SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K



                                 CURRENT REPORT


     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


      Date of Report (Date of earliest event reported): February 23, 1997


                            RELIASTAR FINANCIAL CORP.
                            -------------------------
             (Exact name of registrant as specified in its charter)


    DELAWARE                     1-10640                  41-1620373
-----------------------    -----------------------      ----------------------
(Sate of incorporation)    (Commission File Number)     (I.R.S. Employer
                                                        Identification Number)


20 Washington
Avenue South
MINNEAPOLIS, MINNESOTA                                   55401
----------------------------------------------------------------
(Address of principal executive offices)              (Zip Code)


                                 (612) 372-5432
                                  -------------
                         (Registrant's telephone number

Item 5. OTHER EVENTS


     ReliaStar  Financial Corp.  (the  "Company")  entered into an Agreement and
Plan of Merger,  dated as of February 23, 1997, (the "Merger  Agreement"),  with
Security-Connecticut Corporation, a Delaware corporation (Security-Connecticut),
providing for the merger of Security-Connecticut with and into the Company.


     A press release  pertaining to the proposed merger and the Merger Agreement
have been filed as Exhibits and are incorporated herein by reference. 

EXHIBITS

99.1  Press release dated February 24, 1997.

2.1  Agreement  and Plan of  Merger,  dated as of  February  23,  1997,  between
     ReliaStar Financial Corp. and Security-Connecticut.



                                    SIGNATURE



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                        ReliaStar Financial Corp.

Date: February 25, 1997                 By: /s/Richard R. Crowl
                                          -----------------------
                                            Richard R. Crowl
                                            Senior Vice President
[{"type": "8-K", "sequence": "1", "description": "ITEM 5 - OTHER EVENTS", "secsgml_size_bytes": 2466}]
{"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": "8-K", "act": "34", "file-number": "001-10640", "film-number": "97543359"}, "business-address": {"street1": "PO BOX 20", "city": "MINNEAPOLIS", "state": "MN", "zip": "55440-0020", "phone": "6123725597"}, "mail-address": {"street1": "PO BOX 20", "city": "MINNEAPOLIS", "state": "MN", "zip": "55440-0020"}, "former-company": {"former-conformed-name": "NWNL COMPANIES INC", "date-changed": "19920703"}}
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported): February 23, 1997

                            RELIASTAR FINANCIAL CORP.
                            -------------------------
             (Exact name of registrant as specified in its charter)

    DELAWARE                     1-10640                  41-1620373
-----------------------    -----------------------      ----------------------
(Sate of incorporation)    (Commission File Number)     (I.R.S. Employer
                                                        Identification Number)

20 Washington
Avenue South
MINNEAPOLIS, MINNESOTA                                   55401
----------------------------------------------------------------
(Address of principal executive offices)              (Zip Code)

                                 (612) 372-5432
                                  -------------
                         (Registrant's telephone number

Item 5. OTHER EVENTS

     ReliaStar  Financial Corp.  (the  "Company")  entered into an Agreement and
Plan of Merger,  dated as of February 23, 1997, (the "Merger  Agreement"),  with
Security-Connecticut Corporation, a Delaware corporation (Security-Connecticut),
providing for the merger of Security-Connecticut with and into the Company.

     A press release  pertaining to the proposed merger and the Merger Agreement
have been filed as Exhibits and are incorporated herein by reference. 

EXHIBITS

99.1  Press release dated February 24, 1997.

2.1  Agreement  and Plan of  Merger,  dated as of  February  23,  1997,  between
     ReliaStar Financial Corp. and Security-Connecticut.

                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                        ReliaStar Financial Corp.

Date: February 25, 1997                 By: /s/Richard R. Crowl
                                          -----------------------
                                            Richard R. Crowl
                                            Senior Vice President