted
to First Fortis at its Home Office, so that arrangements can be made for
distribution of the entire interest in the Contract to the Beneficiary in a
manner that satisfies the Internal Revenue Code requirements. Failure to satisfy
these requirements may result in the Contract not being treated as an annuity
contract for federal income tax purposes, which could have adverse tax
consequences.

THE ANNUITY PERIOD

ANNUITY COMMENCEMENT DATE

In order for the Contract Owner to advance or defer the Annuity Commencement
Date, the Contract Owner must submit a Written Request. The request must be
received at our Home Office at least 30 days before the then-scheduled Annuity
Commencement Date. The new Annuity Commencement Date must also be at least 30
days after the Written Request is received. There is no right to make any total
or partial surrender during the Annuity Period.

COMMENCEMENT OF ANNUITY PAYMENTS

11
<PAGE>
Annuity payments under a Fixed or Variable Annuity Option will be made on a
monthly basis to the Annuitant or other properly-designated payee, unless we
agree to a different payment schedule. If more than one person is named as an
Annuitant, the Contract Owner may elect to name one of such persons to be the
sole Annuitant as of the Annuity Commencement Date. We reserve the right to
change the frequency of any annuity payment so that each payment will be at
least $50. There is no right to make any total or partial surrender during the
Annuity Period.

The amount of each annuity payment will depend on the amount of Contract Value
applied to an annuity option, the form of annuity selected and the age of the
Annuitant. Information concerning the relationship between the Annuitant's sex
and the amount of annuity payments, including special requirements in connection
with employee benefit plans, is set forth under "Calculation of Annuity
Payments" in the Statement of Additional Information. The Statement of
Additional Information also contains detailed information about how the amount
of each annuity payment is computed.

The dollar amount of any fixed annuity payments is specified during the entire
period of annuity payments according to the provisions of the annuity form
selected.

The dollar amount of variable annuity payments varies during the annuity period
based on changes in Annuity Unit Values for the Subaccounts that you choose to
use in connection with your payments.

RELATIONSHIP BETWEEN SUBACCOUNT INVESTMENT PERFORMANCE AND AMOUNT OF VARIABLE
ANNUITY PAYMENTS

If a Subaccount on which a variable annuity payment is based has an average
effective net investment return higher than 3% (the assumed investment return)
per annum during the period between two such annuity payments, the Annuity Unit
Value will increase, and the second payment will be higher than the first.
Conversely, if the Subaccount's average effective net investment return over the
period between the annuity payments is less than 3% per annum, the Annuity Unit
Value will decrease, and the second payment will be lower than the first. "Net
investment return," for this purpose, refers to the Subaccount's overall
investment performance, net of the mortality and expense risk and administrative
expense charges, which are assessed at a nominal aggregate annual rate of 1.35%.

ANNUITY FORMS

The following options are available for fixed annuity payments and for variable
annuity payments.

We also have other annuity forms available and information about them can be
obtained from your sales representative or by calling or writing to our Home
Office.

DEATH OF ANNUITANT OR OTHER PAYEE

12
<PAGE>
CHARGES AND DEDUCTIONS

The charges that we assess in connection with the Contracts are described below.

PREMIUM TAXES

Applicable premium tax rates depend upon the Contract Owner's then-current place
of residence. Applicable rates are subject to change by legislation,
administrative interpretations or judicial acts.

ANNUAL ADMINISTRATIVE CHARGE

CHARGES AGAINST THE SEPARATE ACCOUNT

The expense risk assumed is that actual expenses incurred in connection with
issuing and administering the Contracts will exceed the limits on administrative
charges set in the Contracts.

The annual administrative charge and charges against the Separate Account
described above are for the purposes described and First Fortis may receive a
profit as a result of these charges.

SURRENDER CHARGE

FREE SURRENDERS. The following amounts can be withdrawn from the Contract
without a surrender charge:

- Any purchase payments received by us more than five
years prior to the surrender date and that have not been previously
surrendered;

13
<PAGE>
- In any Contract year, up to 10% of the purchase payments
received by us less than five years prior to the surrender date
(whether or not the purchase payments have been previously
surrendered).

In addition, we have an administrative policy to waive surrender charges for
full surrenders of Contracts that have been in force for at least ten years
provided that the amount then subject to the surrender charge is less than 25%
of the Contract Value. Since the Contracts have been offered only since 1994, no
such waivers have yet been made. We reserve the right to change or terminate
this practice at any time, both for new and for previously issued Contracts.

