485BPOS 1 supplementslii.htm SUPPLEMENT -- HTML

As filed with the Securities and Exchange

Registration No. 33-57244

Commission on September 28, 2004

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-6

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

[X]

Pre-Effective Amendment No. _____

[ ]

Post-Effective Amendment No. 20

[X]

AMENDMENT TO REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940


[X]

(Check appropriate box or boxes.)

 

SelectHLife Variable Account

(Exact Name of Registrant)

 

ReliaStar Life Insurance Company

(Name of Depositor)

 

20 Washington Avenue So.

Minneapolis, MN 55401

(Address of Depositor's Principal Executive Offices) (Zip Code)

 

(612) 372-5507

(Depositor's Telephone Number, including Area Code)

J. Neil McMurdie, Counsel

ING Americas (U.S. Legal Services)

151 Farmington Avenue, TS31, Hartford, CT 06l56

(Name and Address of Agent for Service)

 

Jeffery R. Berry, Chief Counsel

ING Americas (U.S. Legal Services)

151 Farmington Avenue, TS31, Hartford, CT 06156

 

Approximate date of proposed public offering: Continuous.

 

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

 

[ ]

 

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

 

[X]

 

on October 1, 2004, pursuant to paragraph (b) of Rule 485

 

[ ]

 

60 days after filing pursuant to paragraph (a)(1)

 

[ ]

 

on _______ 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.

 

 

 

 

PART A

INFORMATION REQUIRED IN A PROSPECTUS

The Prospectus, dated May 1, 2004, is incorporated into Part A of this Post-Effective Amendment No. 20 to Registration Statement on Form N-6 (File No. 33-57244) by reference to Registrant's filings under Rules 485(b), as filed on April 15, 2004; and 497(e), as filed on May 4, 2004, August 4, 2004, and August 18, 2004.

SELECTHLIFE II

 

A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY

issued by

ReliaStar Life Insurance Company

and its

SelectHLife Variable Account

 

Supplement dated October 1, 2004, to the Prospectus dated May 1, 2004

 

This supplement amends certain information contained in the prospectus dated May 1, 2004, as amended on May 4, 2004, August 4, 2004 and August 18, 2004. Please read it carefully and keep it with your prospectus for future reference.

______________________________________________________________________

 

Fund Additions. Effective October 1, 2004, the following funds are added as available variable investment options under the policy:

  • ING VP Strategic Allocation Balanced Portfolio (Class I Shares)

  • ING VP Strategic Allocation Growth Portfolio (Class I Shares)
    		•

  • ING VP Strategic Allocation Income Portfolio (Class I Shares)

    •  

    More information about these new funds is contained in the tables below.

    The following information is added to the Fund Expense Table beginning on page 13 of the prospectus:




    Fund Name



    Management Fees



    Distribution (12b-1) Fees



    Other Expenses

    Total Gross Annual Fund Expenses

    Fees and Expenses Waived or Reimbursed

    Total Net Annual Fund Expenses

    ING VP Strategic Allocation Balanced Portfolio (Class I) 28, 29

    0.60%

    --

    0.14%

    0.74%

    --

    0.74%

    ING VP Strategic Allocation Growth Portfolio (Class I) 28, 29

    0.60%

    --

    0.15%

    0.75%

    --

    0.75%

    ING VP Strategic Allocation Income Portfolio (Class I) 28, 29

    0.60%

    --

    0.14%

    0.74%

    --

    0.74%

    28

    The table above shows the estimated operating expenses for Class I shares of each Portfolio as a ratio of expenses to average daily net assets. These estimates are based on each Portfolio's actual operating expenses for its most recently completed fiscal year and fee waivers to which the Portfolio's investment adviser has agreed for each Portfolio.

