JNLNY SEPARATE ACCOUNT I, 485APOS, 1999-01-14

JNLNY SEPARATE ACCOUNT I
485APOS, 1999-01-14

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As filed with the Securities and Exchange Commission on January 14, 1999.
1933 Act File No: 333-37175
1940 Act File No: 811-08401

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. [ ]
---
Post-Effective Amendment No. 3 [X]
---
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 5 [X]
---

JNLNY Separate Account I
- --------------------------------------------------------------------------------
(Exact Name of Registrant)
Jackson National Life Insurance Company of New York
(Name of Depositor)
- --------------------------------------------------------------------------------
2900 Westchester Avenue, Purchase, New York 10577
- --------------------------------------------------------------------------------
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including Area Code:
(888) 367-5651
- --------------------------------------------------------------------------------

With a copy to:
Thomas J. Meyer Judith A. Hasenauer
Vice Pres. & General Counsel Principal
Jackson National Life Insurance Blazzard, Grodd &
Company of New York Hasenauer, P.C.
5901 Executive Dr. P.O. Box 5108
Lansing, MI 48911 Westport, CT 06881
(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box)
immediately upon filing pursuant to paragraph (b)
- -----
on (date) pursuant to paragraph (b)
- -----
60 days after filing pursuant to paragraph (a)(1)
- -----
X on March 15, 1999 pursuant to paragraph (a)(1) of Rule 485
- -----
This post-effective amendment designates a new effective date for a
- ----- previously filed post-effective amendment.

Title of Securities Being Registered:
Individual Deferred Variable Annuity Contracts

<PAGE>
JNLNY SEPARATE ACCOUNT I
REFERENCE TO ITEMS REQUIRED BY FORM N-4

Caption in Prospectus or
Statement of Additional
Information relating to
N-4 Item each Item
- -------- -----------------------

Part A. Information Required in a Prospectus Prospectus
- ------- ------------------------------------ ----------

1. Cover Page Cover Page

2. Definitions Not Applicable

3. Synopsis Key Facts; Fee Tables

4. Condensed Financial Information Fee Table; Advertising;
Appendix A

5. General Description of Registrant, The Company; The
Depositor and Portfolio Companies Separate Account;
Investment Portfolios

6. Deductions Contract Charges

7. General Description of Variable The Annuity Contract;
Annuity Contracts Purchases; Transfers;
Access To Your Money;
Income Payments (The
Income Phase); Death
Benefit; Other
Information

8. Annuity Period Income Payments (The
Income Phase)

9. Death Benefit Death Benefit

10. Purchases and Contract Value Purchases

11. Redemptions Access To Your Money

12. Taxes Taxes

13. Legal Proceedings Other Information

14. Table of Contents of the Statement Table of Contents of the
of Additional Information Statement of Additional
Information

Information Required in a Statement of Statement of
Part B. Additional Information Additional Information
- ------- ---------------------- ----------------------

15. Cover Page Cover Page

16. Table of Contents Table of Contents

17. General Information and History General Information
and History

18. Services Services

19. Purchase of Securities Being Offered Purchase of Securities
Being Offered

20. Underwriters Underwriters

21. Calculation of Performance Data Calculation of
Performance

22. Annuity Payments Income Payments; Net
Investment Factor

23. Financial Statements Financial Statements

Part C.
- -------

Information required to be included in Part C is set forth under the appropriate
item, so numbered, in Part C of this Amendment to Registration Statement.

<PAGE>
THE PERSPECTIVE
FIXED AND VARIABLE ANNUITY

Issued by Jackson National Life Insurance Company of New York and JNLNY Separate
Account I

o Individual, flexible premium deferred annuity
o 4 guaranteed accounts which offer an interest rate that is guaranteed by
Jackson National Life Insurance Company of New York (Jackson National NY)
o 22 investment portfolios which purchase shares of the following series of
the JNL Series Trust:

JNL/Alger Growth Series
JNL/Eagle Core Equity Series
JNL/Eagle SmallCap Equity Series
JNL/Janus Aggressive Growth Series
JNL/Janus Capital Growth Series
JNL/Janus Global Equities Series
JNL/Putnam Growth Series
JNL/Putnam Value Equity Series
JNL/S&P Conservative Growth Series I
JNL/S&P Moderate Growth Series I
JNL/S&P Aggressive Growth Series I
JNL/S&P Very Aggressive Growth Series I
JNL/S&P Equity Growth Series I
JNL/S&P Equity Aggressive Growth Series I
PPM America/JNL Balanced Series
PPM America/JNL High Yield Bond Series
PPM America/JNL Money Market Series
Salomon Brothers/JNL Global Bond Series
Salomon Brothers/JNL U.S. Government & Quality Bond Series
T. Rowe Price/JNL Established Growth Series
T. Rowe Price/JNL International Equity Investment Series
T. Rowe Price/JNL Mid-Cap Growth Series

Please read this prospectus before you purchase a Perspective Fixed and Variable
Annuity. It contains important information about the contract that you ought to
know before investing. You should keep this prospectus on file for future
reference.

To learn more about the Perspective Fixed and Variable Annuity contract, you can
obtain a free copy of the Statement of Additional Information (SAI) dated March
15, 1999, by calling Jackson National NY at (800) 599-5651 or by writing Jackson
National NY at: Annuity Service Center, P.O. Box 0809, Denver, Colorado
80263-0809. The SAI has been filed with the Securities and Exchange Commission
(SEC) and is legally a part of this prospectus. The Table of Contents of the SAI
appears at the end of this prospectus. The SEC maintains a website
(http://www.sec.gov) that contains the SAI, material incorporated by reference
and other information regarding registrants that file electronically with the
SEC.

The SEC has not approved or disapproved the Perspective Fixed and Variable
Annuity or passed upon the adequacy of this prospectus. It is a criminal offense
to represent otherwise.

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

March 15, 1999

<PAGE>

TABLE OF CONTENTS

Key Facts

Fee Table

The Annuity Contract

The Company

The Guaranteed Accounts

The Separate Account

Investment Portfolios

Contract Charges

Purchases

Transfers

Access to Your Money

Income Payments (The Income Phase)

Death Benefit

Taxes

Other Information

Table of Contents of the Statement of Additional Information

Appendix A

<PAGE>

KEY FACTS

Annuity Service Center: 1 (800) 599-5651
Mail Address: P.O. Box 0809, Denver, Colorado 80263-0809
Delivery Address: 8055 East Tufts Avenue, Second Floor,
Denver, Colorado 80237

Institutional Marketing
Group Service Center: 1 (800) 777-7779
Mail Address: P.O. Box 30386, Lansing, Michigan
48909-9692
Delivery Address: 5901 Executive Drive, Lansing, Michigan
48911 Attn: IMG

Home Office: 2900 Westchester Avenue, Purchase, New York
10577

The Annuity Contract The fixed and variable annuity contract
offered by Jackson National NY provides a
means for investing on a tax-deferred basis
in the guaranteed accounts of Jackson
National NY and the investment portfolios.
The contract is intended for retirement
savings or other long-term investment
purposes and provides for a death benefit
and income options.

The contract has two phases: the
accumulation phase and the income phase.
During the accumulation phase, earnings
accumulate on a tax-deferred basis and are
taxed as income when you make a withdrawal.
The income phase occurs when you begin
receiving regular payments from your
contract. The amount of money you accumulate
in your contract during the accumulation
phase will determine the amount of income
payments during the income phase.

Investment Options You can put money into any of the guaranteed
accounts and/or the investment portfolios
but you may not put your money in more than
eighteen of the investment options during
the life of your contract.

The guaranteed accounts offer an interest
rate that is guaranteed by Jackson National
NY. While your money is in a guaranteed
account, the interest your money earns and
your principal are guaranteed by Jackson
National NY.

The investment portfolios purchase shares of
series a of mutual fund. These series are
described in the attached JNL Series Trust
prospectus. The value of the investment
portfolios will vary in accordance with the
investment performance of the series. You
bear the investment risk under the contract
for all amounts allocated to the investment
portfolios.

Expenses The contract has insurance features and
investment features, and there are costs
related to each.

Jackson National NY makes a deduction for
its insurance charges which is equal to
1.40% of the daily value of the contracts
invested in the investment portfolios.
During the accumulation phase, Jackson
National NY deducts a $30 annual contract
maintenance charge from your contract.

If you take your money out of the contract,
Jackson National NY may assess a withdrawal
charge. The withdrawal charge starts at 7%
in the first year and declines 1% a year to
0% after 7 years.

There are also investment charges which
range from .20% to 1.18% of the average
daily value of the series, depending on the
series.

Purchases Under most circumstances, you can buy a
contract for $5,000 or more ($2,000 or more
for a qualified plan contract). You can add
$500 ($50 under the automatic payment plan)
or more at any time during the accumulation
phase.

Access to Your Money You can take money out of your contract
during the accumulation phase. At any time
during the accumulation phase, you may
withdraw premiums which are not subject to a
withdrawal charge (premiums in your annuity
for seven years or longer and not previously
withdrawn). Once every year, you may
withdraw the greater of earnings or 10% of
premiums paid (not yet withdrawn).
Withdrawals in excess of that will be
charged a withdrawal charge. You may also
have to pay income tax and a tax penalty on
any money you take out.

Income Payments If you want to receive regular income from
your annuity, you can choose one of four
options:
(1) monthly payments for the
annuitant's life;
(2) monthly payments for the
annuitant's life and the life of
another person (usually the
annuitant's spouse);
(3) monthly payments for the
annuitant's life, but with
payments continuing to you or
your designated beneficiary for
10 or 20 years if the annuitant
dies before the end of the
selected period; and
(4) payments for a period of 5
to 30 years.

During the income phase, you have the same
investment choices you had during the
accumulation phase. You can choose to have
payments come from the guaranteed accounts,
the investment portfolios or both. If you
choose to have any part of your payments
come from the investment portfolios, the
dollar amount of your payments may go up or
down. If you choose a variable income
option, you may make transfers between
investment portfolios but you may not make
transfers in to or out of the guaranteed
accounts.

Death Benefit If you die before moving to the income
phase, the person you have chosen as your
beneficiary will receive a death benefit.
The death benefit equals the greatest of:

(1) current contract value;
(2) the total premiums paid
prior to your death, minus the
sum of withdrawals, withdrawal
charges and premium taxes;
(3) the greatest anniversary
value prior to your 86th
birthday. The anniversary value
is the contract value on the
first day of a contract year,
less any withdrawals and
withdrawal charges, plus any
additional premiums since that
day.

Free Look You may return your contract to the selling
agent or to Jackson National NY within
twenty days after receiving it. Jackson
National NY will return the contract value
in the investment portfolios plus any fees
and expenses deducted from the premium
allocated to the investment portfolios plus
the full amount of premium you allocated to
the guaranteed accounts. We will determine
the contract value in the investment
portfolios as of the date you mail the
contract to us or the date you return it to
the selling agent. Jackson National NY will
return premium payments where required by
law.

Taxes The Internal Revenue Code provides that you
will not be taxed on the earnings on the
money held in your contract until you take
money out (this is referred to as
tax-deferral). There are different rules as
to how you will be taxed depending on how
you take the money out and the type of
contract you have (non-qualified or
qualified).

