<PAGE>

     As filed with the Securities and Exchange Commission on July 25, 1997

                                                           Registration No. 333-
================================================================================

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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

                                    FORM S-8

                             REGISTRATION STATEMENT
                                     UNDER
                           THE SECURITIES ACT OF 1933

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


                           ReliaStar Financial Corp.
             (Exact Name of Registrant as Specified in its Charter)

              Minnesota                                      41-1620373
----------------------------------------             ---------------------------
   (State of Other Jurisdiction of                        (I.R.S. Employer
    Incorporation or Organization)                       Identification No.)

      20 Washington Avenue South
        Minneapolis, Minnesota                                  55401
----------------------------------------             ---------------------------
(Address of Principal Executive Offices)                     (Zip Code)

                           Security-Connecticut, Inc.
                           1993 Stock Incentive Plan
   --------------------------------------------------------------------------
                            (Full Title of the Plan)

            Richard R. Crowl                                 Copy to:
 Senior Vice President, General Counsel,                 Thomas G. Morgan
              and Secretary                           Michael A. Stanchfield
        ReliaStar Financial Corp.                      Faegre & Benson LLP
       20 Washington Avenue South                      2200 Norwest Center
      Minneapolis, Minnesota 55401                 Minneapolis, Minnesota 55402
 (Name and Address of Agent for Service)                  (612) 336-3000


                                 (612) 342-3514
         (Telephone Number, Including Area Code, of Agent For Service)


<TABLE>
<CAPTION>
                                                  CALCULATION OF REGISTRATION FEE
===================================================================================================================================
                                                         Proposed                  Proposed
 Title of Securities         Amount to be         Maximum Offering Price      Maximum Aggregate             Amount of
  to be Registered            Registered                Per Share               Offering Price          Registration Fee
<S>                    <C>                       <C>                       <C>                       <C>
-----------------------------------------------------------------------------------------------------------------------------------
  Common Stock, par
 value $.01 per share     310,823 Shares (1)               $(2)                  $10,703,297 (3)            $3,243.43

===================================================================================================================================

(1)  Maximum number of shares available upon exercise of options issued under the Security-Connecticut, Inc. 1993 Stock Incentive
     Plan.  No further options will be issued under the Plan.
(2)  Prices range from $25.79 to $48.89 per share, with an average of $34.4353 per share.
(3)  Calculated under Rule 457(h)(1).
===================================================================================================================================
</TABLE>

<PAGE>
                     
                                    PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
                                        
Item 3.  Incorporation of Documents by Reference.

  The following documents previously filed with the Securities and Exchange
Commission (the "Commission") pursuant to the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), are, as of their respective dates, incorporated
by reference in this Registration Statement:

  (a)  The Annual Report on Form 10-K of ReliaStar Financial Corp. (the
"Company") for the fiscal year ended December 31, 1996 (which incorporates by
reference certain portions of the Company's 1996 Annual Report to Shareholders,
including financial statements and accompanying information, and certain
portions of the Company's definitive proxy statement for its 1997 Annual Meeting
of Shareholders);

  (b)  All other reports filed pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the Annual Report on
Form 10-K referred to in (a) above; and

  (c)  The description of the Company's Common Stock and related Rights to
Purchase Preferred Stock contained its Amendment on Form 8-K/A dated May 20,
1993 to its Current Report on Form 8-K dated January 17, 1989 filed by it in
lieu of a Registration Statement on Form 8-B and Amendment on Form 8A/A dated
September 12, 1994 to a Registration Statement on Form 8-A dated October 4,
1989, as amended on February 15, 1990 (File No. 0-17441).

  In addition, all documents filed by the Company pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this
Registration Statement and prior to the filing of a post-effective amendment
that indicates that all shares of Common Stock offered have been sold or which
deregisters all shares of Common Stock then remaining unsold, shall be deemed to
be incorporated by reference in, and to be a part of, this Registration
Statement from the date of filing of such documents.

  Any statement contained in a document incorporated, or deemed to be
incorporated, by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement
contained herein or incorporated herein by reference or in any other
subsequently filed document that is or is deemed to be incorporated by reference
herein modifies or supersedes such statement.  Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.

Item 4.  Description of Securities.

  Not Applicable.
<PAGE>
 
Item 5.  Interests of Named Experts and Counsel.