     

     

    29

    ING Investments, LLC, the investment adviser to each Portfolio, entered into written expense limitation agreements with each Portfolio under which it will limit expenses of the Portfolios, excluding interest, brokerage and extraordinary expenses, subject to possible recoupment by the adviser within three years. The amount of each Portfolio's expenses waived, reimbursed or recouped during the last fiscal year by the adviser was 0.04% for the ING Strategic Allocation Balanced Portfolio and 0.09% for the ING Strategic Allocation Income Portfolio. Including these waivers and/or reimbursements, the "Total Net Annual Fund Expenses" would have been 0.70% for the ING Strategic Allocation Balanced Portfolio and 0.65% for the ING Strategic Allocation Income Portfolio. For each Portfolio, the expense limits will continue through at least December 31, 2004. For further information regarding the expense limitation agreements, see the Fund's prospectus.






    133731

    Page 1 of 2

    October 2004

     

    The following information is added to Appendix B of the prospectus:


    Fund Name

    Investment Adviser/
    Subadviser


    Investment Objective

    ING VP Strategic Allocation Balanced Portfolio (Class I Shares)

    Investment Adviser:
    ING Investments, LLC
    Sub-Adviser:
    ING Investment Management Co.

    Seeks to provide total return (i.e., income and capital appreciation, both realized and unrealized).

    ING VP Strategic Allocation Growth Portfolio (Class I Shares)

    Investment Adviser:
    ING Investments, LLC
    Sub-Adviser:
    ING Investment Management Co.

    Seeks to provide capital appreciation.

    ING VP Strategic Allocation Income Portfolio (Class I Shares)

    Investment Adviser:
    ING Investments, LLC
    Sub-Adviser:
    ING Investment Management Co.

    Seeks to provide total return consistent with preservation of capital.

    Information about the ING UBS U.S. Allocation Portfolio is to be amended as follows:

     

    Effective November 8, 2004, ING UBS U.S. Allocation Portfolio will be renamed ING Van Kampen Equity and Income Portfolio and Morgan Stanley Investment Management, Inc. (d/b/a Van Kampen) will replace UBS Global Asset Management (US) Inc. as sub-adviser. Accordingly, all references to ING UBS U.S. Allocation Portfolio (Initial Class) are to be replaced with ING Van Kampen Equity and Income Portfolio (Initial Class) and Appendix B of the prospectus is to be revised to reflect the new sub-advisory arrangement.

    Effective December 1, 2004, the Management Fees and Other Expenses for the Portfolio will be reduced to 0.55% and 0.02%, respectively. The Fund Expense Table beginning on Page 13 of the prospectus is to be revised to reflect these reductions.























    133731

    Page 2 of 2

    October 2004

     

    PART B

    INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION

    The Statement of Additional Information, dated May 1, 2004, is incorporated into Part B of this Post-Effective Amendment No. 20 to Registration Statement on Form N-6 (File No. 33-57244) by reference to Registrant's filings under Rule 485(b) as filed on April 15, 2004.

    PART C

    OTHER INFORMATION

     

    Item 26

    Exhibits

     

    (a)

    Resolutions of Board of Directors of Northwestern National Life Insurance Company ("NWNL") establishing the SelectHLife Variable Account. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)

    (b)

    Not Applicable.

    (c)

    (1)

    Amendment to Distribution Services Agreement dated March 7, 2002 between ING Financial Advisers, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration on Form N-6, File No. 333-105319, as filed on April 17, 2003.)

     

    (2)

    ReliaStar Life Insurance Company Distribution Agreement between ReliaStar Life Insurance Company and ING America Equities, Inc. (Incorporated by Reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on July 17, 2003.)

     

    (3)

    Specimen Selling Agreements. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)

     

    (4)

    Specimen ING America Equities, Inc. Selling Agreement. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, File No. 333-69431, as filed on April 24, 2002.)

     

    (5)

    Schedules for Sales Commissions. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, File No. 333-69431, as filed on April 24, 2002.)

    (d)

    (1)

    Form of Policy available (together with available Policy Riders). (Incorporated by reference to Post-Effective Amendment No. 9 to Registration Statement on Form S-6, File No. 33-57244, as filed on April 23, 1998.)

     

    (2)

    Accelerated Benefit Rider. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form S-6, File No. 33-57244, as filed on February 22, 1996.)

     

    (3)

    Connecticut Modification Rider. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form S-6, File No. 33-57244, as filed on February 22, 1996.)