<PAGE>

FEE TABLE

Owner Transaction Expenses

Withdrawal Charge (as a percentage of premium payments):
Contribution Year of Premium Payment 1 2 3 4 5 6 7 Thereafter
Charge 7% 6% 5% 4% 3% 2% 1% 0%

Transfer Fee:

$25 for each transfer in excess of 15 in a contract year

Contract Maintenance Charge:
$30 per contract per year

Separate Account Annual Expenses (as a percentage of average account value)
Mortality and Expense Risk Charges 1.25%
Administration Charge .15%
Total Separate Account Annual Expenses 1.40%

Series Annual Expenses
(as a percentage of series average net assets)
<TABLE>
<CAPTION>

- --------------------------------------------------------------------------------------------------------------
Management Total
and Series
Administrative Other Annual
JNL Series Trust Fee Expenses Expenses
- ----------------------------------------------------------------- --------------- -------------- -------------
<S> <C> <C> <C>
JNL/Alger Growth Series 1.075% 0% 1.075%
JNL/Eagle Core Equity Series 1.00% 0% 1.00%
JNL/Eagle SmallCap Equity Series 1.05% 0% 1.05%
JNL/Janus Aggressive Growth Series 1.05% 0% 1.05%
JNL/Janus Capital Growth Series 1.05% 0% 1.05%
JNL/Janus Global Equities Series 1.10% 0% 1.10%
JNL/Putnam Growth Series 1.00% 0% 1.00%
JNL/Putnam Value Equity Series 1.00% 0% 1.00%
JNL/S&P Conservative Growth Series I .20% 0% .20%
JNL/S&P Moderate Growth Series I .20% 0% .20%
JNL/S&P Aggressive Growth Series I .20% 0% .20%
JNL/S&P Very Aggressive Growth Series I .20% 0% .20%
JNL/S&P Equity Growth Series I .20% 0% .20%
JNL/S&P Equity Aggressive Growth Series I .20% 0% .20%
PPM America/JNL Balanced Series .84% 0% .84%
PPM America/JNL High Yield Bond Series .84% 0% .84%
PPM America/JNL Money Market Series .70% 0% .70%
Salomon Brothers/JNL Global Bond Series .95% 0% .95%
Salomon Brothers/JNL U.S. Government & Quality Bond Series .80% 0% .80%
T. Rowe Price/JNL Established Growth Series .95% 0% .95%
T. Rowe Price/JNL International Equity Investment Series 1.18% 0% 1.18%
T. Rowe Price/JNL Mid-Cap Growth Series 1.05% 0% 1.05%
- --------------------------------------------------------------------------------------------------------------
</TABLE>

Effective January 4, 1999, certain Series pay Jackson National Financial
Services, LLC, the adviser, an Administrative Fee of .10% for certain services
provided to the Trust by Jackson National Financial Services, LLC. The Annual
Series Operating Expenses have been restated to reflect the Administrative Fee.

Examples. You would pay the following expenses on a $1,000 investment, assuming
a 5% annual return on assets:
(a) if you surrender your contract at the end of each time
period;
(b) if you do not surrender your contract.

Time Periods
- -------------------------------------------------------------------------------------- --- -------- ---------
1 3
year years
- -------------------------------------------------------------------------------------- --- -------- ---------

<S> <C> <C>
JNL/Alger Growth Portfolio (a) $ $
(b)
JNL/Eagle Core Equity Portfolio (a)
(b)
JNL/Eagle SmallCap Equity Portfolio (a)
(b)
JNL/Janus Aggressive Growth Portfolio (a)
(b)
JNL/Janus Capital Growth Portfolio (a)
(b)
JNL/Janus Global Equities Portfolio (a)
(b)
JNL/Putnam Growth Portfolio (a)
(b)
JNL/Putnam Value Equity Portfolio (a)
(b)
JNL/S&P Conservative Growth Portfolio I (a)
(b)
JNL/S&P Moderate Growth Portfolio I (a)
(b)
JNL/S&P Aggressive Growth Portfolio I (a)
(b)
JNL/S&P Very Aggressive Growth Portfolio I (a)
(b)
JNL/S&P Equity Growth Portfolio I (a)
(b)
JNL/S&P Equity Aggressive Growth Portfolio I (a)
(b)
PPM America/JNL Balanced Portfolio (a)
(b)
PPM America/JNL High Yield Bond Portfolio (a)
(b)
PPM America/JNL Money Market Portfolio (a)
(b)
Salomon Brothers/JNL Global Bond Portfolio (a)
(b)
Salomon Brothers/JNL U.S. Government & Quality Bond Portfolio (a)
(b)
T. Rowe Price/JNL Established Growth Portfolio (a)
(b)
T. Rowe Price/JNL International Equity Investment Portfolio (a)
(b)
T. Rowe Price/JNL Mid-Cap Growth Portfolio (a)
(b)
- -------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Explanation of Fee Table and Examples. The purpose of the Fee Table and Examples
is to assist you in understanding the various costs and expenses that you will
bear directly or indirectly. The Fee Table reflects the expenses of the separate
account and the series. Premium taxes may also apply.

The Examples reflect the contract maintenance charge which is determined by
dividing the total amount of such charges expected to be collected during the
year by the total estimated average net assets of the investment portfolios.

The Example does not represent past or future expenses. The actual expenses that
you incur may be greater or less than those shown.

Financial Statements. You can find the following financial statements in the
SAI:

o the financial statements for JNLNY Separate Account I for the period ended
December 31, 1998
o the financial statements of Jackson National Life Insurance Company of New
York for the year ended December 31, 1998
o the financial statements of Jackson National Life Insurance Company of New
York for the year ended December 31, 1997
o the financial statements of Jackson National Life Insurance Company of New
York for the year ended December 31, 1996

These financial statements have been audited by PricewaterhouseCoopers LLP,
independent accountants.

<PAGE>

THE ANNUITY CONTRACT

The fixed and variable annuity contract offered by Jackson National NY is a
contract between you, the owner, and Jackson National NY, an insurance company.
The contract provides a means for investing on a tax-deferred basis in
guaranteed accounts and investment portfolios. The contract is intended for
retirement savings or other long-term investment purposes and provides for a
death benefit and guaranteed income options.

The contract, like all deferred annuity contracts, has two phases: (1) the
accumulation phase, and (2) the income phase. During the accumulation phase,
earnings accumulate on a tax-deferred basis and are taxed as income when you
make a withdrawal.

The contract offers guaranteed accounts. The guaranteed accounts offer an
interest rate that is guaranteed by Jackson National NY for the duration of the
guaranteed account period. While your money is in a guaranteed account, the
interest your money earns and your principal are guaranteed by Jackson National
NY. The value of a guaranteed account may be reduced if you make a withdrawal
prior to the end of the guaranteed account period, but will never be less than
the premium payments accumulated at 3% per year. If you choose to have your
annuity payments come from the guaranteed accounts, your payments will remain
level throughout the entire income phase.

The contract also offers investment portfolios. The investment portfolios are
designed to offer a higher return than the guaranteed accounts. However, this is
not guaranteed. It is possible for you to lose your money. If you put money in
the investment portfolios, the amount of money you are able to accumulate in
your contract during the accumulation phase depends upon the performance of the
investment portfolios you select. The amount of the income payments you receive
during the income phase also will depend, in part, on the performance of the
investment portfolios you choose for the income phase.

As the owner, you can exercise all the rights under the contract. You and your
spouse can be joint owners. You can assign the contract at any time during your
lifetime but Jackson National NY will not be bound until we receive written
notice of the assignment.

THE COMPANY

Jackson National NY is a stock life insurance company organized under the laws
of the state of New York in July 1995. Its legal domicile and principal business
address is 2900 Westchester Avenue, Purchase, New York 10577. Jackson National
NY is admitted to conduct life insurance and annuity business in the states of
New York and Michigan. Jackson National NY is ultimately a wholly-owned
subsidiary of Prudential Corporation plc (London, England).

THE GUARANTEED ACCOUNTS

If you select a guaranteed account, your money will be placed with Jackson
National NY's other assets. The guaranteed accounts are not registered with the
SEC and the SEC does not review the information we provide to you about the
guaranteed accounts. Your contract contains a more complete description of the
guaranteed accounts.

THE SEPARATE ACCOUNT

The JNLNY Separate Account I was established by Jackson National NY on September
12, 1997, pursuant to the provisions of New York law, as a segregated asset
account of the company. The separate account meets the definition of a "separate
account" under the federal securities laws and is registered with the SEC as a
unit investment trust under the Investment Company Act of 1940, as amended.

The assets of the separate account legally belong to Jackson National NY and the
obligations under the contracts are obligations of Jackson National NY. However,
the contract assets in the separate account are not chargeable with liabilities
arising out of any other business Jackson National NY may conduct. All of the
income, gains and losses resulting from these assets are credited to or charged
against the contracts and not against any other contracts Jackson National NY
may issue.

The separate account is divided into investment portfolios. Jackson National NY
does not guarantee the investment performance of the separate account or the
investment portfolios.

INVESTMENT PORTFOLIOS

You can put money in any or all of the investment portfolios; however, you may
not allocate your money to more than eighteen investment options during the life
of your contract. The investment portfolios purchase shares of the following
series of the JNL Series Trust:

The series are described in the attached JNL Series Trust prospectus. Jackson
National Financial Services, LLC serves as investment adviser for all of the
series. The sub-adviser for each series is listed in the following table:

Sub-Adviser Series
- ----------- ------

Fred Alger Management, Inc. JNL/Alger Growth Series

Eagle Asset Management, Inc. JNL/Eagle Core Equity Series
JNL/Eagle SmallCap Equity Series

Janus Capital Corporation JNL/Janus Aggressive Growth Series
JNL/Janus Capital Growth Series
JNL/Janus Global Equities Series

Putnam Investment Management, Inc. JNL/Putnam Growth Series
JNL/Putnam Value Equity Series

Standard & Poor's Investment JNL/S&P Conservative Growth Series I
Advisory Services, Inc. JNL/S&P Moderate Growth Series I
JNL/S&P Aggressive Growth Series I
JNL/S&P Very Aggressive Growth Series I
JNL/S&P Equity Growth Series I
JNL/S&P Equity Aggressive Growth Series I

PPM America, Inc. PPM America/JNL Balanced Series
PPM America/JNL High Yield Bond Series
PPM America/JNL Money Market Series

Salomon Brothers Asset
Management Inc Salomon Brothers/JNL Global Bond Series
Salomon Brothers/JNL U.S. Government &
Quality Bond Series

Rowe Price-Fleming T. Rowe Price/JNL International Equity
International, Inc. Investment Series

T. Rowe Price Associates, Inc. T. Rowe Price/JNL Established Growth
Series
T. Rowe Price/JNL Mid-Cap Growth Series

Depending on market conditions, you can make or lose money in any of the
investment portfolios. You should read the JNL Series Trust prospectus carefully
before investing. Additional investment portfolios may be available in the
future.

Voting Rights. To the extent required by law, Jackson National NY will obtain
from you and other owners of the contracts instructions as to how to vote when
the series solicits proxies in conjunction with a vote of shareholders. When
Jackson National NY receives instructions, we will vote all the shares Jackson
National NY owns in proportion to those instructions.

Substitution. Jackson National NY may be required to substitute an investment
portfolio with another portfolio. We will not do this without the prior approval
of the SEC. Jackson National NY will give you notice of our intent to do this.

