SUPPLEMENT DATED JANUARY 4, 2001

                              TO THE PROSPECTUS FOR

                  COLI VUL-2 Series Account, dated May 1, 2000

The  following  paragraph  is added to the  section  "Great-West  Life & Annuity
Insurance Company" of the prospectus for the COLI VUL-2 Series Account:

Effective  December 31, 2000, a corporate  reorganization  of Great-West  Life &
Annuity  Insurance  Company  ("GWL&A") was  completed.  Under the new structure,
GWL&A is no longer a subsidiary of The  Great-West  Life  Assurance  Company but
continues to be indirectly  owned by Great-West  Lifeco Inc., a holding company.
Great-West Lifeco Inc. is in turn a subsidiary of Power Financial Corporation, a
financial  services  company.   Power  Corporation  of  Canada,  a  holding  and
management company, has voting control of Power Financial Corporation.  Mr. Paul
Desmarais,  through a group of private holding companies, which he controls, has
voting control of Power Corporation of Canada.

                      Please keep this supplement for future reference.