  Not Applicable.

Item 6.  Indemnification of Directors and Officers.

  Reference is made to Section 145 of the General Corporation Law of the State
of Delaware, which provides for indemnification of directors and officers in
certain circumstances.

  Article VIII of the By-Laws of the Company provides for broad indemnification
of directors and officers of the Company. See Exhibit 4(b) hereto.

  The Company also maintains director and officer liability insurance policies.

  In addition, Section 7 of Article Sixth of the Company's Certificate of
Incorporation contains broad provisions limiting the liability of directors for
monetary damages for breach of fiduciary duty as a director.  See Exhibit 4(a)
hereto.

Item 7.  Exemption from Registration Claimed.

  Not Applicable.

Item 8.  Exhibits.

  Exhibit
  -------

  4(a) Certificate of Incorporation, as amended, of the Company (incorporated by
       reference to Exhibit 3(b)(1) to the Company's Registration Statement on
       Form S-4, Registration No. 33-25107).

  4(b) By-Laws, as amended, of the Company (incorporated by reference to Exhibit
       3 to the Company's Annual Report on Form 10-K for the year ended December
       31, 1990, File No. 1-10640).

  4(c) Surplus Note (incorporated by reference to Exhibit 4(e) to the Company's
       Registration Statement on Form S-3, Registration No. 33-87588).

  4(d) Rights Agreement dated as of October 7, 1988 (incorporated by reference
       to Exhibit 1 to the Company's Registration Statement on Form 8-A dated
       October 4, 1989, File No. 0-17441).

  4(e) Amendment to Rights Agreement dated as of February 8, 1990 (incorporated
       by reference to Exhibit 1 to the Company's Amendment on Form 8 dated
       February 15, 1990 to Registration Statement on Form 8-A dated October 4,
       1989, File No. 0-17441).

  4(f) Amendment to Rights Agreement dated as of September 10, 1994
       (incorporated by reference to Exhibit 1 to the Company's Amendment on
       Form 8-A/A dated September 12, 1994 to Registration Statement on Form 8-A
       dated October 4, 1989, File No. 0-17441).

                                       2
<PAGE>
 
  5            Opinion of Faegre & Benson LLP.
  23(a)        Consent of Faegre & Benson LLP (included in Exhibit 5).
  23(b)        Consent of Deloitte & Touche LLP.
  24           Powers of Attorney (included with signatures to this
               Registration Statement).
99(a)          Security-Connecticut 1993 Stock Incentive Plan (incorporated
               by reference to Security-Connecticut's Annual Report on Form 10-K
               for the year ended December 31, 1993, File No. 1-12746).
99(b)          First Amendment to Security-Connecticut 1993 Stock Incentive
               Plan (incorporated by reference to Exhibit 10.19 to Security-
               Connecticut's Annual Report on Form 10-K for the year ended
               December 31, 1996, File No. 1-12746).

Item 9.  Undertakings.

  A. The Company hereby undertakes:

  (1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:

       (a)  To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933, as amended (the "Securities Act");

       (b)  To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment hereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in this Registration Statement;
and
       (c)  To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;

provided, however, that paragraphs (A)(1)(a) and (A)(1)(b) shall not apply if
the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Company pursuant to
Sections 13 or 15(d) of the Exchange Act that are incorporated by reference in
this Registration Statement.

  (2) That, for the purpose of determining any liability under the Securities
Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.

  (3)  To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
 
  B.  The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Company's annual report
pursuant to Sections 13(a) or 15(d)

                                       3
<PAGE>
 
of the Exchange Act that is incorporated by reference in this Registration
Statement shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time
shall be deemed to the initial bona fide offering thereof.

     C.  Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Company  pursuant to the foregoing provisions, or otherwise, the Company has
been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the
Company 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 such indemnification by it is against public policy as
expressed in the Securities Act, and will be governed by the final adjudication
of such issue.
       
                                       4
<PAGE>
 
                                  SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the undersigned
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Minneapolis, State of Minnesota, on July 23, 1997.