CONTRACT CHARGES

There are charges and other expenses associated with the contracts that reduce
the return on your investment in the contract. These charges may be a lesser
amount where required by state law or as described below, but will not be
increased. These charges and expenses are:

Insurance Charges. Each day Jackson National NY makes a deduction for its
insurance charges. We do this as part of our calculation of the value of the
accumulation units and annuity units. On an annual basis, this charge equals
1.40% of the daily value of the contracts invested in an investment portfolio,
after expenses have been deducted.

This charge is for the mortality risks, expense risks and administrative
expenses assumed by Jackson National NY. The mortality risks that Jackson
National NY assumes arise from our obligations under the contracts:

o to make income payments for the life of the annuitant during the income
phase;
o to waive the withdrawal charge in the event of your death; and
o to provide both a standard and an enhanced death benefit prior to the
income date.

The expense risk that Jackson National NY assumes is the risk that our actual
cost of administering the contracts and the investment portfolios will exceed
the amount that we receive from the administration charge and the contract
maintenance charge.

Contract Maintenance Charge. During the accumulation phase, Jackson National NY
deducts a $30 annual contract maintenance charge on each anniversary of the date
on which your contract was issued. If you make a complete withdrawal from your
contract, the contract maintenance charge will also be deducted. This charge is
for administrative expenses.

Jackson National NY will not deduct this charge, if when the deduction is to be
made, the value of your contract is $50,000 or more. Jackson National NY may
discontinue this practice at any time.

Transfer Fee. A transfer fee of $25 will apply to transfers in excess of 15 in a
contract year. Jackson National NY may waive the transfer fee in connection with
pre-authorized automatic transfer programs, or may charge a lesser fee where
required by state law.

Withdrawal Charge. During the accumulation phase, you can make withdrawals from
your contract.

o At any time during the accumulation phase, you may withdraw premiums which
are not subject to a withdrawal charge (premiums in your annuity for seven
years or longer and not previously withdrawn).
o Once every year, you may withdraw the greater of earnings or 10% of
premiums paid (not yet withdrawn).

Withdrawals in excess of that will be charged a withdrawal charge starting at 7%
in the first year and declining 1% a year to 0% after 7 years. The withdrawal
charge compensates us for costs associated with selling the contracts.

For purposes of the withdrawal charge, Jackson National NY treats withdrawals as
coming from the oldest premium payment first. If you make a full withdrawal, the
withdrawal charge is based on premiums remaining in the contract. If you
withdraw only part of the value of your contract, we deduct the withdrawal
charge from the remaining value in your contract.

Note: For tax purposes, withdrawals are considered to have come from the
last money into the contract. Thus, for tax purposes, earnings are considered to
come out first.

Jackson National NY does not assess the withdrawal charge on any payments paid
out as (1) income payments, (2) death benefits, or (3) withdrawals necessary to
satisfy the minimum distribution requirements of the Internal Revenue Code.

Jackson National NY may reduce or eliminate the amount of the withdrawal charge
when the contract is sold under circumstances which reduce its sales expense.
Some examples are: the purchase of a contract by a large group of individuals or
an existing relationship between Jackson National NY and a prospective
purchaser. Jackson National NY will not deduct a withdrawal charge under a
contract issued to an officer, director, agent or employee of Jackson National
NY or any of its affiliates.

Other Expenses. Jackson National NY pays the operating expenses of the Separate
Account.

There are deductions from and expenses paid out of the assets of the series.
These expenses are described in the attached JNL Series Trust prospectus.

Premium Taxes. Some governmental entities charge premium taxes or other similar
taxes. Jackson National NY is responsible for the payment of these taxes and may
make a deduction from the value of the contract for them. Premium taxes
generally range from 0% to 4% depending on the state. New York does not
currently impose a premium tax on annuity premiums.

Income Taxes. Jackson National NY will make a deduction from the contract for
any income taxes which it incurs because of the contract. Currently, we are not
making any such deduction.

Distribution of Contracts. Jackson National Life Distributors, Inc. is located
at 10877 Wilshire Boulevard, Suite 1550, Los Angeles, California 90024 and
serves as the distributor of the contracts. Jackson National Life Distributors,
Inc. and Jackson National NY are wholly-owned subsidiaries of Jackson National
Life Insurance Company.

Commissions will be paid to broker-dealers who sell the contracts. While
commissions may vary, they are not expected to exceed 8% of any premium payment.
Under certain circumstances, Jackson National NY may pay bonuses, overrides, and
marketing allowances, in addition to the standard commissions. While overrides
may vary, they are not expected to exceed .25% of any premium payment. Jackson
National NY may under certain circumstances where permitted by applicable law,
pay a bonus to a contract purchaser to the extent the broker-dealer waives its
commission. Jackson National NY may use any of its corporate assets to cover the
cost of distribution, including any profit from the contract insurance charges.

PURCHASES

Minimum Initial Premium:

o $5,000 under most circumstances
o $2,000 for a qualified plan contract

The maximum we accept without our prior approval is $1 million.

You can add $500 ($50 under the automatic payment plan) at any time during the
accumulation phase.

The minimum that you may allocate to a guaranteed account or investment
portfolio is $100. There is a $100 minimum balance requirement for each
guaranteed account and investment portfolio.

When you purchase a contract, Jackson National NY will allocate your premium to
one or more of the guaranteed accounts and/or the investment portfolios you have
selected. Your allocations must be in whole percentages ranging from 0% to 100%.
Jackson National NY will allocate additional premiums in the same way unless you
tell us otherwise.

There may be more than eighteen investment options available under the contract;
however, you may not allocate your money to more than eighteen investment
options during the life of your contract.

Jackson National NY will issue your contract and allocate your first premium
within 2 business days after we receive your complete application and first
premium. If your application is not complete, we will contact you to get the
necessary information. If for some reason Jackson National NY is unable to
complete this process within 5 business days, we will either return your money
or get your permission to keep it until we receive all of the necessary
information.

The Jackson National NY business day closes when the New York Stock Exchange
closes, usually 4:00 p.m. Eastern time.

Accumulation Units. The contract value allocated to the investment portfolios
will go up or down depending on the performance of the portfolios. In order to
keep track of the value of your contract, Jackson National NY uses a unit of
measure called an accumulation unit. (An accumulation unit is similar to a share
of a mutual fund.) During the income phase it is called an annuity unit.

Every business day Jackson National NY determines the value of an accumulation
unit for each of the investment portfolios. This is done by:

1. determining the total amount of money invested in the particular
investment portfolio;

2. subtracting any insurance charges and any other charges, such as
taxes;

3. dividing this amount by the number of outstanding accumulation units.

The value of an accumulation unit may go up or down from day to day.

When you make a premium payment, Jackson National NY credits your contract with
accumulation units. The number of accumulation units credited is determined at
the close of Jackson National NY's business day by dividing the amount of the
premium allocated to any investment portfolio by the value of the accumulation
unit for that investment portfolio.

TRANSFERS

You can transfer money between guaranteed accounts and investment portfolios
during the accumulation phase. During the income phase, you can transfer money
between investment portfolios.

You can make 15 transfers every year during the accumulation phase without
charge. The minimum amount that you can transfer is $100 (unless the transfer is
made under a pre-authorized automatic transfer program). If the remaining value
in a guaranteed account or investment portfolio would be less than $100 after a
transfer, you must transfer the entire value or you may not make the transfer.

Telephone Transactions. You may make transfers by telephone, unless you elect on
your application not to have this privilege. When authorizing a transfer, you
must complete your telephone call by the close of Jackson National NY's business
day (usually 4:00 p.m. Eastern time) in order to receive that day's accumulation
unit value for an investment portfolio.

Jackson National NY has procedures which are designed to provide reasonable
assurance that telephone authorizations are genuine. Our procedures include
requesting identifying information and tape recording telephone communications.
Jackson National NY and its affiliates disclaim all liability for any claim,
loss or expense resulting from any alleged error or mistake in connection with a
telephone transfer which was not properly authorized by you. However, if Jackson
National NY fails to employ reasonable procedures to ensure that all telephone
transfers are properly authorized, we may be held liable for such losses.
Jackson National NY reserves the right to modify or discontinue at any time and
without notice the acceptance of instructions from someone other than you and/or
the telephone transfer privilege.

ACCESS TO YOUR MONEY

You can have access to the money in your contract:

o by making either a partial or complete withdrawal, or
o by electing to receive income payments.

Your beneficiary can have access to the money in your contract when a death
benefit is paid.

When you make a complete withdrawal you will receive:

1. the value of the contract on the day you made the withdrawal;

2. less any premium tax;

3. less any contract maintenance charge; and

4. less any withdrawal charge.

Except in connection with the systematic withdrawal program, you must withdraw
at least $500 or, if less, the entire amount in the guaranteed account or
investment portfolio from which you are making the withdrawal. After your
withdrawal, you must have at least $100 left in the guaranteed account or
investment portfolio.

Income taxes, tax penalties and certain restrictions may apply to any withdrawal
you make.

There are limitations on withdrawals from a qualified plan referred to as a
403(b) annuity. See "Taxes."

Systematic Withdrawal Program. You can arrange to have money automatically sent
to you periodically while your contract is still in the accumulation phase. You
will have to pay taxes on money you receive and withdrawals you make before you
reach 59 1/2 may be subject to a 10% tax penalty.

We reserve the right to charge a fee for participation or to discontinue
offering this program in the future.

Suspension of Withdrawals or Transfers. Jackson National NY may be required to
suspend or delay withdrawals or transfers from an investment portfolio when:

o the New York Stock Exchange is closed (other than customary weekend and
holiday closings);
o trading on the New York Stock Exchange is restricted;
o an emergency exists so that it is not reasonably practicable to dispose of
shares of the investment portfolios or determine investment portfolio
values;
o the SEC, by order, may permit for the protection of owners.

Jackson National NY has reserved the right to defer payment for a withdrawal or
transfer from the guaranteed accounts for the period permitted by law, but not
more than six months.

INCOME PAYMENTS (THE INCOME PHASE)

The income phase occurs when you begin receiving regular payments from your
contract. The income date is the month and year in which those payments begin.
The income date must be at least one year after your contract is issued. You can
choose the income date and an income option. The income options are described
below.

If you do not choose an income option, we will assume that you selected Option 3
which provides a life annuity with 120 months of guaranteed payments.

You can change the income date or income option at any time before the income
date. You must give us 7 days notice. Income payments must begin by your 90th
birthday under a non-qualified contract (or an earlier date under a qualified
contract if required by law).

At the income date, you can choose whether payments will come from the
guaranteed accounts, the investment portfolios or both. Unless you tell us
otherwise, your income payments will be based on the investment allocations that
were in place on the income date.

You can choose to have income payments made monthly, quarterly, semi-annually,
or annually. However, if you have less than $2,000 to apply toward an income
option and state law permits, Jackson National NY may provide your payment in a
single lump sum. Likewise, if your first income payment would be less than $20
and state law permits, Jackson National NY may set the frequency of payments so
that the first payment would be at least $20.

Income Payments from Investment Portfolios. If you choose to have any portion of
your income payments come from the investment portfolio(s), the dollar amount of
your payment will depend upon three things:

1. the value of your contract in the investment portfolio(s) on the
income date;

2. the 3% assumed investment rate used in the annuity table for the
contract; and

3. the performance of the investment portfolios you selected.