     

    (4)

    Policy Illustration. (Incorporated by reference to Pre-Effective Amendment No. 13 to Registration Statement on Form S-6, File No. 33-57244, as filed on April 24. 2002.)

    (e)

    (1)

    Revised Policy Application Form. (Incorporated by reference to Initial Registration on Form S-6, File No. 333-69431, as filed on December 22, 1998.)

     

    (2)

    Supplement to Life Insurance Application. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-92000, as filed on April 17, 2003.)

    (f)

    (1)

    Amended Articles of Incorporation of ReliaStar Life. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)

     

    (2)

    Amended By-Laws of ReliaStar Life. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)

    (g)

    Not Applicable.

    (h)

    (1)

    (a)

    Participation Agreement dated as of March 27, 2000 by and among ReliaStar Life Insurance Company, AIM Variable Insurance Products Fund, Inc., A I M Distributors, Inc. and WSSI. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (b)

    Form of Amendment No. 1 to Participation Agreement by and among ReliaStar Life Insurance Company, AIM Variable Insurance Products Fund, Inc., AIM Distributors, Inc. and WSSI. (Incorporated by reference to Initial Registration on Form S-6, File No. 333-47094, as filed on September 29, 2000.)

     

     

    (c)

    Amendment No. 2 to Participation Agreement by and among Reliastar Life Insurance Company, on behalf of itself and its separate accounts, AIM Variable Insurance Funds, Inc., A I M Distributors, Inc. and ING American Equities, Inc. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-6, File No. 33-57244, as filed on February 9, 2004.)

     

     

    (d)

    Administrative Services Agreement dated as of March 27, 2000 by and between ReliaStar Life Insurance Company, Northern Life Insurance Company, ReliaStar Life Insurance Company of New York and A I M Advisers, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No.333-105319, as filed on November 24, 2003.)

     

    (2)

    (a)

    Participation Agreement dated as of August 8, 1997 by and between ReliaStar Life Insurance Company, The Alger American Fund and Fred Alger and Company, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (b)

    Amendment dated as of March 28, 2000 to Participation Agreement by and among ReliaStar Life Insurance Company, The Alger American Fund and Fred Alger Management, Inc. (Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement on Form S-6, File No. 33-57244, as filed on March 31, 2000.)

     

     

    (c)

    Amendment dated as of October 11, 2000 to the Participation Agreement by and between ReliaStar Life Insurance Company, The Alger American Fund and Fred Alger Management, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (d)

    Amendment dated as of September 29, 2003 to Participation Agreement by and among The Alger American Fund, Fred Alger Management, Inc. and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (e)

    Service Agreement by and between ReliaStar Life Insurance Company and Fred Alger Management, Inc. (Incorporated by reference to Post-Effective Amendment No. 21 to Registration Statement on Form S-6, File No. 2-95392, as filed on August 4, 1997.)

     

    (3)

    (a)

    Fund Participation Agreement among Golden American Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company, Southland Life Insurance Company, ING Life Insurance and Annuity Company, ING Insurance Company of America, American Funds Insurance Series and Capital Research and Management Company. (Incorporated by Reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on July 17, 2003.)

     

     

    (b)

    Business Agreement by and among Golden American Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company, Southland Life Insurance Company, ING Life Insurance and Annuity Company, ING Insurance Company of America, ING American Equities, Inc., Directed Services, Inc., American Funds Distributors, Inc. and Capital Research and Management Company. (Incorporated by Reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on July 17, 2003.)

     

    (4)

    (a)

    Participation Agreement dated as of March 16, 1988 by and among Northwestern National Life Insurance Company (renamed ReliaStar Life Insurance Company), Fidelity's Variable Insurance Products Fund and Fidelity Distributors Corporation and Amendments Nos. 1-8. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)

     

     

    (b)

    Amendment dated as of July 24, 1997 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity's Variable Insurance Products Fund and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (c)

    Amendment No. 10 to Participation Agreement by and among ReliaStar Life Insurance Company, Variable Insurance Products Fund and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (d)

    Amendment No. 11 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity Variable Products Fund and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (e)

    Amendment No. 12 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity Variable Products Fund and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (f)

    Amendment No. 13 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity Variable Products Fund and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-6, File No. 333-105319, as filed on April 15, 2004.)