                                       RELIASTAR FINANCIAL CORP.
                                       (Registrant)

                                       By           JOHN G. TURNER*
                                         ---------------------------------------
                                            John G. Turner
                                            Chairman and Chief Executive Officer

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed on July 23, 1997 by the following persons
in the capacities with ReliaStar Financial Corp. indicated:

     JOHN G. TURNER*               Chairman and Chief Executive Officer
-----------------------------      (Principal Executive Officer)
     John G. Turner

     WAYNE R. HUNEKE*              Senior Vice President, Chief
-----------------------------      Financial Officer and Treasurer
     Wayne R. Huneke               (Principal Financial and Accounting Officer)


     CHRIS D. SCHREIER*            Second Vice President and Controller
-----------------------------      (Principal Accounting Officer)
     Chris D. Schreier

CAROLYN H. BALDWIN          )
DAVID C. COX                )
JOHN H. FLITTIE             )
LUELLA GROSS GOLDBERG       )
WILLIAM A. HODDER           )
JAMES J. HOWARD III         )      
RANDY C. JAMES              )      A majority of the Board of Directors*
RICHARD L. KNOWLTON         )
DAVID A. KOCH               )
RICHARD M. KOVACEVICH       )
GLEN D. NELSON, M.D.        )
JAMES J. RENIER             )
JOHN G. TURNER              )
 
* Richard R. Crowl, by signing his name hereto, does hereby sign this document
  on behalf of each of the above-named officers or directors of ReliaStar
  Financial Corp. pursuant to powers of attorney duly executed by such persons.

                                       /s/ Richard R. Crowl
                                       -----------------------------------------
                                       Richard R. Crowl
                                       Attorney-in-fact

                                       5
<PAGE>
 
                               INDEX TO EXHIBITS

<TABLE>
<CAPTION>

Exhibit
--------
<S>       <C>                                                         <C>
4(a)      Certificate of Incorporation, as amended, of the
          Company (incorporated by reference to Exhibit 3(b)(1)
          to the Company's Registration Statement on Form S-4,
          Registration No. 33-25107)..............................    Incorporated by Reference

4(b)      By-Laws, as amended, of the Company (incorporated by
          reference to Exhibit 3 to the Company's Annual Report
          on Form 10-K for the year ended December 31, 1990, File
          No. 1-10640)............................................    Incorporated by Reference

4(c)      Surplus Note (incorporated by reference to Exhibit 4(e)
          to the Company's Registration Statement on Form S-3,
          Registration No. 33-87588)..............................    Incorporated by Reference

4(d)      Rights Agreement dated as of October 7, 1988
          (incorporated by reference to Exhibit 1 to the
          Company's Registration Statement on Form 8-A dated
          October 4, 1989, File No. 0-17441)......................    Incorporated by Reference

4(e)      Amendment to Rights Agreement dated as of February 8,
          1990 (incorporated by reference to Exhibit 1 to the
          Company's Amendment on Form 8 dated February 15, 1990
          to Registration Statement on Form 8-A dated October 4,
          1989, File No. 0-17441).................................    Incorporated by Reference

4(f)      Amendment to Rights Agreement dated as of September 10,
          1994 (incorporated by reference to Exhibit 1 to the
          Company's Amendment on Form 8-A/A dated September 12,
          1994 to Registration Statement on Form 8-A dated
          October 4, 1989, File No. 0-17441)......................    Incorporated by Reference

  5       Opinion of Faegre & Benson LLP..........................       Filed Electronically

23(a)     Consent of Faegre & Benson LLP (included in Exhibit 5)

23(b)     Consent of Deloitte & Touche LLP........................       Filed Electronically

 24       Powers of Attorney (included with signatures to this
          Registration Statement).................................       Filed Electronically

99(a)     Security-Connecticut 1993 Stock Incentive Plan
          (incorporated by reference to Security-Connecticut's
          Annual Report on Form 10-K for the year ended December
          31, 1993, File No. 1-12746).............................    Incorporated by Reference