MISCELLANEOUS

REDUCTION OF CHARGES

FIXED ACCOUNT

GENERAL DESCRIPTION

Our obligations with respect to the Fixed Account are supported by our General
Account. Subject to applicable law, we have sole discretion over the investment
of the assets in our General Account.

First Fortis guarantees that Contract Value in the Fixed Account will accrue
interest at an effective annual rate of at least 3%, independent of the actual
investment experience of the General Account. We may, at our sole discretion,
credit higher rates of interest, although we are not obligated to credit
interest in excess of the guaranteed rate of 3% per year. Any interest rate in
excess of 3% per year with respect to any amount in the Fixed Account pursuant
to a Contract will not be modified more than once each calendar year. Any higher
rate of interest will be quoted at an effective annual rate. The rate of any
excess interest initially or subsequently credited to any amount can in many
cases vary, depending on when that amount was originally allocated to the Fixed
Account. Once credited, such interest will be guaranteed and will become part of
Contract Value in the Fixed Account from which deductions for fees and charges
may be made.

FIXED ACCOUNT VALUE

FIXED ACCOUNT TRANSFERS, TOTAL AND PARTIAL SURRENDERS

14
<PAGE>
for transfer of lesser specified amounts automatically on a periodic basis.
However, we reserve the right to discontinue or modify any such arrangements at
our discretion.

No transfers from the Fixed Account may be made after the Annuity Commencement
Date.

GENERAL PROVISIONS

THE CONTRACT

The Contracts are non-participating and do not share in dividends or earnings of
First Fortis.

POSTPONEMENT OF PAYMENTS

MISSTATEMENT OF AGE OR SEX AND OTHER ERRORS

ASSIGNMENT AND OWNERSHIP RIGHTS

BENEFICIARY

Before the Annuity Commencement Date and the Contract Owner may name or change a
beneficiary or a contingent beneficiary by sending a Written Request of the
change to First Fortis. Under certain retirement programs, however, spousal
consent may be required to name or change a beneficiary, and the right to name a
beneficiary other than the spouse may be subject to applicable tax laws and
regulations. We are not responsible for the validity of any change. A change
will take effect as of the date it is signed but will not affect any payments we
make or action we take before receiving the Written Request. We also need the
consent of any irrevocably named person before making a requested change.

In the event of the death of a Contract Owner or the Annuitant if the Annuitant
is a non-natural person, prior to the Annuity Commencement Date the Beneficiary
will be determined as follows:

- If upon the death of a Contract Owner there is one or
more surviving Contract Owners, the surviving Contract Owner(s) will
be the Beneficiary (this overrides any other beneficiary designation).

REPORTS

We will mail to the Contract Owner, at the last known address of record, any
reports required by any applicable law or regulation. You should therefore give
us prompt written notice of any address change. Each Contract Owner will also be
sent an annual and a semi-annual report for the Portfolios and a list of the
portfolio securities held in each Portfolio. All reports will be mailed to the
person receiving payments during the Annuity Period, rather than to the Contract
Owner.

RIGHTS RESERVED BY FIRST FORTIS

- To operate the Separate Account in any form permitted
under the Investment Company Act of 1940 or in any other form
permitted by law.

15
<PAGE>
- To transfer any assets in any Subaccount to another
Subaccount, or to one or more separate accounts, or to the Fixed
Account; or to add, combine or remove Subaccounts in the Separate
Account.

- To substitute, for the Portfolio shares held in any
Subaccount, the shares of another Portfolio or the shares of another
investment company or any other investment permitted by law.

- To make any changes required by the Internal Revenue
Code or by any other applicable law in order to continue treatment of
the Contract as an annuity.

- To change the time or times of day at which a Valuation
Date is deemed to have ended.

DISTRIBUTION

FEDERAL TAX MATTERS

NON-QUALIFIED CONTRACTS

The following discussion applies generally to Contracts owned by natural
persons.

16
<PAGE>
For purposes of determining the amount of taxable income resulting from
distributions, all Contracts and other annuity contracts issued by us or our
affiliates to the same Contract Owner within the same calendar year will be
treated as if they were a single contract.

A transfer of ownership of a Contract, or designation of an Annuitant or other
payee who is not also the Contract Owner, may result in certain income or gift
tax consequences to the Contract Owner that are beyond the scope of this
discussion. A Contract Owner contemplating any transfer or assignment of a
Contract should contact a competent tax adviser with respect to the potential
tax effects of such transaction.