     

     

    (g)

    Participation Agreement dated as of January 1, 1991 by and among Northwestern National Life Insurance Company (renamed ReliaStar Life Insurance Company), Fidelity's Variable Insurance Products Fund II and Fidelity Distributors Corporation and Amendments Nos. 1-7. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)

     

     

    (h)

    Amendment dated as of July 24, 1997 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity's Variable Insurance Products Fund II and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (i)

    Amendment No. 9 to Participation Agreement with Fidelity's Variable Insurance Products Fund II and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (j)

    Amendment No. 10 to Participation Agreement by and among the ReliaStar Life Insurance Company, Fidelity Variable Insurance Products Fund II and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (k)

    Amendment No. 11 to Participation Agreement by and among the ReliaStar Life Insurance Company, Fidelity Variable Insurance Products Fund II and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (l)

    Amendment No. 12 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity Variable Products Fund II and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-6, File No. 333-105319, as filed on April 15, 2004.)

     

     

    (m)

    Service Agreement dated January 1, 1997 by and between ReliaStar Life Insurance Company and Fidelity Investments Institutional Operations Company, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (n)

    Amendment effective as of April 1, 1999 to Service Agreement by and between ReliaStar Life Insurance Company and Fidelity Investments Institutional Operations Company, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (o)

    Service Contract dated April 25, 1997 by and between Fidelity Distributors Corporation and Washington Square Securities, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (p)

    Amendment dated April 1, 1999 to Service Contract by and between Fidelity Distributors Corporation and Washington Square Securities, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

    (5)

    (a)

    Participation Agreement dated as of May 1, 2002 by and between ReliaStar Life Insurance Company, ING VP Bond Portfolio and ING Funds Distributor, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-47094, as filed on September 17, 2002.)

     

     

    (b)

    Amendment effective as of July 15, 2003 to Participation Agreement by and among ReliaStar Life Insurance Company, ING VP Bond Portfolio and ING Funds Distributor, LLC. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-6, File No. 33-57244, as filed on February 9, 2004.)

     

    (6)

    (a)

    Participation Agreement among the GCG Trust and ReliaStar Life Insurance Company and Directed Services, Inc. (Incorporated by Reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on July 17, 2003.)

     

    (7)

    (a)

    Participation Agreement dated as of December 6, 2001 by and among Portfolio Partners, Inc., Aetna Life Insurance and Annuity Company, Aetna Investment Services, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-69431, as filed on April 24, 2002.)

     

     

    (b)

    Amendment dated as of March 26, 2002 to Participation Agreement by and among Portfolio Partners, Inc. (to be renamed ING Partners, Inc. effective May 1, 2002), Aetna Life Insurance and Annuity Company (to be renamed ING Life Insurance and Annuity Company effective May 1, 2002), Aetna Investment Services, LLC (to be renamed ING Financial Adviser, LLC effective May 1, 2002) and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-69431, as filed on April 24, 2002.)

     

     

    (c)

    Amendment dated as of October 1, 2002 to Participation Agreement dated as of December 6, 2001 among ING Partners, Inc., ING Life Insurance and Annuity Company, ING Financial Advisers, LLC and ReliaStar Life Insurance and Annuity Company. (Incorporated by reference to Post Effective Amendment No. 1 to Registration Statement on Form N-4, 333-100207, for Separate Account N of ReliaStar Life Insurance Company, as filed on October 24, 2002.)

     

     

    (d)

    Amendment dated as of May 1, 2003 to Participation Agreement dated as of December 6, 2001 by and between ING Partners, Inc., ING Life Insurance and Annuity Company, ING Financial Advisers, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, 333-92000, as filed on April 17, 2003.)

     

     

    (e)

    Service Agreement effective as of December 6, 2001 by and between ING Life Insurance and Annuity Company and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-6, 333-92000, as filed on January 30, 2003.)