Jackson National NY calculates the dollar amount of the first income payment
that you receive from the investment portfolios. We then use that amount to
determine the number of annuity units that you hold in each investment
portfolio. The amount of each subsequent income payment is determined by
multiplying the number of annuity units that you hold in an investment portfolio
by the annuity unit value for that investment portfolio.

The number of annuity units that you hold in each investment portfolio does not
change unless you reallocate your contract value among the investment
portfolios. The annuity unit value of each investment portfolio will vary based
on the investment performance of the series. If the actual investment
performance exactly matches the assumed rate at all times, the amount of each
income payment will remain equal. If the actual investment performance exceeds
the assumed rate, your income payments will increase. Similarly, if the actual
investment performance is less than the assumed rate, your income payments will
decrease.

Income Options. The annuitant is the person whose life we look to when we make
income payments. (Each description assumes that you are the owner and
annuitant.)

Option 1 - Life Income. This income option provides monthly payments for
your life.

Option 2 - Joint and Survivor Annuity. This income option provides monthly
payments for your life and for the life of another person (usually your spouse)
selected by you.

Option 3 - Life Annuity With 120 or 240 Monthly Payments Guaranteed. This
income option provides monthly payments for your life, but with payments
continuing to your beneficiary for the remainder of 10 or 20 years (as you
select) if you die before the end of the selected period.

Option 4 - Income for a Specified Period. This income option provides
monthly payments for any number of years from 5 to 30.

Additional Options - Other income options may be made available by Jackson
National NY.

If you choose Option 1, 2 or 3, you cannot make a withdrawal during the income
phase.

DEATH BENEFIT

Death of Owner Before the Income Date. If you die before moving to the income
phase, the person you have chosen as your beneficiary will receive a death
benefit. If you have a joint owner, the death benefit will be paid when the
first joint owner dies and the surviving joint owner will be treated as the
beneficiary. Any other beneficiary designated will be treated as a contingent
beneficiary. A contingent beneficiary is entitled to receive payment only after
the beneficiary dies.

The death benefit equals the greatest of:

1. current contract value;

2. the total premiums paid prior to your death, minus the sum of:

a. withdrawals and withdrawal charges, and

b. premium taxes;

3. the greatest anniversary value prior to your 86th birthday. The
anniversary value is the contract value on the first day of a contract
year, less any withdrawals and withdrawal charges, plus any additional
premiums since that day.

The entire death benefit must be paid within 5 years of the date of death unless
the beneficiary elects to have the death benefit payable under an income option.
The death benefit payable under an income option must be paid over the
beneficiary's lifetime or for a period not extending beyond the beneficiary's
life expectancy. Payments must begin within one year of the date of death.
Unless the beneficiary chooses to receive the death benefit in a single sum, the
beneficiary must elect an income option within the 60 day period beginning with
the date Jackson National NY receives proof of death. If the beneficiary chooses
to receive the death benefit in a single sum and all the necessary requirements
are met, Jackson National NY will pay the death benefit within 7 days. If the
beneficiary is your spouse, he/she can continue the contract in his/her own name
at the then current contract value.

Death of Owner After the Income Date. If you or a joint owner die after moving
to the income phase, any remaining payments under the income option elected will
continue at least as rapidly as under the method of distribution in effect at
the date of death.

Death of Annuitant. If the annuitant is not an owner or joint owner and the
annuitant dies before the income date, you can name a new annuitant. If you do
not name a new annuitant within 30 days of the death of the annuitant, you will
become the annuitant. However, if the owner is a non-natural person (for
example, a corporation), then the death of the annuitant will be treated as the
death of the owner, and a new annuitant may not be named.

If the annuitant dies after the income date, the death benefit, if any, will be
as provided for in the income option selected. Death benefits will be paid at
least as rapidly as under the method of distribution in effect at the
annuitant's death.

TAXES

The following is general information and is not intended as tax advice to any
individual. You should consult your own tax adviser.

The Internal Revenue Code (Code) provides that you will not be taxed on the
earnings on the money held in your contract until you take money out (this is
referred to as tax - deferral). There are different rules as to how you will be
taxed depending on how you take the money out and the type of contract you have
(non-qualified or qualified).

Non-Qualified Contracts - General Taxation. You will not be taxed on increases
in the value of your contract until a distribution (either as a withdrawal or as
an income payment) occurs. When you make a withdrawal you are taxed on the
amount of the withdrawal that is earnings. For income payments, a portion of
each income payment is treated as a partial return of your premium and will not
be taxed. The remaining portion of the income payment will be treated as
ordinary income. How the income payment is divided between taxable and
non-taxable portions depends on the period over which income payments are
expected to be made. Income payments received after you have received all of
your premium are treated as income.

If a non-qualified contract is owned by a non-natural person (e.g., corporation
or certain other entities other than tax-qualified trusts), the contract will
generally not be treated as an annuity for tax purposes.

Qualified and Non-Qualified Contracts. If you purchase the contract as an
individual and not under any pension plan, specially sponsored program or an
individual retirement annuity, your contract is referred to as a non-qualified
contract.

If you purchase the contract under a pension plan, specially sponsored program,
or an individual retirement annuity, your contract is referred to as a qualified
contract. Examples of qualified plans are: Individual Retirement Annuities
(IRAs), Tax-Sheltered Annuities (sometimes referred to as 403(b) contracts),
H.R. 10 Plans (sometimes referred to as Keogh Plans), and pension and
profit-sharing plans, which include 401(k) plans.

Withdrawals - Non-Qualified Contracts. If you make a withdrawal from your
contract, the Code treats the withdrawal as first coming from earnings and then
from your premium payments. Withdrawn earnings are includible in income.

The Code also provides that any amount received under an annuity contract which
is included in income may be subject to a 10% penalty. Some withdrawals will be
exempt from the penalty. They include any amounts: (1) paid on or after the
taxpayer reaches age 59 1/2; (2) paid after you die; (3) paid if the taxpayer
becomes totally disabled (as that term is defined in the Code); (4) paid in a
series of substantially equal payments made annually (or more frequently) under
a lifetime annuity; (5) paid under an immediate annuity; or (6) which come from
premiums made prior to August 14, 1982.

Withdrawals - Qualified Contracts. There are special rules that govern qualified
contracts. We have provided additional discussion in the Statement of Additional
Information.

Withdrawals - Tax-Sheltered Annuities. The Code limits the withdrawal of
premiums from certain Tax-Sheltered Annuities. Withdrawals can only be made when
an owner: (1) reaches age 59 1/2; (2) leaves his/her job; (3) dies; (4) becomes
disabled (as that term is defined in the Code); or (5) in the case of hardship.
However, in the case of hardship, the owner can only withdraw the premium and
not any earnings.

Withdrawals - Roth IRAs. Beginning in 1998, individuals may purchase a new type
of non-deductible IRA, known as a Roth IRA. Qualified distributions from Roth
IRAs are entirely tax free. A qualified distribution requires that the
individual has held the Roth IRA for at least five years and, in addition, that
the distribution is made either after the individual reaches age 59 1/2, on
account of the individual's death or disability, or as qualified first-time home
purchase, subject to $10,000 lifetime maximum, for the individual, or for a
spouse, child, grandchild, or ancestor.

Withdrawals - Investment Adviser Fees. The Internal Revenue Service has, through
a series of Private Letter Rulings, held that the payment of investment adviser
fees from an IRA or a Tax-Sheltered Annuity is permissible under certain
circumstances and will not be considered a distribution for income tax purposes.
The Rulings require that in order to receive this favorable tax treatment, the
annuity contract must, under a written agreement, be solely liable (not jointly
with the contract owner) for payment of the adviser's fee and the fee must
actually be paid from the annuity contract to the adviser. Withdrawals from
non-qualified contracts for the payment of investment adviser fees will be
considered distributions from the contract.

Assignment. An assignment may be a taxable event. If the contract is issued
pursuant to a qualified plan, there may be limitations on your ability to assign
the contract.

Diversification. The Code provides that the underlying investments for a
variable annuity must satisfy certain diversification requirements in order to
be treated as an annuity contract. Jackson National NY believes that the
underlying investments are being managed so as to comply with these
requirements.

Neither the Code nor the Internal Revenue Service Regulations issued to date
provide guidance as to the circumstances under which you, because of the degree
of control you exercise over the underlying investments, and not Jackson
National NY would be considered the owner of the shares of the investment
portfolios. If this occurs, it will result in the loss of the favorable tax
treatment for the contract.

It is unknown to what extent owners are permitted to select investment
portfolios, to make transfers among the investment portfolios or the number and
type of investment portfolios from which owners may select. If any guidance is
provided which is considered a new position, then the guidance would generally
be applied prospectively. However, if such guidance is considered not to be a
new position, it may be applied retroactively. This would mean that you, as the
owner of the contract, could be treated as the owner of the investment
portfolios. Due to the uncertainty in this area, Jackson National NY reserves
the right to modify the contract in an attempt to maintain favorable tax
treatment.

OTHER INFORMATION

Dollar Cost Averaging. You can arrange to automatically have a regular amount of
money periodically transferred into the investment portfolios. This
theoretically gives you a lower average cost per unit over time than you would
receive if you made a one time purchase.

To participate in this program, you must have a total contract value of at least
$15,000 (unless we waive this requirement). Certain other restrictions may
apply.

Jackson National NY does not currently charge for participation in this program.
We may do so in the future.

Rebalancing. You can arrange to have Jackson National NY automatically
reallocate money between investment portfolios periodically to keep the blend
you select.

Jackson National NY does not currently charge for participation in this program.
We may do so in the future.

Free Look. You may return your contract to the selling agent or to Jackson
National NY within twenty days after receiving it. Jackson National NY will
return the contract value in the investment portfolios plus any fees and
expenses deducted from the premium allocated to the investment portfolios plus
the full amount of premium you allocated to the guaranteed accounts. We will
determine the contract value in the investment portfolios as of the date you
mail the contract to us or the date you return it to the selling agent. Jackson
National NY will return premium payments where required by law.

Advertising. From time to time, Jackson National NY may advertise several types
of performance for the investment portfolios.

o Total return is the overall change in the value of an investment in an
investment portfolio over a given period of time.
o Standardized average annual total return is calculated in accordance
with SEC guidelines.
o Non-standardized total return may be for periods other than those
required or may otherwise differ from standardized average annual
total return. For example, if a series has been in existence longer
than the investment portfolio, we may show non-standardized
performance for periods that begin on the inception date of the
series, rather than the inception date of the investment portfolio.
o Yield refers to the income generated by an investment over a given
period of time.

Performance will be calculated by determining the percentage change in the value
of an accumulation unit by dividing the increase (decrease) for that unit by the
value of the accumulation unit at the beginning of the period. Performance will
reflect the deduction of the insurance charges and may reflect the deduction of
the contract maintenance charge and withdrawal charge. The deduction of the
contract maintenance and/or the withdrawal charge would reduce the percentage
increase or make greater any percentage decrease.

Market Timing and Asset Allocation Services. Market timing and asset allocation
services offered by third parties must comply with Jackson National NY's
administrative systems, rules and procedures.

Modification of the Contract. Only the President, Vice President, Secretary or
Assistant Secretary of Jackson National NY may approve a change to or waive a
provision of the contract. Any change or waiver must be in writing. Jackson
National NY may change the terms of the contract in order to comply with changes
in applicable law, or otherwise as deemed necessary by Jackson National NY.