REQUIRED DISTRIBUTIONS FOR NON-QUALIFIED CONTRACTS

QUALIFIED CONTRACTS

WITHHOLDING

PORTFOLIO DIVERSIFICATION

17
<PAGE>
to be treated as the owners of Separate Account assets for tax purposes. First
Fortis reserves the right to amend the Contracts in any way necessary to avoid
any such result. The Treasury Department has stated that it expects to establish
standards in this regard through regulations or rulings. Such standards may
apply only prospectively, although retroactive application is possible if such
standards were considered not to embody a new position.

CERTAIN EXCHANGES

Because of the complexity of these matters, you should consult a qualified tax
adviser before making any exchange.

TAX LAW RESTRICTIONS AFFECTING SECTION 403(B) PLANS

Section 403(b)(12) of the Internal Revenue Code restricts the distribution under
Section 403(b) annuity contracts of:

(1) elective contributions made for years beginning after December 31, 1988;

(2) earnings on those contributions; and

(3) earnings on amounts held as of December 31, 1988.

VOTING PRIVILEGES

In accordance with its view of current applicable law, First Fortis will vote
shares of each of the Portfolios which are attributable to a Contract at regular
and special meetings of the shareholders of a Portfolio in proportion to
instructions received from the persons having the voting interest in the
Contract as of the record date for the corresponding Portfolio shareholders
meeting. Contract Owners have the voting interest during the Accumulation
Period, persons receiving annuity payments have the voting interest during the
Annuity Period, and Beneficiaries have the voting interest after the death of
the Annuitant or Contract Owner. However, if the Investment Company Act of 1940
or any rules thereunder should be amended or if the present interpretation
thereof should change, and as a result First Fortis determines that it is
permitted to vote shares of the Portfolios in its own right, it may elect to do
so.

18
<PAGE>
that Portfolio. Shares held by separate accounts other than the Separate Account
will in general be voted in accordance with instructions of participants in such
other separate accounts. This diminishes the relative voting influence of the
Contracts.

Each person having a voting interest in a Subaccount of the Separate Account
will receive proxy material, reports and other materials relating to the
appropriate Portfolio. Pursuant to the procedures described above, these persons
may give instructions regarding the election of the Board of Directors of a
Portfolio, ratification of the selection of its independent auditors, the
approval of the investment manager of a Portfolio, changes in fundamental
investment policies of a Portfolio and all other matters that are put to a vote
of Portfolio shareholders.

STATE REGULATION

First Fortis is subject to regulation and supervision by the Insurance
Department of the State of New York, which periodically examines its affairs.

LEGAL MATTERS

CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION

<TABLE>
<CAPTION>
PAGE

19
<PAGE>
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<PAGE>
APPENDIX A
SAMPLE DEATH BENEFIT CALCULATIONS

DATE OF DEATH IS THE 3RD CONTRACT ANNIVERSARY:

<TABLE>
<CAPTION>
EXAMPLE EXAMPLE
1 2
------- -------
<C> <C> <C>
a. Purchase Payments Made Prior to Date of Death............... $30,000 $30,000
b. Contract Value on Date of Death............................. $20,000 $37,000
c. 1 Year Ratchet Option Value................................. $35,000 $37,000
Death Benefit is larger of a, b, and c.......................... $35,000 $37,000
</TABLE>

DATE OF DEATH IS THE 5TH CONTRACT ANNIVERSARY:

<TABLE>
<CAPTION>
EXAMPLE EXAMPLE
1 2
------- -------
<C> <C> <C>
a. Purchase Payments Made Prior to Date of Death............... $30,000 $30,000
b. Contract Value on Date of Death............................. $32,000 $35,000
c. 1 Year Ratchet Option Value................................. $36,000 $35,000
Death Benefit is larger of a, b, and c.......................... $36,000 $35,000
</TABLE>

DATE OF DEATH IS THE 10TH CONTRACT ANNIVERSARY:

<TABLE>
<CAPTION>
EXAMPLE EXAMPLE
1 2
------- -------
<C> <C> <C>
a. Purchase Payments Made Prior to Date of Death............... $30,000 $30,000
b. Contract Value on Date of Death............................. $20,000 $40,000
c. 1 Year Ratchet Option Value................................. $34,000 $40,000
Death Benefit is larger of a, b, and c.......................... $34,000 $40,000
</TABLE>

A-1
<PAGE>
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<PAGE>
APPENDIX B
EXPLANATION OF EXPENSE CALCULATIONS

The expense for a given year is calculated by multiplying the projected
beginning of the year policy value by the total expense rate. The total expense
rate is the sum of the variable account expense rate plus the total Portfolio
expense rate plus the annual administrative charge rate.