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[NEW YORK LIFE LOGO] NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (NYLIAC)
51 MADISON AVENUE, NEW YORK, NY 10010 (A DELAWARE CORPORATION)
NYLIAC CORPORATE SPONSORED VARIABLE UNIVERSAL LIFE SEPARATE ACCOUNT - I
SUPPLEMENTAL DISCLOSURE PAGE
SUPPLEMENT DATED MAY 1, 1999 TO PROSPECTUS DATED MAY 1, 1999
For Massachusetts residents, this disclosure page is delivered as a supplement
to the prospectus for the NYLIAC Corporate Sponsored Variable Universal Life
Insurance Policy. This page includes information required by Massachusetts law
about the Separate Account for the Corporate Sponsored Variable Universal Life
Policy. You should read it carefully. We will send you a report that will update
the figures shown on this page at least once each year.
SEPARATE ACCOUNT NET INVESTMENT RETURN(a)
The net investment returns for this account at the end of each applicable year
are set forth below:
<TABLE>
<CAPTION>
INVESTMENT DIVISION 1998
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<S> <C>
MainStay VP Capital Appreciation 19.58%
MainStay VP Cash Management 3.37%
MainStay VP Convertible N/A
MainStay VP Government 7.27%
MainStay VP High Yield Corporate Bond -2.93%
MainStay VP International Equity 6.42%
MainStay VP Total Return N/A
MainStay VP Value -18.03%
MainStay VP Bond 6.80%
MainStay VP Growth Equity 9.67%
MainStay VP Indexed Equity 12.38%
Alger American Small Capitalization 7.01%
Calvert Social Balanced 7.53%
Fidelity VIP II: Contrafund 17.56%
Fidelity VIP: Equity-Income -1.12%
Janus Aspen Series Balanced 19.95%
Janus Aspen Series Worldwide Growth 8.51%
Morgan Stanley Emerging Markets Equity N/A
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21588 MASS. (4/99) PLEASE RETAIN FOR FUTURE REFERENCE
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(a) The NYLIAC Corporate Sponsored Variable Universal Life Separate Account -
I commenced operations on October 1, 1997. However, no sales were made
for the period from October 1, 1997 through December 31, 1997.
Past performance is no guarantee of future results. The investment return and
the accumulation value of your policy will fluctuate so that your contract, when
surrendered, may be worth more or less than the original cost. Performance
reflects the percentage change for the period shown with capital gains and
dividends reinvested.
Performance reflects the deduction of the policy's current mortality and expense
risk charge (.70%) and total portfolio operating expenses. However, it does not
reflect the policy fees or charges. These include the cost of insurance,
surrender charges, monthly contract charges, sales expense charges, and state
and federal tax charges. Had these expenses been deducted, total returns would
have been lower.
NYLIAC assumed a portion of the expenses of the Mainstay VP Convertible and the
Mainstay VP International Equity Investment Divisions until December 31, 1998.
This expense limitation was in effect until December 31, 19997 for the MainStay
VP High Yield Corporate Bond and the MainStay VP Value Investment Divisions.
Janus Capital Corporation has agreed to reduce the advisory fee for the Janus
Aspen Series Balanced and the Janus Aspen Series Worldwide Growth Investment
Divisions to the level of the corresponding Janus retail fund; and Morgan
Stanley Dean Witter Investment Management Inc. has waived receipt of its
advisory fee for the Morgan Stanley Dean Witter Emerging Markets Equity
Investment Division. The total returns for these Investment Divisions would have
been lower if these expenses had not been assumed or reduced.
For additional information, including illustrations which reflect guaranteed
maximums cost of insurance rates, please consult the prospectus.
All other information required by law is included in the prospectus for the
NYLIAC Corporate Sponsored Variable Universal Life Separate Account to which
this disclosure page is attached.
21588 MASS. (4/99)