Year 2000 Matters. Jackson National NY has initiated a project to review and
analyze its computer systems to determine if they are Year 2000 compatible. This
project includes a process which ensures that when a particular system, or
software application, is determined to be "non-compliant" the proper steps are
in place to either remedy the "non-compliance" or cease using the particular
system or software.

Jackson National NY's project provides for an inventory of all critical computer
systems, testing of such systems and resolution of Year 2000 issues. Jackson
National NY anticipates that all compliance issues will be resolved by December
31, 1999.

As of the date of this Prospectus, Jackson National NY has identified and made
available what it believes are the appropriate resources of hardware, people,
and dollars to ensure that the plan will be completed.

Jackson National NY will not conclusively know the success of its plan until the
Year 2000. Even with appropriate and diligent pursuit of a well-conceived
response plan, including testing procedures, there is no certainty that any
company will achieve complete success. Further, Jackson National NY's ability to
function unaffected to and through the Year 2000 may be adversely affected by
actions (or inactions) of third parties beyond its knowledge or control.

Legal Proceedings. There are no material legal proceedings, other than ordinary
routine litigation incidental to the business, to which Jackson National Life
Insurance Company of New York, Jackson National Life Distributors, Inc., and the
JNLNY Separate Account I are parties.

Questions. If you have questions about your contract, you may call or write to
us at:

o Jackson National Life NY Annuity Service Center: (800) 599-5651, P.O. Box
0809, Denver, Colorado 80263-0809
o Institutional Marketing Group Service Center: (800) 777-7779, P.O. Box
30386, Lansing, Michigan 48909-9692.
<PAGE>
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION

General Information and History .............................................. 2

Services ..................................................................... 2

Purchase of Securities Being Offered ......................................... 2

Underwriters ................................................................. 2

Calculation of Performance ................................................... 3

Additional Tax Information ................................................... 6

Income Payments; Net Investment Factor .......................................15

Financial Statements .........................................................17

<PAGE>

APPENDIX A

Condensed Financial Information

Accumulation Unit Values

The following table shows accumulation unit values at the beginning and end of
the periods indicated as well as the number of accumulation units outstanding
for each portfolio as of December 31, 1998. This information has been taken from
the Separate Account's financial statements. The Separate Account's financial
statements for the period ended December 31, 1998, have been audited by
PricewaterhouseCoopers LLP, independent accountants. This information should be
read together with the Separate Account's financial statements and related notes
which are in the SAI.

December 31,
Portfolios 1998 (a)
- ---------- ------------

JNL/Alger Growth Portfolio Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

JNL/Eagle Core Equity Portfolio
Accumulation unit value:
Beginning of period N/A(b)
End of period N/A(b)
Accumulation units outstanding
at the end of period N/A(b)

JNL/Eagle SmallCap Equity Portfolio Accumulation unit value:
Beginning of period N/A(b)
End of period N/A(b)
Accumulation units outstanding
at the end of period N/A(b)

JNL/Janus Aggressive Growth Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

JNL/Janus Capital Growth Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

(a) The Separate Account commenced operation on .
(b) The JNL/Eagle Core Equity Portfolio and the JNL/Eagle SmallCap Equity
Portfolio I had not commenced operations as of the date of this prospectus.
(c) The JNL/S&P Conservative Growth Portfolio I, the JNL/S&P Moderate Growth
Portfolio I, the JNL/S&P Aggressive Growth Portfolio I, the JNL/S&P Very
Aggressive Growth Portfolio I, the JNL/S&P Equity Growth Portfolio I, and
the JNL/S&P Equity Aggressive Growth Portfolio I had not commenced
operations as of the date of this prospectus.

<PAGE>

December 31,
Portfolios 1998 (a)
- ---------- ------------

JNL/Janus Global Equities Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

JNL/Putnam Growth Portfolio Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

JNL/Putnam Value Equity Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of the period

JNL/S&P Conservative Growth Portfolio I Accumulation unit value:
Beginning of period N/A(c)
End of period N/A(c)
Accumulation units outstanding
at the end of period N/A(c)

JNL/S&P Moderate Growth Portfolio I Accumulation unit value:
Beginning of period N/A(c)
End of period N/A(c)
Accumulation units outstanding
at the end of period N/A(c)

JNL/S&P Aggressive Growth Portfolio I Accumulation unit value:
Beginning of period N/A(c)
End of period N/A(c)
Accumulation units outstanding
at the end of period N/A(c)

JNL/S&P Very Aggressive Growth Portfolio I
Accumulation unit value:
Beginning of period N/A(c)
End of period N/A(c)
Accumulation units outstanding
at the end of period N/A(c)

<PAGE>

December 31,
Portfolios 1998 (a)
- ---------- ------------

JNL/S&P Equity Growth Portfolio I Accumulation unit value:
Beginning of period N/A(c)
End of period N/A(c)
Accumulation units outstanding
at the end of period N/A(c)

JNL/S&P Equity Aggressive Growth Portfolio I
Accumulation unit value:
Beginning of period N/A(c)
End of period N/A(c)
Accumulation units outstanding
at the end of period N/A(c)

PPM America/JNL Balanced Portfolio Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

PPM America/JNL High Yield Bond Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

PPM America/JNL Money Market Portfolio Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

Salomon Brothers/JNL Global Bond Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of the period

Salomon Brothers/JNL U.S. Government & Quality Bond Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

<PAGE>

December 31,
Portfolios 1998 (a)
- ---------- ------------

T. Rowe Price/JNL Established Growth Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

T. Rowe Price/JNL International Equity Investment Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

T. Rowe Price/JNL Mid-Cap Growth Portfolio
Accumulation unit value:
Beginning of period $10.00
End of period $
Accumulation units outstanding
at the end of period

<PAGE>

STATEMENT OF ADDITIONAL INFORMATION

March 15, 1999

INDIVIDUAL DEFERRED FIXED AND VARIABLE ANNUITY CONTRACTS
ISSUED BY THE JNLNY SEPARATE ACCOUNT I
OF JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK

This Statement of Additional Information is not a prospectus. It
contains information in addition to and more detailed than set forth in the
Prospectus and should be read in conjunction with the Prospectus dated March 15,
1999. The Prospectus may be obtained from Jackson National Life Insurance
Company of New York by writing P.O. Box 378002, Denver, Colorado 80237-8002, or
calling 1-800-599-5651.

TABLE OF CONTENTS
Page
----

General Information and History.............................................2
Services....................................................................2
Purchase of Securities Being Offered........................................2
Underwriters................................................................2
Calculation of Performance..................................................3
Additional Tax Information..................................................6
Income Payments; Net Investment Factor ....................................15
Financial Statements ......................................................17

<PAGE>

General Information and History

JNLNY Separate Account I (Separate Account) is a separate investment
account of Jackson National Life Insurance Company of New York (Jackson National
NY). In September 1997, the company changed its name from First Jackson National
Life Insurance Company to its present name. Jackson National NY is a
wholly-owned subsidiary of Jackson National Life Insurance Company, and is
ultimately a wholly-owned subsidiary of Prudential Corporation plc, London,
England, a life insurance company in the United Kingdom.

Services

Jackson National NY has responsibility for administration of the
contracts and the Separate Account. We maintain records of the name, address,
taxpayer identification number and other pertinent information for each contract
owner and the number and type of contracts issued to each contract owner, and
records with respect to the value of each contract.

Jackson National NY is also the custodian of the assets of the Separate
Account.

PricewaterhouseCoopers LLP, 200 East Randolph Drive, Chicago, Illinois
60601, audits and reports on Jackson National NY's financial statements,
including the financial statements of the Separate Account, and performs other
professional accounting, auditing and advisory services when engaged to do so by
Jackson National NY.

Blazzard, Grodd & Hasenauer, P.C. of Westport, Connecticut has provided
advice on certain matters relating to the federal securities and income tax laws
in connection with the contracts described in the Prospectus.

Purchase of Securities Being Offered

The contracts will be sold by licensed insurance agents in states where
the contracts may be lawfully sold. The agents will be registered
representatives of broker-dealers that are registered under the Securities
Exchange Act of 1934 and members of the National Association of Securities
Dealers, Inc. (NASD).

Underwriters

The contracts are offered continuously and are distributed by Jackson
National Life Distributors, Inc. (JNLD), 10877 Wilshire Boulevard, Suite 1550,
Los Angeles, California 90024. JNLD is a subsidiary of Jackson National Life
Insurance Company.

<PAGE>

Calculation of Performance

When Jackson National NY advertises performance for an investment
portfolio (except the PPM America/JNL Money Market Portfolio), we will include
quotations of standardized average annual total return to facilitate comparison
with standardized average annual total return advertised by other variable
annuity separate accounts. Standardized average annual total return for an
investment portfolio will be shown for periods beginning on the date the
investment portfolio first invested in the corresponding series. We will
calculate standardized average annual total return according to the standard
methods prescribed by rules of the Securities and Exchange Commission.

Standardized average annual total return for a specific period is
calculated by taking a hypothetical $1,000 investment in an investment portfolio
at the offering on the first day of the period ("initial investment"), and
computing the ending redeemable value ("redeemable value") of that investment at
the end of the period. The redeemable value is then divided by the initial
investment and expressed as a percentage, carried to at least the nearest
hundredth of a percent. Standardized average annual total return is annualized
and reflects the deduction of the insurance charges and the contract maintenance
charge. The redeemable value also reflects the effect of any applicable
withdrawal charge that may be imposed at the end of the period. No deduction is
made for premium taxes which may be assessed by certain states.

The standardized average annual total returns for each investment
portfolio (except the PPM America/JNL Money Market Portfolio) for the periods
indicated are as follows:

Date of Initial
Investment in
Corresponding
Series to
December 31, 1998
-----------------
JNL/Alger Growth Portfolio* %
JNL/Eagle Core Equity Portfolio** N/A
JNL/Eagle SmallCap Equity Portfolio** N/A
JNL/Janus Aggressive Growth Portfolio** N/A
JNL/Janus Capital Growth Portfolio* %
JNL/Janus Global Equities Portfolio* %
JNL/Putnam Growth Portfolio* %
JNL/Putnam Value Equity Portfolio* %
JNL/S&P Conservative Growth Portfolio I** N/A
JNL/S&P Moderate Growth Portfolio I** N/A
JNL/S&P Aggressive Growth Portfolio I** N/A
JNL/S&P Very Aggressive Growth Portfolio I** N/A
JNL/S&P Equity Growth Portfolio I** N/A
JNL/S&P Equity Aggressive Growth Portfolio I** N/A
PPM America/JNL Balanced Portfolio** N/A
PPM America/JNL High Yield Bond Portfolio* %
Salomon Brothers/JNL Global Bond Portfolio** N/A
Salomon Brothers/JNL U.S. Government & Quality
Bond Portfolio* %
T. Rowe Price/JNL Established Growth Portfolio** N/A
T. Rowe Price/JNL International Equity Investment Portfolio* %
T. Rowe Price/JNL Mid-Cap Growth Portfolio* %

* Portfolio commenced operations on _______________. Performance figures are not
annualized.
** Portfolio had not commenced operations as of December 31, 1998.

Jackson National NY may also advertise non-standardized total return.
Non-standardized total return may be for periods other than those required to be
presented or may otherwise differ from standardized average annual total return.
Because the contract is designed for long term investment, non-standardized
total return that does not reflect the deduction of any applicable withdrawal
charge may be advertised. Reflecting the deduction of the withdrawal charge
decreases the level of performance advertised. Non-standardized total return may
also assume a larger initial investment which more closely approximates the size
of a typical contract.