     

     

    (f)

    Shareholder Servicing Agreement dated as of December 6, 2001 by and between ReliaStar Life Insurance Company and Portfolio Partners, Inc. in respect of the Service Class Shares of its Portfolios. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (g)

    Amendment dated as of March 26, 2002 to the Shareholder Servicing Agreement by and between ReliaStar Life Insurance Company and Portfolio Partners, Inc. (to be renamed ING Partners, Inc. effective May 1, 2002) in respect of the Service Class Shares of its Portfolio. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (h)

    Amendment dated as of May 1, 2003 to Shareholder Servicing Agreement (Service Shares) dated as of December 6, 2001 by and between ING Partners, Inc. and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, 333-92000, as filed on April 17, 2003.)

     

    (8)

    (a)

    Participation Agreement dated as of May 1, 2001 between ReliaStar Life Insurance Company, ING Variable Portfolios, Inc. and ING Funds Distributor, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-47094, as filed on September 17, 2002.)

     

     

    (b)

    Amendment effective as of October 1, 2002 to Participation Agreement between ReliaStar Life Insurance Company, ING Variable Portfolios Inc. and ING Funds Distributor, Inc. (Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-6, 333-92000, as filed on January 30, 2003.)

     

     

    (c)

    Amendment effective as of July 15, 2003 to Participation Agreement by and among ReliaStar Life Insurance Company, ING Variable Portfolios, Inc. and ING Funds Distributor, LLC. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-6, File No. 33-57244, as filed on February 9, 2004.)

     

    (9)

    (a)

    Participation Agreement dated May 1, 2001, by and among ReliaStar Life Insurance Company, Pilgrim Variable Products Trust and ING Pilgrim Securities, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (b)

    Amendment dated as of August 30, 2002 to Participation Agreement by and among ReliaStar Life Insurance Company, ING Variable Products Trust and ING Funds Distributor, Inc. (Incorporated by reference to Post-Effective Amendment No. 14 to Registration Statement on Form N-6, File No. 33-69892, as filed on October 11, 2002.)

     

     

    (c)

    Amendment to Participation Agreement by and among ReliaStar Life Insurance Company, ING Variable Products Trust and ING Funds Distributor, LLC. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-6, File No. 33-57244, as filed on February 9, 2004.)

     

     

    (d)

    Administrative and Shareholder Services Agreement dated as of May 1, 2001 by and between ING Pilgrim Group, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-69431, as filed on April 24, 2002.)

     

     

    (e)

    Amendment to Administrative and Shareholder Service Agreement dated as of August 30, 2002 by and between ING Funds Services, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-6, 333-92000, as filed on January 30, 2003.)

     

    (10)

    (a)

    Participation Agreement dated as of August 8, 1997 by and between ReliaStar Life Insurance Company and Janus Aspen Series. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (b)

    Amendment to Participation Agreement by and between ReliaStar Life Insurance Company and Janus Aspen Series. (Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form S-6, File No. 69431, as filed on April 14, 2000.)

     

     

    (c)

    Letter Agreement dated August 8, 1997 by and between ReliaStar Life Insurance Company and Janus Capital Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (d)

    Amendment, effective July 1, 2002, to Letter Agreement dated August 8, 1997 between ReliaStar Life Insurance Company and Janus Capital Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-69431, as filed on April 24, 2002.)

     

    (11)

    (a)

    Participation Agreement dated as of August 8, 1997 by and between ReliaStar Life Insurance Company, Neuberger&Berman Advisers Management Trust and Neuberger&Berman Management Incorporated. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (b)

    Amendment No. 1 dated as of February 1, 1999 to Participation Agreement by and among ReliaStar Life Insurance Company, Neuberger Berman Advisers Management Trust, Advisers Managers Trust and Neuberger Berman Management Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (c)

    Addendum dated as of May 1, 2000 to Participation Agreement by and among ReliaStar Life Insurance Company, Neuberger Berman Advisers Management Trust, Advisers Managers Trust and Neuberger Berman Management Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (d)

    Amendment dated as of April 1, 2003 to Participation Agreement by and among ReliaStar Life Insurance Company, Neuberger Berman Advisers Management Trust and Neuberger Berman Management Inc. (Incorporated by reference to Post-Effective Amendment No. 17 to Registration Statement on Form N-6, File No. 33-57244, as filed on December 12, 2003.)

