File No. 333-16501, 811-07935
Filed under Rule 497(e)
FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK
PROSPECTUS SUPPLEMENT
MARCH 27, 1998
TO THE
GOLDENSELECT DVA PLUS/SM/ DEFERRED COMBINATION
VARIABLE AND FIXED ANNUITY PROSPECTUS
DATED MAY 6, 1997 AS SUPPLEMENTED JULY 9, 1997,
OCTOBER 29, 1997, AND JANUARY 5, 1998
This supplement describes a proposal to replace all shares of the Portfolios of
the Equi-Select Series Trust (the "ESS Trust") by substituting shares of certain
Series of The GCG Trust (the "GCG Trust") in their place (the "Substitution").
Certain of those ESS Trust Portfolios are available under the DVA Plus variable
annuity contracts.
Recently, First Golden American Life Insurance Company of New York, together
with its affiliated insurance companies (collectively, the "Companies"), on
behalf of themselves, their separate accounts and the ESS and GCG Trusts filed
an application with the Securities and Exchange Commission (the "Commission")
requesting an order approving the Substitution. Upon obtaining such an order
from the Commission, and subject to any prior approval by applicable insurance
authorities, the Companies propose to effect the Substitution as soon as is
practicable.
When approved, the DVA Plus variable annuity contracts will be affected by the
following substitutions:
ESS TRUST PORTFOLIO TO BE REPLACED GCG TRUST SUBSTITUTE SERIES
- ---------------------------------- ---------------------------
Growth & Income Portfolio Growth & Income Series
Research Portfolio Research Series
Total Return Portfolio Total Return Series
Value + Growth Portfolio Value + Growth Series
OTC Portfolio Mid-Cap Growth Series
This proposal for substitution is being made to provide a transfer of the assets
of each Portfolio of the ESS Trust into similar Series of the GCG Trust in order
to reduce operating expenses and create larger economies of scale from which a
further reduction of expenses is anticipated. The above-listed Series of the GCG
Trust are not currently available, but will be made available at the time of
substitution. Contract holders will benefit directly from any reduction of
Trust expenses. Contract holders will not bear any expense associated with the
Substitution.
A contract holder with holdings in the ESS Trust, prior to the date of
Substitution, may transfer or reallocate the value in his or her subaccount in
the ESS Trust to any subaccounts currently available under his or her variable
contract including those subaccounts of the GCG Trust from now until the
Substitution without any limitation or charges. See the DVA PLUS Prospectus.
Moreover, following the Substitution for a period of 30 days, unlimited
transfers or reallocations will be permitted without any limitation or charge.
After the 30 days, any subaccount transfers or reallocations will be subject to
the current restrictions, if any, described in the DVA Plus Prospectus.
Enclosed is a supplement to the GCG Trust Prospectus, which describes those
Series of the GCG Trust which are not currently available, but will be,
effective with substitution, including some which will not be available under
DVA Plus contracts. Additional prospectuses or information may be obtained by
calling Customer Service at 800-963-9539.
The Companies believe, based on a review of existing federal income tax laws and
regulations, that the Substitution will not have any tax consequences to
contract holders.
Upon obtaining the requested order for substitution from the Commission, and
subject to any prior approval by applicable insurance authorities, the Companies
will effect the Substitution by simultaneously placing an order to redeem the
shares of the Portfolios of the ESS Trust and an order to purchase shares of
Series of the GCG Trust. Contract holders will not bear any expenses associated
with the Substitution. Directed Services, Inc., Equitable Life Insurance Company
of Iowa, Golden American Life Insurance Company and First Golden American Life
Insurance Company of New York will bear all expenses attributable to the
Substitution. After the Substitution has been completed, Customer Service will
send affected contract holders a notice within five days.
FG-3120-SUPP 3/27/98