The non-standardized average annual total returns that each investment
portfolio (except the PPM America/JNL Money Market Portfolio) would have
achieved if it had been invested in the corresponding series for the periods
indicated, calculated in a manner similar to standardized average annual total
return but assuming a hypothetical initial investment of $10,000 and without
deducting the withdrawal charge, are as follows:

Commencement of
One Year Period Operations of
Ended Three Year Corresponding Series
December 31, Period Ended to
1998 December 31, 1998 December 31, 1998
--------------- ----------------- -----------------
<S> <C> <C> <C>
JNL/Alger Growth Portfolio** ................................... % % %
JNL/Eagle Core Equity Portfolio*** ............................. % N/A %
JNL/Eagle SmallCap Equity Portfolio*** ......................... % N/A %
JNL/Janus Aggressive Growth Portfolio* ......................... % % %
JNL/Janus Capital Growth Portfolio* ............................ % % %
JNL/Janus Global Equities Portfolio* ........................... % % %
JNL/Putnam Growth Portfolio* ................................... % % %
JNL/Putnam Value Equity Portfolio* ............................. % % %
JNL/S&P Conservative Growth Portfolio I**** .................... N/A N/A %
JNL/S&P Moderate Growth Portfolio I**** ........................ N/A N/A %
JNL/S&P Aggressive Growth Portfolio I**** ...................... N/A N/A %
JNL/S&P Very Aggressive Growth Portfolio I**** ................. N/A N/A %
JNL/S&P Equity Growth Portfolio I**** .......................... N/A N/A %
JNL/S&P Equity Aggressive Growth Portfolio I**** ............... N/A N/A %
PPM America/JNL Balanced Portfolio* ............................ % % %
PPM America/JNL High Yield Bond Portfolio* ..................... % % %
Salomon Brothers/JNL Global Bond Portfolio* .................... % % %
Salomon Brothers/JNL U.S. Government & Quality
Bond Portfolio* ....................................... % % %
T. Rowe Price/JNL Established Growth Portfolio* ................ % % %
T. Rowe Price/JNL International Equity Investment Portfolio* ... % % %
T. Rowe Price/JNL Mid-Cap Growth Portfolio* .................... % % %

</TABLE>

* Corresponding series commenced operations on May 15, 1995.
** Corresponding series commenced operations on October 16, 1995.
*** Corresponding series commenced operations on September 16, 1996.
**** The JNL/S&P Conservative Growth Series I commenced operations on April 9,
1998; the JNL/S&P Moderate Growth Series I commenced operations on April 8,
1998; the JNL/S&P Aggressive Growth Series I commenced operations on April 8,
1998; the JNL/S&P Very Aggressive Growth Series I commenced operations on April
1, 1998; the JNL/S&P Equity Growth Series I commenced operations on April 13,
1998; and the JNL/S&P Equity Aggressive Growth Series I commenced operations on
April 15, 1998. Performance figures are not annualized.

Prior to May 1, 1997, the PPM America/JNL Balanced Portfolio was the
JNL/Phoenix Investment Counsel Balanced Portfolio and the corresponding series
was sub-advised by Phoenix Investment Counsel, Inc., the JNL/Putnam Growth
Portfolio was the JNL/Phoenix Investment Counsel Growth Portfolio and the
corresponding series was sub-advised by Phoenix Investment Counsel, Inc., and
the JNL/Phoenix Value Equity Portfolio was the PPM America/JNL Value Equity
Portfolio and the corresponding series was sub-advised by PPM America, Inc.

Standardized average annual total return quotations will be current to
the last day of the calendar quarter preceding the date on which an
advertisement is submitted for publication. Both standardized average annual
total return quotations and non-standardized total return quotations will be
based on rolling calendar quarters and will cover at least periods of one, five,
and ten years, or a period covering the time the investment portfolio has been
in existence, if it has not been in existence for one of the prescribed periods.
If the corresponding series has been in existence for longer than the investment
portfolio, the non-standardized total return quotations will show the investment
performance the investment portfolio would have achieved (reduced by the
applicable charges) had it been held in the series for the period quoted.
Standardized average annual total return is not available for periods before the
investment portfolio was in existence.

Quotations of standardized average annual total return and
non-standardized total return are based upon historical earnings and will
fluctuate. Any quotation of performance should not be considered a guarantee of
future performance. Factors affecting the performance of a series include
general market conditions, operating expenses and investment management. An
owner's withdrawal value upon surrender of a contract may be more or less than
original cost.

Jackson National NY may advertise the current annualized yield for a
30-day period for an investment portfolio. The annualized yield of an investment
portfolio refers to the income generated by the investment portfolio over a
specified 30-day period. Because this yield is annualized, the yield generated
by an investment portfolio during the 30-day period is assumed to be generated
each 30-day period. The yield is computed by dividing the net investment income
per accumulation unit earned during the period by the price per unit on the last
day of the period, according to the following formula:

a-b 6
YIELD = 2[(---+1) -1]
cd

Where:

a = net investment income earned during the
period by the Series attributable to shares
owned by the investment portfolio.
b = expenses for the investment portfolio
accrued for the period (net of
reimbursements).
c = the average daily number of accumulation
units outstanding during the period.
d = the maximum offering price per
accumulation unit on the last day of the
period.

Net investment income will be determined in accordance with rules
established by the Securities and Exchange Commission. Accrued expenses will
include all recurring fees that are charged to all contracts.

Because of the charges and deductions imposed by the Separate Account,
the yield for an investment portfolio will be lower than the yield for the
corresponding series. The yield on amounts held in the investment portfolios
normally will fluctuate over time. Therefore, the disclosed yield for any given
period is not an indication or representation of future yields or rates of
return. An investment portfolio's actual yield will be affected by the types and
quality of portfolio securities held by the series and the series operating
expenses.

The yield for the 30-day period ended December 31, 1998 for each of the
referenced investment portfolios is as follows:

PPM America/JNL High Yield Bond Portfolio %
Salomon Brothers/JNL U.S. Government & Quality Bond Portfolio %

Any current yield quotations of the PPM America/JNL Money Market
Portfolio, subject to Rule 482 of the Securities Act of 1933, will consist of a
seven calendar day historical yield, carried at least to the nearest hundredth
of a percent. We may advertise yield for the Portfolio based on different time
periods, but we will accompany it with a yield quotation based on a seven day
calendar period. The PPM America/JNL Money Market Portfolio's yield will be
calculated by determining the net change, exclusive of capital changes, in the
value of a hypothetical pre-existing account having a balance of one
accumulation unit at the beginning of the base period, subtracting a
hypothetical charge reflecting deductions from contracts, and dividing the net
change in account value by the value of the account at the beginning of the
period to obtain a base period return and multiplying the base period return by
(365/7). The PPM America/JNL Money Market Portfolio's effective yield is
computed similarly but includes the effect of assumed compounding on an
annualized basis of the current yield quotations of the Portfolio. The PPM
America/JNL Money Market Portfolio's yield and effective yield for the seven day
period ended December 31, 1998 were % and %, respectively.

The PPM America/JNL Money Market Portfolio's yield and effective yield
will fluctuate daily. Actual yields will depend on factors such as the type of
instruments in the series' portfolio, portfolio quality and average maturity,
changes in interest rates, and the series' expenses. Although the investment
portfolio determines its yield on the basis of a seven calendar day period, it
may use a different time period on occasion. The yield quotes may reflect the
expense limitations described in the series' Prospectus or Statement of
Additional Information. There is no assurance that the yields quoted on any
given occasion will be maintained for any period of time and there is no
guarantee that the net asset values will remain constant. It should be noted
that neither a contract owner's investment in the PPM America/JNL Money Market
Portfolio nor that Portfolio's investment in the PPM America/JNL Money Market
Series, is guaranteed or insured. Yields of other money market funds may not be
comparable if a different base or another method of calculation is used.

Additional Tax Information

NOTE: INFORMATION CONTAINED HEREIN SHOULD NOT BE SUBSTITUTED FOR THE
ADVICE OF A PERSONAL TAX ADVISER. JACKSON NATIONAL NY DOES NOT MAKE ANY
GUARANTEE REGARDING THE TAX STATUS OF ANY CONTRACT OR ANY TRANSACTION INVOLVING
THE CONTRACTS. PURCHASERS BEAR THE COMPLETE RISK THAT THE CONTRACTS MAY NOT BE
TREATED AS "ANNUITY CONTRACTS" UNDER FEDERAL INCOME TAX LAWS. IT SHOULD BE
FURTHER UNDERSTOOD THAT THE FOLLOWING DISCUSSION IS NOT EXHAUSTIVE AND THAT
SPECIAL RULES NOT DESCRIBED IN THIS PROSPECTUS MAY BE APPLICABLE IN CERTAIN
SITUATIONS. MOREOVER, NO ATTEMPT HAS BEEN MADE TO CONSIDER ANY APPLICABLE STATE
OR OTHER TAX LAWS.

General

Section 72 of the Internal Revenue Code of 1986, as amended (the
"Code"), governs taxation of annuities in general. An individual owner is not
taxed on increases in the value of a contract until distribution occurs, either
in the form of a withdrawal or as annuity payments under the annuity option
elected. For a withdrawal received as a total surrender (total redemption or a
death benefit), the recipient is taxed on the portion of the payment that
exceeds the cost basis of the contract. For a payment received as a partial
withdrawal, federal tax liability is determined on a last-in, first-out basis,
meaning taxable income is withdrawn before the cost basis of the contract is
withdrawn. For contracts issued in connection with non-qualified plans, the cost
basis is generally the premiums, while for contracts issued in connection with
qualified plans there may be no cost basis. The taxable portion of a withdrawal
is taxed at ordinary income tax rates. Tax penalties may also apply.

For annuity payments, a portion of each payment in excess of an
exclusion amount is includable in taxable income. The exclusion amount for
payments based on a fixed annuity option is determined by multiplying the
payment by the ratio that the cost basis of the contract (adjusted for any
period certain or refund feature) bears to the expected return under the
contract. The exclusion amount for payments based on a variable annuity option
is determined by dividing the cost basis of the contract (adjusted for any
period certain or refund guarantee) by the number of years over which the
annuity is expected to be paid. Payments received after the investment in the
contract has been recovered (i.e. when the total of the excludable amounts
equals the investment in the contract) are fully taxable. The taxable portion is
taxed at ordinary income tax rates. For certain types of qualified plans there
may be no cost basis in the contract within the meaning of Section 72 of the
Code. Owners, annuitants and beneficiaries under the contracts should seek
competent financial advice about the tax consequences of distributions.

Jackson National NY is taxed as a life insurance company under the
Code. For federal income tax purposes, the Separate Account is not a separate
entity from Jackson National NY and its operations form a part of Jackson
National NY.

Withholding Tax on Distributions

The Code generally requires Jackson National NY (or, in some cases, a
plan administrator) to withhold tax on the taxable portion of any distribution
or withdrawal from a contract. For "eligible rollover distributions" from
contracts issued under certain types of qualified plans, 20% of the distribution
must be withheld, unless the payee elects to have the distribution "rolled over"
to another eligible plan in a direct transfer. This requirement is mandatory and
cannot be waived by the owner.