     

     

    (e)

    Letter Agreement dated as of July 28, 1997 by and between ReliaStar Life Insurance Company and Neuberger Berman Management Incorporated. (Incorporated by reference to Post-Effective Amendment No. 21 to Registration Statement on Form S-6, File No. 2-95392, as filed on August 4, 1997.)

     

     

    (f)

    Amendment dated as of April 1, 2003 to the Administrative Services Agreement by and between ReliaStar Life Insurance Company and Neuberger Berman Management Inc. (Incorporated by reference to Post-Effective Amendment No. 17 to Registration Statement on Form N-6, File No. 33-57244, as filed on December 12, 2003.)

     

    (12)

    (a)

    Participation Agreement by and between ReliaStar Life Insurance Company, OCC Accumulation Trust and OCC Distributors, dated August 8, 1997. (Incorporated by reference to Post-Effective Amendment No. 21 to Registration Statement on Form S-6, File No. 2-95392, as filed on August 4, 1997.)

     

     

    (b)

    Letter Agreement dated August 8, 1997 by and between ReliaStar Life Insurance Company and OpCap Advisors. (Incorporated by reference to Post-Effective Amendment No. 21 to Registration Statement on Form S-6, File No. 2-95392, as filed on August 4, 1997.)

     

    (13)

    (a)

    Participation Agreement dated as of April 30, 2002 by and among Pioneer Variable Contracts Trust, ReliaStar Life Insurance Company, Pioneer Investment Management, Inc. and Pioneer Funds Distributor, Inc. (Incorporated by reference to Initial Registration Statement on Form S-6, 333-92000, as filed on July 3, 2002.)

     

    (14)

    (a)

    Participation Agreement dated as of January 14, 1994 by and among Northwestern National Life Insurance Company (renamed ReliaStar Life Insurance Company), Putnam Capital Manager Trust and Putnam Mutual Funds Corp. and Amendments Nos. 1-2. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)

     

     

    (b)

    Amendment No. 3 to Participation Agreement by and among Northwestern National Life Insurance Company (renamed ReliaStar Life Insurance Company), Putnam Capital Manager Trust and Putnam Mutual Funds Corp. (Incorporated by reference to Initial Registration on Form S-6, File No. 333-47094, as filed on September 29, 2000.)

     

     

    (c)

    Amendment No. 4 to Participation Agreement by and among ReliaStar Life Insurance Company, Putnam Variable Trust and Putnam Mutual Funds Corp. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24, 2003.)

     

     

    (d)

    Amendment No. 5 to Participation Agreement by and among ReliaStar Life Insurance Company, Putnam Variable Trust and Putnam Retail Management, L.P. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-6, File No. 333-105319, as filed on April 15, 2004.)

    (i)

    Not Applicable.

    (j)

    Not Applicable

    (k)

    Opinion and Consent of Counsel. . (Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-6, File No. 33-57244, as filed on April 15, 2004.)

    (l)

    Not Applicable.

    (m)

    Not Applicable.

    (n)

    Consent of Independent Registered Public Accounting Firm.

    (o)

    All financial statements are included in the Statement of Additional Information, as indicated therein.

    (p)

    Not Applicable.

    (q)

    Not Applicable.

    (r)

    Powers of Attorney. (Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-4 (File No. 333-105479), as filed on July 28, 2004.)

    Item 27

    Directors and Officers of the Depositor

    Name and Principal Business Address

    Positions and Offices with Depositor

    Donald W. Britton, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    President

    Thomas J. McInerney, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    Director and Chairman

    David A. Wheat, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    Director, Senior Vice President and Chief Financial Officer

    Jacques de Vaucleroy, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    Director and Senior Vice President

    Keith Gubbay, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    Director

    Kathleen A. Murphy, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    Director

    Allan Baker, 151 Farmington Avenue, Hartford, CT 06156

    Senior Vice President

    Boyd G. Combs, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    Senior Vice President, Tax

    Robert W. Crispin, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    Senior Vice President, Investments

    Robert L. Francis, 6140 Stonehedge Mall Road, Suite 375, Pleasanton, CA 94588

    Senior Vice President

    James R. Gelder, 20 Washington Avenue South, Minneapolis, MN 55401.