99(b)     First Amendment to Security-Connecticut 1993 Stock
          Incentive Plan (incorporated by reference to Exhibit
          10.19 to Security-Connecticut's Annual Report on Form
          10-K for the year ended December 31, 1996, File No.
          1-12746)................................................    Incorporated by Reference
</TABLE>
[{"type": "S-8", "sequence": "1", "description": "FORM S-8 REGISTRATION STATEMENT", "secsgml_size_bytes": 18435}]
{"company-data": {"conformed-name": "RELIASTAR FINANCIAL CORP", "cik": "0000841528", "assigned-sic": "6311", "irs-number": "411620373", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-32069", "film-number": "97645399"}, "business-address": {"street1": "20 WASHINGTON AVE S", "city": "MINNEAPOLIS", "state": "MN", "zip": "55401", "phone": "6123725432"}, "mail-address": {"street1": "20 WASHINGTON AVENUE SOUTH", "city": "MINNEAPOLIS", "state": "MN", "zip": "55401"}, "former-company": {"former-conformed-name": "NWNL COMPANIES INC", "date-changed": "19920703"}}
As filed with the Securities and Exchange Commission on July 25, 1997

                                                           Registration No. 333-
================================================================================

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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

                                    FORM S-8

                             REGISTRATION STATEMENT
                                     UNDER
                           THE SECURITIES ACT OF 1933

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

                           ReliaStar Financial Corp.
             (Exact Name of Registrant as Specified in its Charter)

              Minnesota                                      41-1620373
----------------------------------------             ---------------------------
   (State of Other Jurisdiction of                        (I.R.S. Employer
    Incorporation or Organization)                       Identification No.)

      20 Washington Avenue South
        Minneapolis, Minnesota                                  55401
----------------------------------------             ---------------------------
(Address of Principal Executive Offices)                     (Zip Code)

                           Security-Connecticut, Inc.
                           1993 Stock Incentive Plan
   --------------------------------------------------------------------------
                            (Full Title of the Plan)

            Richard R. Crowl                                 Copy to:
 Senior Vice President, General Counsel,                 Thomas G. Morgan
              and Secretary                           Michael A. Stanchfield
        ReliaStar Financial Corp.                      Faegre & Benson LLP
       20 Washington Avenue South                      2200 Norwest Center
      Minneapolis, Minnesota 55401                 Minneapolis, Minnesota 55402
 (Name and Address of Agent for Service)                  (612) 336-3000

                                 (612) 342-3514
         (Telephone Number, Including Area Code, of Agent For Service)
CALCULATION OF REGISTRATION FEE
===================================================================================================================================
                                                         Proposed                  Proposed
 Title of Securities         Amount to be         Maximum Offering Price      Maximum Aggregate             Amount of
  to be Registered            Registered                Per Share               Offering Price          Registration Fee
-----------------------------------------------------------------------------------------------------------------------------------
  Common Stock, par
 value $.01 per share     310,823 Shares (1)               $(2)                  $10,703,297 (3)            $3,243.43

===================================================================================================================================

(1)  Maximum number of shares available upon exercise of options issued under the Security-Connecticut, Inc. 1993 Stock Incentive
     Plan.  No further options will be issued under the Plan.
(2)  Prices range from $25.79 to $48.89 per share, with an average of $34.4353 per share.
(3)  Calculated under Rule 457(h)(1).
===================================================================================================================================
PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
                                        
Item 3.  Incorporation of Documents by Reference.

  The following documents previously filed with the Securities and Exchange
Commission (the "Commission") pursuant to the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), are, as of their respective dates, incorporated
by reference in this Registration Statement:

  (a)  The Annual Report on Form 10-K of ReliaStar Financial Corp. (the
"Company") for the fiscal year ended December 31, 1996 (which incorporates by
reference certain portions of the Company's 1996 Annual Report to Shareholders,
including financial statements and accompanying information, and certain
portions of the Company's definitive proxy statement for its 1997 Annual Meeting
of Shareholders);

  (b)  All other reports filed pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the Annual Report on
Form 10-K referred to in (a) above; and

  (c)  The description of the Company's Common Stock and related Rights to
Purchase Preferred Stock contained its Amendment on Form 8-K/A dated May 20,
1993 to its Current Report on Form 8-K dated January 17, 1989 filed by it in
lieu of a Registration Statement on Form 8-B and Amendment on Form 8A/A dated
September 12, 1994 to a Registration Statement on Form 8-A dated October 4,
1989, as amended on February 15, 1990 (File No. 0-17441).

  In addition, all documents filed by the Company pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this
Registration Statement and prior to the filing of a post-effective amendment
that indicates that all shares of Common Stock offered have been sold or which
deregisters all shares of Common Stock then remaining unsold, shall be deemed to
be incorporated by reference in, and to be a part of, this Registration
Statement from the date of filing of such documents.