An "eligible rollover distribution" is the estimated taxable portion of
any amount received by a covered employee from a plan qualified under Section
401(a) or 403(a) of the Code, or from a tax sheltered annuity qualified under
Section 403(b) of the Code (other than (1) a series of substantially equal
annuity payments for the life (or life expectancy) of the employee, or joint
lives (or joint life expectancies) of the employee, and his or her designated
beneficiary, or for a specified period of ten years or more; and (2) minimum
distributions required to be made under the Code). Failure to "rollover" the
entire amount of an eligible rollover distribution (including an amount equal to
the 20% portion of the distribution that was withheld) could have adverse tax
consequences, including the imposition of a penalty tax on premature
withdrawals, described later in this section.

Withdrawals or distributions from a contract other than eligible
rollover distributions are also subject to withholding on the estimated taxable
portion of the distribution, but the owner may elect in such cases to waive the
withholding requirement. If not waived, withholding is imposed (1) for periodic
payments, at the rate that would be imposed if the payments were wages, or (2)
for other distributions, at the rate of 10%. If no withholding exemption
certificate is in effect for the payee, the rate under (1) above is computed by
treating the payee as a married individual claiming 3 withholding exemptions.

Generally, the amount of any payment of interest to a non-resident
alien of the United States shall be subject to withholding of a tax equal to
thirty (30%) percent of such amount or, if applicable, a lower treaty rate. A
payment may not be subject to withholding where the recipient sufficiently
establishes that such payment is effectively connected to the recipient's
conduct of a trade or business in the United States and such payment is included
in recipient's gross income.

Diversification -- Separate Account Investments

Section 817(h) of the Code imposes certain diversification standards on
the underlying assets of variable annuity contracts. The Code provides that a
variable annuity contract will not be treated as an annuity contract for any
period (and any subsequent period) for which the investments are not adequately
diversified, in accordance with regulations prescribed by the United States
Treasury Department ("Treasury Department"). Disqualification of the contract as
an annuity contract would result in imposition of federal income tax to the
owner with respect to earnings allocable to the contract prior to the receipt of
payments under the contract. The Code contains a safe harbor provision which
provides that annuity contracts such as the contracts meet the diversification
requirements if, as of the close of each calendar quarter, the underlying assets
meet the diversification standards for a regulated investment company, and no
more than 55% of the total assets consist of cash, cash items, U.S. government
securities and securities of other regulated investment companies.

The Treasury Department has issued Regulations establishing
diversification requirements for the investment portfolios underlying variable
contracts. The Regulations amplify the diversification requirements for variable
contracts set forth in the Code and provide an alternative to the safe harbor
provision described above. Under the Regulations, an investment portfolio will
be deemed adequately diversified if (1) no more than 55% of the value of the
total assets of the portfolio is represented by any one investment; (2) no more
than 70% of the value of the total assets of the portfolio is represented by any
two investments; (3) no more than 80% of the value of the total assets of the
portfolio is represented by any three investments; and (4) no more than 90% of
the value of the total assets of the portfolio is represented by any four
investments.

Jackson National NY intends that each series of the JNL Series Trust
will be managed by its respective investment adviser in such a manner as to
comply with these diversification requirements.

The Treasury Department has indicated that the diversification
Regulations do not provide guidance regarding the circumstances in which
contract owner control of the investments of the Separate Account will cause the
contract owner to be treated as the owner of the assets of the Separate Account,
thereby resulting in the loss of favorable tax treatment of the contract. At
this time it cannot be determined whether additional guidance will be provided
and what standards may be contained in such guidance.

The amount of owner control which may be exercised under the contract
is different in some respects from the situations addressed in published rulings
issued by the Internal Revenue Service in which it was held that the policy
owner was not the owner of the assets of the separate account. It is unknown
whether these differences, such as the owner's ability to transfer among
investment choices or the number and type of investment choices available, would
cause the owner to be considered as the owner of the assets of the Separate
Account resulting in the imposition of federal income tax to the owner with
respect to earnings allocable to the contract prior to receipt of payments under
the contract.

In the event any forthcoming guidance or ruling is considered to set
forth a new position, such guidance or ruling will generally be applied only
prospectively. However, if such ruling or guidance was not considered to set
forth a new position, it may be applied retroactively resulting in the owner
being retroactively determined to be the owner of the assets of the Separate
Account.

Due to the uncertainty in this area, Jackson National NY reserves the
right to modify the contract in an attempt to maintain favorable tax treatment.

Multiple Contracts

The Code provides that multiple annuity contracts which are issued
within a calendar year to the same contract owner by one company or its
affiliates are treated as one annuity contract for purposes of determining the
tax consequences of any distribution. Such treatment may result in adverse tax
consequences including more rapid taxation of the distributed amounts from such
multiple contracts. Owners should consult a tax adviser prior to purchasing more
than one annuity contract in any calendar year.

Contracts Owned by Other than Natural Persons

Under Section 72(u) of the Code, the investment earnings on premiums
for contracts will be taxed currently to the owner if the owner is a non-natural
person, e.g., a corporation or certain other entities. Such contracts generally
will not be treated as annuities for federal income tax purposes. However, this
treatment is not applied to contracts held by a trust or other entity as an
agent for a natural person nor to contracts held by certain qualified plans.
Purchasers should consult their own tax counsel or other tax adviser before
purchasing a contract to be owned by a non-natural person.

Tax Treatment of Assignments

An assignment or pledge of a contract may have tax consequences, and
may also be prohibited by ERISA in some circumstances. Owners should, therefore,
consult competent legal advisers should they wish to assign or pledge their
contracts.

Qualified Plans

The contracts offered by the Prospectus are designed to be suitable for
use under various types of qualified plans. Taxation of owners in each qualified
plan varies with the type of plan and terms and conditions of each specific
plan. Owners, annuitants and beneficiaries are cautioned that benefits under a
qualified plan may be subject to the terms and conditions of the plan,
regardless of the terms and conditions of the contracts issued to fund the plan.

Tax Treatment of Withdrawals

Non-Qualified Plans

Section 72 of the Code governs treatment of distributions from annuity
contracts. It provides that if the contract value exceeds the aggregate Premiums
made, any amount withdrawn not in the form of an annuity payment will be treated
as coming first from the earnings and then, only after the income portion is
exhausted, as coming from the principal. Withdrawn earnings are included in a
taxpayer's gross income. Section 72 further provides that a 10% penalty will
apply to the income portion of any distribution. The penalty is not imposed on
amounts received: (1) after the taxpayer reaches 59 1/2; (2) upon the death of
the owner; (3) if the taxpayer is totally disabled as defined in Section
72(m)(7) of the Code; (4) in a series of substantially equal periodic payments
made at least annually for the life (or life expectancy) of the taxpayer or for
the joint lives (or joint life expectancies) of the taxpayer and his
beneficiary; (5) under an immediate annuity; or (6) which are allocable to
premium payments made prior to August 14, 1982.

Qualified Plans

In the case of a withdrawal under a qualified contract, a ratable
portion of the amount received is taxable, generally based on the ratio of the
individual's cost basis to the individual's total accrued benefit under the
retirement plan. Special tax rules may be available for certain distributions
from a qualified contract. Section 72(t) of the Code imposes a 10% penalty tax
on the taxable portion of any distribution from qualified retirement plans,
including contracts issued and qualified under Code Sections 401 (H.R. 10 and
Corporate Pension and Profit Sharing plans), 403(b) (tax-sheltered annuities)
and 408 and 408A (IRAs). To the extent amounts are not included in gross income
because they have been rolled over to an IRA or to another eligible qualified
plan, no tax penalty will be imposed.

The tax penalty will not apply to the following distributions: (1) if
distribution is made on or after the date on which the owner or annuitant (as
applicable) reaches age 59 1/2; (2) distributions following the death or
disability of the owner or annuitant (as applicable) (for this purpose
"disability" is defined in Section 72(m)(7) of the Code); (3) after separation
from service, distributions that are part of substantially equal periodic
payments made not less frequently than annually for the life (or life
expectancy) of the owner or annuitant (as applicable) or the joint lives (or
joint life expectancies) of such owner or annuitant (as applicable) and his or
her designated beneficiary; (4) distributions to an owner or annuitant (as
applicable) who has separated from service after he has attained age 55; (5)
distributions made to the owner or annuitant (as applicable) to the extent such
distributions do not exceed the amount allowable as a deduction under Code
Section 213 to the owner or annuitant (as applicable) for amounts paid during
the taxable year for medical care; (6) distributions made to an alternate payee
pursuant to a qualified domestic relations order; (7) distributions from an IRA
for the purchase of medical insurance (as described in Section 213(d)(1)(D) of
the Code) for the contract owner or annuitant (as applicable) and his or her
spouse and dependents if the contract owner or annuitant (as applicable) has
received unemployment compensation for at least 12 weeks(this exception will no
longer apply after the contract owner or annuitant (as applicable) has been
re-employed for at least 60 days); (8) distributions from an Individual
Retirement Annuity made to the owner or annuitant (as applicable) to the extent
such distributions do not exceed the qualified higher education expenses (as
defined in Section 72(t)(7) of the Code) of the owner or annuitant (as
applicable) for the taxable year; and (9) distributions from an Individual
Retirement Annuity made to the owner or annuitant (as applicable) which are
qualified first-time home buyer distributions (as defined in Section 72(t)(8) of
the Code). The exception stated in items (4) and (6) above do not apply in the
case of an IRA. The exception stated in (3) above applies to an IRA without the
requirement that there be a separation from service.

Withdrawals of amounts attributable to contributions made pursuant to a
salary reduction agreement (in accordance with Section 403(b)(11) of the Code)
are limited to the following: when the owner attains age 59 1/2, separates from
services, dies, becomes disabled (within the meaning of Section 72(m)(7) of the
Code), or in the case of hardship. Hardship withdrawals do not include any
earnings on salary reduction contributions. These limitations on withdrawals
apply to: (1) salary reduction contributions made after December 31, 1988; (2)
income attributable to such contributions; and (3) income attributable to
amounts held as of December 31, 1988. The limitations on withdrawals do not
affect rollovers or exchanges between certain qualified plans. Tax penalties may
also apply. While the foregoing limitations only apply to certain contracts
issued in connection with Section 403(b) qualified plans, all owners should seek
competent tax advice regarding any withdrawals or distributions.

The taxable portion of a withdrawal or distribution from contracts
issued under certain types of plans may, under some circumstances, be "rolled
over" into another eligible plan so as to continue to defer income tax on the
taxable portion. Effective January 1, 1993, such treatment is available for an
"eligible rollover distribution" made by certain types of plans (as described
above under "Taxes -- Withholding Tax on Distributions") that is transferred
within 60 days of receipt into another eligible plan or an IRA, or an individual
retirement account described in section 408(a) of the Code. Plans making such
eligible rollover distributions are also required, with some exceptions
specified in the Code, to provide for a direct transfer of the distribution to
the transferee plan designated by the recipient.

Amounts received from IRAs may also be rolled over into other IRAs,
individual retirement accounts or certain other plans, subject to limitations
set forth in the Code.

Generally, distributions from a qualified plan must commence no later
than April 1 of the calendar year following the year in which the employee
attains the later of age 70 1/2 or the date of retirement. In the case of an
IRA, distribution must commence no later than April 1 of the calendar year
following the year in which the owner attains age 70 1/2. Required distributions
must be over a period not exceeding the life or life expectancy of the
individual or the joint lives or life expectancies of the individual and his or
her designated beneficiary. If the required minimum distributions are not made,
a 50% penalty tax is imposed as to the amount not distributed.

