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HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
ICMG REGISTERED VARIABLE LIFE SEPARATE ACCOUNT ONE
POST-SUBSTITUTION SUPPLEMENT
DATED MARCH 31, 1999
TO
PROSPECTUS DATED MAY 1, 1998
On March 31, 1999, Hartford Life and Annuity Insurance Company ("Hartford") made
the following substitutions of shares held by subaccounts of ICMG Registered
Variable Life Separate Account One (the "Account"):
(1) shares of One Group-Registered Trademark- Investment Trust's Bond Portfolio
for shares of Pegasus Variable Fund's ("Pegasus Trust") Bond Fund,
(2) shares of One Group Investment Trust's Diversified Equity Portfolio for
shares of Pegasus Trust's Growth and Value Fund,
(3) shares of One Group Investment Trust's Diversified Mid-Cap Portfolio for
shares of Pegasus Trust's Mid-Cap Opportunity Fund,
(4) shares of One Group Investment Trust's Large Cap Growth Portfolio for
shares of Pegasus Trust's Growth Fund, and
(5) shares of One Group Investment Trust's Mid-Cap Value Portfolio for shares
of Pegasus Trust's Intrinsic Value Fund.
The foregoing substitutions were carried out pursuant to an order of the
Securities and Exchange Commission issued on March 17, 1999. The effect of the
share substitution was to replace certain portfolios of Pegasus Trust with those
of One Group Investment Trust as investment options under the Contracts as
described in your May 1, 1998 prospectus.
The investment objectives of One Group Investment Trust's Bond Portfolio,
Diversified Equity Portfolio, Diversified Mid-Cap Portfolio, Large Cap Growth
Portfolio and Mid-Cap Value Portfolio are summarized below:
One Group Investment Trust's Bond Portfolio seeks to maximize total return by
investing primarily in a diversified portfolio of intermediate and long term
debt securities. At least 65% of the Portfolio's total assets is invested in
bonds and at least 65% in debt securities of all types with intermediate to long
maturities. The Portfolio mainly invests in investment grade bonds and debt
securities. These include mortgage-backed securities and other types of
asset-backed securities. Banc One Advisors selects securities for the Portfolio
by analyzing both individual securities and different market sectors. The Fund
also may invest in convertible securities, preferred stock and loan
participations. The Fund normally maintains a weighted average maturity of
between four to twelve years, although it may shorten this maturity for
temporary defensive purposes.
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One Group Investment Trust's Diversified Equity Portfolio seeks long-term
capital growth and growth of income with a secondary objective of providing a
moderate level of current income. The Fund seeks to achieve its objectives by
investing mainly in common stocks of overlooked or undervalued companies that
have the potential for earnings growth overtime. The Fund follows a multi-style
strategy, meaning that it may invest across different capitalization levels
targeting both value and growth oriented companies.
One Group Investment Trust's Diversified Mid-Cap Portfolio seeks long term
capital growth by investing primarily in equity securities of companies with
intermediate capitalizations. It invests mainly in equity securities of
companies with market capitalizations of $500 million to $5 billion. The
Portfolio invests in companies of this size with strong growth potential, stable
market share, and an ability to quickly respond to new business opportunities.
The Portfolio uses a multi-style approach, meaning that it invests in mid-cap
and other companies across different capitalization levels targeting both value
and growth companies. The Portfolio invests at least 65% of its total assets in
common stock and preferred stock, rights, warrants, securities convertible into
common stock, and other equity securities. The Fund may invest up to 25% of its
total assets in foreign securities and up to 20% of its total assets in
investment grade debt securities, U.S. government securities, cash and cash
equivalents.
One Group Investment Trust's Large Cap Growth Portfolio seeks long-term capital
appreciation and growth of income by investing primarily in equity securities.
It mainly invests in equity securities of large well-established companies. The
weighted average market capitalization of such companies normally exceeds the
median market capitalization of the Standard & Poor's 500 Composite Stock Price
Index. The Fund normally invests at least 65% of its total assets in such equity
securities.
One Group Investment Trust's Mid-Cap Value Portfolio seeks capital
appreciation with a secondary goal of achieving current income by investing
primarily in equity securities. At least 80% of the Portfolio's total assets are
invested in equity securities, including common stock, debt securities and
preferred stock convertible into common stock. It invests mainly in securities
of companies with below-average price/earnings and price/book value ratios and
having market capitalizations of $500 million to $5 billion. The Portfolio also
considers a company's financial soundness and earnings prospectus. If Banc One
Advisors thinks that a company's fundamentals are declining or that a company's
ability to pay dividends is impaired, it may eliminate the Portfolio's holding
of the company's securities.
Each Contract owner affected by the substitutions has been sent a written notice
informing them that the substitutions were carried out and that they each may
make one transfer of all amounts under a Contract invested in any one of the
affected subaccounts on the date of the notice to another subaccount without
that transfer counting as a "free" transfer permitted under a Contract. Also,
Hartford will not exercise
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any rights reserved under the Contract to impose additional restrictions on
transfers until at least thirty (30) days after the date of this supplement.
The Total Fund Operating Expenses are the same for the One Group Investment
Trust Portfolios taking the place of the Pegasus Variable Funds except for One
Group Investment Trust's Large Cap Growth Portfolio. The Total Fund Operating
Expense information for that Portfolio is as follows:
ANNUAL FUND OPERATING EXPENSES
(As a percentage of net assets)
<TABLE>
<CAPTION>
MANAGEMENT OTHER TOTAL FUND
FEES AFTER EXPENSES OPERATING
WAIVERS EXPENSES AFTER
WAIVERS
<S> <C> <C> <C>
One Group Investment Trust Large Cap Growth Portfolio 0.65% 0.26% 0.91%
</TABLE>
This supplement should be retained with the Prospectus for future reference.