  Any statement contained in a document incorporated, or deemed to be
incorporated, by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement
contained herein or incorporated herein by reference or in any other
subsequently filed document that is or is deemed to be incorporated by reference
herein modifies or supersedes such statement.  Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.

Item 4.  Description of Securities.

  Not Applicable.
Item 5.  Interests of Named Experts and Counsel.

  Not Applicable.

Item 6.  Indemnification of Directors and Officers.

  Reference is made to Section 145 of the General Corporation Law of the State
of Delaware, which provides for indemnification of directors and officers in
certain circumstances.

  Article VIII of the By-Laws of the Company provides for broad indemnification
of directors and officers of the Company. See Exhibit 4(b) hereto.

  The Company also maintains director and officer liability insurance policies.

  In addition, Section 7 of Article Sixth of the Company's Certificate of
Incorporation contains broad provisions limiting the liability of directors for
monetary damages for breach of fiduciary duty as a director.  See Exhibit 4(a)
hereto.

Item 7.  Exemption from Registration Claimed.

  Not Applicable.

Item 8.  Exhibits.

  Exhibit
  -------

  4(a) Certificate of Incorporation, as amended, of the Company (incorporated by
       reference to Exhibit 3(b)(1) to the Company's Registration Statement on
       Form S-4, Registration No. 33-25107).

  4(b) By-Laws, as amended, of the Company (incorporated by reference to Exhibit
       3 to the Company's Annual Report on Form 10-K for the year ended December
       31, 1990, File No. 1-10640).

  4(c) Surplus Note (incorporated by reference to Exhibit 4(e) to the Company's
       Registration Statement on Form S-3, Registration No. 33-87588).

  4(d) Rights Agreement dated as of October 7, 1988 (incorporated by reference
       to Exhibit 1 to the Company's Registration Statement on Form 8-A dated
       October 4, 1989, File No. 0-17441).

  4(e) Amendment to Rights Agreement dated as of February 8, 1990 (incorporated
       by reference to Exhibit 1 to the Company's Amendment on Form 8 dated
       February 15, 1990 to Registration Statement on Form 8-A dated October 4,
       1989, File No. 0-17441).

  4(f) Amendment to Rights Agreement dated as of September 10, 1994
       (incorporated by reference to Exhibit 1 to the Company's Amendment on
       Form 8-A/A dated September 12, 1994 to Registration Statement on Form 8-A
       dated October 4, 1989, File No. 0-17441).

                                       2
5            Opinion of Faegre & Benson LLP.
  23(a)        Consent of Faegre & Benson LLP (included in Exhibit 5).
  23(b)        Consent of Deloitte & Touche LLP.
  24           Powers of Attorney (included with signatures to this
               Registration Statement).
99(a)          Security-Connecticut 1993 Stock Incentive Plan (incorporated
               by reference to Security-Connecticut's Annual Report on Form 10-K
               for the year ended December 31, 1993, File No. 1-12746).
99(b)          First Amendment to Security-Connecticut 1993 Stock Incentive
               Plan (incorporated by reference to Exhibit 10.19 to Security-
               Connecticut's Annual Report on Form 10-K for the year ended
               December 31, 1996, File No. 1-12746).

Item 9.  Undertakings.

  A. The Company hereby undertakes:

  (1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:

       (a)  To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933, as amended (the "Securities Act");

       (b)  To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment hereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in this Registration Statement;
and
       (c)  To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement;

provided, however, that paragraphs (A)(1)(a) and (A)(1)(b) shall not apply if
the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the Company pursuant to
Sections 13 or 15(d) of the Exchange Act that are incorporated by reference in
this Registration Statement.

  (2) That, for the purpose of determining any liability under the Securities
Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.

  (3)  To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
 
  B.  The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Company's annual report
pursuant to Sections 13(a) or 15(d)

                                       3
of the Exchange Act that is incorporated by reference in this Registration
Statement shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time
shall be deemed to the initial bona fide offering thereof.

     C.  Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Company  pursuant to the foregoing provisions, or otherwise, the Company has
been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim for indemnification against such
liabilities (other than the payment by the Company of expenses incurred or paid
by a director, officer or controlling person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the
Company 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 such indemnification by it is against public policy as
expressed in the Securities Act, and will be governed by the final adjudication
of such issue.
       