    Senior Vice President

    Shaun P. Mathews, 151 Farmington Avenue, Hartford, CT 06156

    Senior Vice President

    Stephen J. Preston, 1475 Dunwoody Drive, West Chester, PA 19380

    Senior Vice President

    Roger W. Fisher, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    Vice President and Chief Accounting Officer

    David S. Pendergrass, 5780 Powers Ferry Road, NW, Atlanta, GA 30327

    Vice President and Treasurer

    Carol S. Stern, 1501 M Street N.W., Suite 430, Washington, DC 20005

    Vice President and Chief Compliance Officer

    Craig A. Krogstad, 111 Washington Avenue S, Minneapolis, MN 55401

    Vice President and Actuary

    Pamela S. Anson, 2001 21st Avenue N.W., Minot, ND 58703

    Vice President

    Laurie M. Tillinghast, 151 Farmington Avenue, Hartford, CT 06156

    Vice President

    Paula Cludray-Engelke, 20 Washington Avenue South, Minneapolis, MN 55401

    Secretary

     

    Item 28

    Persons Controlled by or Under Common Control with the Depositor or the Registrant

    Incorporated herein by reference to Item 26 in Post-Effective Amendment No. 2 to Registration Statement on Form N-4 for Separate Account B of ING USA Annuity and Life Insurance Company (File No. 333-90516), as filed on April 9, 2004.

    Item 29

    Indemnification

    Under its Bylaws, Section 5.01, ReliaStar Life Insurance Company ("ReliaStar Life") indemnifies, to the full extent permitted by the laws of the State of Minnesota, each person (and the heirs, executors and administrators of such person) who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, wherever brought, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director, officer or employee of ReliaStar Life, or is or was serving at the request of ReliaStar Life as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of ReliaStar Life pursuant to such provisions of the bylaws or statutes or otherwise, ReliaStar Life has been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in said Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by ReliaStar Life of expenses incurred or paid by a director or officer or controlling person of ReliaStar Life in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person of ReliaStar Life in connection with the securities being registered, ReliaStar Life will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether or not such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

    A corporation may procure indemnification insurance on behalf of an individual who was a director of the corporation. Consistent with the laws of the State of Minnesota, ING Groep N.V. maintains an umbrella insurance policy issued by an international insurer. The policy covers ING Groep N.V. and any company in which ING Groep N.V. has a controlling interest of 50% or more. This would encompass the Principal Underwriter as well as the Depositor. The policy provides for the following types of coverage: errors and omissions, directors and officers, employment practices, fiduciary and fidelity.

    Additionally, Section XVIII of the ReliaStar Life Insurance Company Distribution Agreement with ING America Equities, Inc. (INGAE) generally provides that each party will indemnify and hold harmless the officers, directors and employees of the other party (and the variable account with respect to indemnity by INGAE) against any expenses (including legal expenses), losses, claims, damages, or liabilities arising out of or based on certain claims or circumstances in connection with the offer or sale of the policies. Under this agreement neither party is entitled to indemnity if the expenses (including legal expenses), losses, claims, damages, or liabilities resulted from their own willful misfeasance, bad faith, negligence, misconduct or wrongful act.

     

    Item 30

    Principal Underwriters

    (a)

    Other Activity. ING America Equities, Inc., the principal underwriter for the policies, is also the principal underwriter for policies issued by ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Southland Life Insurance Company.

    (b)

    Management of ING America Equities, Inc.