                                       4
SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the undersigned
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Minneapolis, State of Minnesota, on July 23, 1997.

                                       RELIASTAR FINANCIAL CORP.
                                       (Registrant)

                                       By           JOHN G. TURNER*
                                         ---------------------------------------
                                            John G. Turner
                                            Chairman and Chief Executive Officer

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed on July 23, 1997 by the following persons
in the capacities with ReliaStar Financial Corp. indicated:

     JOHN G. TURNER*               Chairman and Chief Executive Officer
-----------------------------      (Principal Executive Officer)
     John G. Turner

     WAYNE R. HUNEKE*              Senior Vice President, Chief
-----------------------------      Financial Officer and Treasurer
     Wayne R. Huneke               (Principal Financial and Accounting Officer)

     CHRIS D. SCHREIER*            Second Vice President and Controller
-----------------------------      (Principal Accounting Officer)
     Chris D. Schreier

CAROLYN H. BALDWIN          )
DAVID C. COX                )
JOHN H. FLITTIE             )
LUELLA GROSS GOLDBERG       )
WILLIAM A. HODDER           )
JAMES J. HOWARD III         )      
RANDY C. JAMES              )      A majority of the Board of Directors*
RICHARD L. KNOWLTON         )
DAVID A. KOCH               )
RICHARD M. KOVACEVICH       )
GLEN D. NELSON, M.D.        )
JAMES J. RENIER             )
JOHN G. TURNER              )
 
* Richard R. Crowl, by signing his name hereto, does hereby sign this document
  on behalf of each of the above-named officers or directors of ReliaStar
  Financial Corp. pursuant to powers of attorney duly executed by such persons.

                                       /s/ Richard R. Crowl
                                       -----------------------------------------
                                       Richard R. Crowl
                                       Attorney-in-fact

                                       5
INDEX TO EXHIBITS
Exhibit
--------
4(a)      Certificate of Incorporation, as amended, of the
          Company (incorporated by reference to Exhibit 3(b)(1)
          to the Company's Registration Statement on Form S-4,
          Registration No. 33-25107)..............................    Incorporated by Reference

4(b)      By-Laws, as amended, of the Company (incorporated by
          reference to Exhibit 3 to the Company's Annual Report
          on Form 10-K for the year ended December 31, 1990, File
          No. 1-10640)............................................    Incorporated by Reference

4(c)      Surplus Note (incorporated by reference to Exhibit 4(e)
          to the Company's Registration Statement on Form S-3,
          Registration No. 33-87588)..............................    Incorporated by Reference

4(d)      Rights Agreement dated as of October 7, 1988
          (incorporated by reference to Exhibit 1 to the
          Company's Registration Statement on Form 8-A dated
          October 4, 1989, File No. 0-17441)......................    Incorporated by Reference

4(e)      Amendment to Rights Agreement dated as of February 8,
          1990 (incorporated by reference to Exhibit 1 to the
          Company's Amendment on Form 8 dated February 15, 1990
          to Registration Statement on Form 8-A dated October 4,
          1989, File No. 0-17441).................................    Incorporated by Reference

4(f)      Amendment to Rights Agreement dated as of September 10,
          1994 (incorporated by reference to Exhibit 1 to the
          Company's Amendment on Form 8-A/A dated September 12,
          1994 to Registration Statement on Form 8-A dated
          October 4, 1989, File No. 0-17441)......................    Incorporated by Reference

  5       Opinion of Faegre & Benson LLP..........................       Filed Electronically

23(a)     Consent of Faegre & Benson LLP (included in Exhibit 5)

23(b)     Consent of Deloitte & Touche LLP........................       Filed Electronically

 24       Powers of Attorney (included with signatures to this
          Registration Statement).................................       Filed Electronically

99(a)     Security-Connecticut 1993 Stock Incentive Plan
          (incorporated by reference to Security-Connecticut's
          Annual Report on Form 10-K for the year ended December
          31, 1993, File No. 1-12746).............................    Incorporated by Reference

99(b)     First Amendment to Security-Connecticut 1993 Stock
          Incentive Plan (incorporated by reference to Exhibit
          10.19 to Security-Connecticut's Annual Report on Form
          10-K for the year ended December 31, 1996, File No.
          1-12746)................................................    Incorporated by Reference