    Name and Principal Business Address

    Positions and Offices with Underwriter

    David P. Wilken, 20 Washington Avenue South, Minneapolis, MN 55401

    Director, President and Chief Executive Officer

    Daniel P. Mulheran, Sr., 20 Washington Avenue South, Minneapolis, MN 55401

    Director

    Mark A. Smith, 2001 21st Avenue N.W., Minot, ND 58703

    Director and Vice President

    Anita F. Woods, 5780 Powers Ferry Road, Atlanta, GA 80203

    Chief Financial Officer

    Beth G. Shanker, 1290 Broadway, Denver, CO 80203

    Chief Compliance Officer

    Pamela S. Anson, 2001 21st Avenue N.W., Minot, ND 58703

    Vice President

    Nathan E. Eshelman, 1290 Broadway, Denver, CO 80203

    Vice President

    Frederick C. Litow, 5780 Powers Ferry Road, Atlanta, GA 80203

    Vice President

    David S. Pendergrass, 5780 Powers Ferry Road, Atlanta, GA 80203

    Vice President and Treasurer

    Deborah C. Hancock, 1290 Broadway, Denver, CO 80203

    Assistant Vice President

    Paula Cludray-Engelke, 20 Washington Avenue South, Minneapolis, MN 55401

    Secretary

    Eric G. Banta, 1290 Broadway, Denver, CO 80203

    Assistant Secretary

     

    (c)

    Compensation From the Registrant.

    (1)

    (2)

    (3)

    (4)

    (5)



    Name of Principal Underwriter

    2002 Net Underwriting Discounts and Commissions

    Compensation on Events Occasioning the Deduction of a Deferred Sales Load



    Brokerage Commissions



    Other Compensation*

    ING America Equities, Inc.

     

     

     


    $24,581,359

    *

    Includes payments to agents/registered representatives, broker/dealers, and regional managers/brokerage general agents and payments to Washington Square Securities, Inc. as a distribution allowance.

    Item 31

    Location of Accounts and Records

    Accounts and records are maintained by ReliaStar Life Insurance Company at 20 Washington Ave South, Minneapolis, MN 55401 and by ING Americas Finance Shared Services, an affiliate, at 5780 Powers Ferry Road, NW, Atlanta, GA 30327.

    Item 32

    Management Services

    None.

    Item 33

    Fee Representations

    ReliaStar Life Insurance Company represents that the fees and charges deducted under the variable life insurance policy described in this registration statement, in the aggregate, are reasonable in relation to the services rendered, expenses expected to be incurred, and the risks assumed by ReliaStar Life Insurance Company under the policies. ReliaStar Life Insurance Company bases this representation on its assessment of such factors such as the nature and extent of the such services, expenses and risks, the need for the ReliaStar Life Insurance Company to earn a profit and the range of such fees and charges within the insurance industry.

     

    SIGNATURES

     

    Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Select HLife Variable Account, certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 20 to this Registration Statement on Form N-6 (File No. 33-57244) to be signed on its behalf by the undersigned, duly authorized, in the City of Hartford, and State of Connecticut on the 28th day of September, 2004.

     

    SELECTHLIFE VARIABLE ACCOUNT

    (Registrant)

     

     

    By: RELIASTAR LIFE INSURANCE COMPANY

    (Depositor)

     

     

     

    By:

    Donald W. Britton*

     

     

    Donald W. Britton
    President
    (principal executive officer)

     

    Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 20 has been signed below by the following persons in the capacities indicated and on the date indicated.

     

    Signature

    Title

     

    Date

     

     

     

     

    Donald W. Britton*

    President

     

     

    Donald W. Britton

    (principal executive officer)

     

     

     

     

     

     

    Thomas J. McInerney*

    Director and Chairman

     

     

    Thomas J. McInerney

     

     

     

     

     

     

     

    Keith Gubbay*

    Director

     

     

    Keith Gubbay

     

     

     

     

     

     

    September

    Kathleen A. Murphy*

    Director

     

    28, 2004

    Kathleen A. Murphy

     

     

     

     

     

     

     

    Jacques de Vaucleroy*

    Director

     

     

    Jacques de Vaucleroy

     

     

     

     

     

     

     

    David Wheat*

    Director, Senior Vice President and Chief Financial Officer

     

     

    David Wheat

    (principal financial officer)

     

     

     

     

     

     

    Roger W. Fisher*

    Vice President and Chief Accounting Officer

     

     

    Roger W. Fisher

    (principal accounting officer)

     

     

     

     

     

     

     

    By:

    /s/ J. Neil McMurdie

     

    J. Neil McMurdie

     

    *Attorney-in-Fact

     

     

    SELECTHLIFE VARIABLE ACCOUNT

    Exhibit Index

     

    Exhibit No.

    Exhibit

     

     

     

     

    26-(n)

    Consent of Independent Registered Public Accounting Firm