Types of Qualified Plans

The following are general descriptions of the types of qualified plans
with which the contracts may be used. Such descriptions are not exhaustive and
are for general information purposes only. The tax rules regarding qualified
plans are very complex and will have differing applications depending on
individual facts and circumstances. Each purchaser should obtain competent tax
advice prior to purchasing a contract issued under a qualified plan.

Contracts issued pursuant to qualified plans include special provisions
restricting contract provisions that may otherwise be available and described in
this Prospectus. Generally, contracts issued pursuant to qualified plans are not
transferable except upon surrender or annuitization. Various penalty and excise
taxes may apply to contributions or distributions made in violation of
applicable limitations. Furthermore, certain withdrawal penalties and
restrictions may apply to surrenders from qualified plan contracts.

(a) H.R. 10 Plans

Section 401 of the Code permits self-employed individuals to
establish qualified plans for themselves and their employees, commonly
referred to as "H.R. 10" or "Keogh" Plans. Contributions made to the
plan for the benefit of the employees will not be included in the gross
income of the employees until distributed from the plan. The tax
consequences to owners may vary depending upon the particular plan
design. However, the Code places limitations and restrictions on all
plans on such items as: amounts of allowable contributions; form,
manner and timing of distributions; transferability of benefits;
vesting and non-forfeitability of interests; nondiscrimination in
eligibility and participation; and the tax treatment of distributions,
withdrawals and surrenders. Purchasers of contracts for use with an
H.R. 10 Plan should obtain competent tax advice as to the tax treatment
and suitability of such an investment.

(b) Tax-Sheltered Annuities

Section 403(b) of the Code permits the purchase of
"tax-sheltered annuities" by public schools and certain charitable,
educational and scientific organizations described in Section 501(c)
(3) of the Code. These qualifying employers may make contributions to
the contracts for the benefit of their employees. Such contributions
are not included in the gross income of the employee until the employee
receives distributions from the contract. The amount of contributions
to the tax-sheltered annuity is limited to certain maximums imposed by
the Code. Furthermore, the Code sets forth additional restrictions
governing such items as transferability, distributions,
non-discrimination and withdrawals. Employee loans are not allowed
under these contracts. Any employee should obtain competent tax advice
as to the tax treatment and suitability of such an investment.

Section 408(b) of the Code permits eligible individuals to
contribute to an individual retirement program known as an "Individual
Retirement Annuity" ("IRA"). Under applicable limitations, certain
amounts may be contributed to an IRA which will be deductible from the
individual's gross income. These IRAs are subject to limitations on
eligibility, contributions, transferability and distributions. Sales of
contracts for use with IRAs are subject to special requirements imposed
by the Code, including the requirement that certain informational
disclosure be given to persons desiring to establish an IRA. Purchasers
of contracts to be qualified as IRAs should obtain competent tax advice
as to the tax treatment and suitability of such an investment.

(d) Corporate Pension and Profit-Sharing Plans

Sections 401(a) and 401(k) of the Code permit corporate
employers to establish various types of retirement plans for employees.
These retirement plans may permit the purchase of the contracts to
provide benefits under the plan. Contributions to the plan for the
benefit of employees will not be included in the gross income of the
employee until distributed from the plan. The tax consequences to
owners may vary depending upon the particular plan design. However, the
Code places limitations on all plans on such items as amount of
allowable contributions; form, manner and timing of distributions;
vesting and non-forfeitability of interests; nondiscrimination in
eligibility and participation; and the tax treatment of distributions,
transferability of benefits, withdrawals and surrenders. Purchasers of
contracts for use with corporate pension or profit sharing plans should
obtain competent tax advice as to the tax treatment and suitability of
such an investment.

(e) Non-Qualified Deferred Compensation Plans -- Section 457

Under Section 457 of the Code, governmental and certain other
tax-exempt employers may establish, for the benefit of their employees,
deferred compensation plans which may invest in annuity contracts. The
Code, as in the case of qualified plans, establishes limitations and
restrictions on eligibility, contributions and distributions. Under
these plans, contributions made for the benefit of the employees will
not be included in the employees' gross income until distributed from
the plan.

(f) Roth IRAs

Beginning in 1998, individuals may purchase a new type of
non-deductible IRA, known as a Roth IRA. Purchase payments for a Roth
IRA are limited to a maximum of $2,000 per year. Lower maximum
limitations apply to individuals with adjusted gross incomes between
$95,000 and $110,000 in the case of single taxpayers, between $150,000
and $160,000 in the case of married taxpayers filing joint returns, and
between $0 and $10,000 in the case of married taxpayers filing
separately. An overall $2,000 annual limitation continues to apply to
all of a taxpayer's IRA contributions, including Roth IRAs and non-Roth
IRAs.

Qualified distributions from Roth IRAs are free from federal
income tax. A qualified distribution requires that the individual has
held the Roth IRA for at least five years and, in addition, that the
distribution is made either after the individual reaches age 59 1/2, on
the individual's death or disability, or as a qualified first-time home
purchase, subject to a $10,000 lifetime maximum, for the individual, a
spouse, child, grandchild, or ancestor. Any distribution which is not a
qualified distribution is taxable to the extent of earnings in the
distribution. Distributions are treated as made from contributions
first and therefore no distributions are taxable until distributions
exceed the amount of contributions to the Roth IRA. The 10% penalty tax
and the regular IRA exceptions to the 10% penalty tax apply to taxable
distributions from a Roth IRA.

Amounts may be rolled over from one Roth IRA to another Roth
IRA. Furthermore, an individual may make a rollover contribution from a
non-Roth IRA to a Roth IRA, unless the individual has adjusted gross
income over $100,000 or the individual is a married taxpayer filing a
separate return. The individual must pay tax on any portion of the IRA
being rolled over that represents income or a previously deductible IRA
contribution. However, for rollovers in 1998, the individual may pay
that tax ratably over the four taxable year periods beginning with the
tax year 1998. There are no similar limitations on rollovers from a
Roth IRA to another Roth IRA.

Income Payments; Net Investment Factor

See "Income Payments (The Income Phase)" in the Prospectus.

The net investment factor is an index applied to measure the net
investment performance of an investment portfolio from one valuation date to the
next. Since the net investment factor may be greater or less than or equal to
one, and the factor that offsets the 3% investment rate assumed is slightly less
than one, the value of an annuity unit (which changes with the product of that
factor) and the net investment may increase, decrease or remain the same.

The net investment factor for any investment portfolio for any
valuation period is determined by dividing (a) by (b) and then subtracting (c)
from the result where:

(a) is the net result of:

(1) the net asset value of a series share held in the
investment portfolio determined as of the valuation
date at the end of the valuation period, plus

(2) the per share amount of any dividend or other
distribution declared by the series if the
"ex-dividend" date occurs during the valuation
period, plus or minus

(3) a per share credit or charge with respect to any
taxes paid or reserved for by Jackson National NY
during the valuation period which are determined by
Jackson National NY to be attributable to the
operation of the investment portfolio (no federal
income taxes are applicable under present law);

(b) is the net asset value of the series share held in the
investment portfolio determined as of the valuation date at
the end of the preceding valuation period; and

(c) is the asset charge factor determined by Jackson National NY
for the valuation period to reflect the charges for assuming
the mortality and expense risks and the administration charge.
<PAGE>
PART C. OTHER INFORMATION

Item 24. Financial Statements and Exhibits

(a) Financial Statements:
(1) Financial statements and schedules included in Part
A:

Not Applicable

(2) Financial statements and schedules included in Part
B:

To be filed by Amendment.

Item 24.(b) Exhibits

Exhibit
No. Description

1. Resolution of Depositor's Board of Directors authorizing the
establishment of the Registrant, incorporated by reference to
Registrant's Registration Statement filed via EDGAR on October
3, 1997.

2. Not Applicable

3. General Distributor Agreement dated September 19, 1997,
incorporated by reference to Registrant's Registration
Statement filed via EDGAR on October 3, 1997.

4.a. Form of the Perspective Fixed and Variable Annuity Contract,
attached hereto.

4.b. Form of the Perspective Fixed and Variable Annuity Contract
(Unisex Tables), attached hereto.

5. Form of the Perspective Fixed and Variable Annuity
Application, incorporated by reference to Registrant's
Pre-Effective Amendment No. 1 filed via EDGAR on February 13,
1998.

6.a. Declaration and Charter of Depositor, incorporated by
reference to Registrant's Registration Statement filed via
EDGAR on October 3, 1997.

b. Bylaws of Depositor, incorporated by reference to Registrant's
Registration Statement filed via EDGAR on October 3, 1997.

7. Not Applicable

8. Not Applicable

9. Opinion and Consent of Blazzard, Grodd & Hasenauer, P.C., to
be filed by Amendment.

10. Consent of PricewaterhouseCoopers LLP, to be filed by
Amendment.

11. Not Applicable

12. Not Applicable

13. Schedule of Computation of Performance, to be filed by
Amendment.

14. Not Applicable

Item 25. Directors and Officers of the Depositor

Name and Principal Positions and Offices
Business Address with Depositor

Donald B. Henderson, Jr. Director
4A Rivermere Apartments
Bronxville, NY 10708

Henry J. Jacoby Director
305 Riverside Drive
New York, NY 10025

David L. Porteous Director
20434 Crestview Drive
Reed City, MI 49777

Robert L. Rosenthal Director
360 E. 72nd Street
New York, NY 10021

Jay A. Elliott Senior Vice President -
10710 Midlothian Turnpike National Sales Manager
Suite 301 and Director
Richmond, VA 23235

Alan C. Hahn Senior Vice President -
5901 Executive Drive Deal Direct Marketing and
Lansing, MI 48911 Director

Andrew B. Hopping Executive Vice President,
5901 Executive Drive Chief Financial Officer
Lansing, MI 48911 and Director

Thomas J. Meyer Senior Vice President,
5901 Executive Drive Secretary, General Counsel &
Lansing, MI 48911 Director

Andrew Olear II Chief Administrative Officer
2900 Westchester Avenue and Director
Suite 305
Purchase, NY 10577

Robert P. Saltzman President, Chief Executive
5901 Executive Drive Officer
Lansing, MI 48911

Clark P. Manning Chief Operating Officer and
5901 Executive Drive Chief Actuary
Lansing, MI 48911

William A. Gray Senior Vice President -
5901 Executive Drive Corporate Communications
Lansing, MI 48911

David B. LeRoux Senior Vice President -
5 Becker Farm Road Group Pension
Roseland, NJ 07068

J. George Napoles Senior Vice President &
5901 Executive Drive Chief Information Officer
Lansing, MI 48911

Scott L. Stoltz Senior Vice President -
5901 Executive Drive Administration
Lansing, MI 48911

John B. Banez Vice President - Systems and
5901 Executive Drive Programming
Lansing, MI 48911

Barry L. Bulakites Vice President - Sales/Deal
5901 Executive Drive Direct
Lansing, MI 48911

Connie J. Dalton Vice President - Variable
8055 E. Tufts Avenue Annuity Administration
Suite 200
Denver, CO 80237

Gerald W. Decius Vice President - Systems Model
5901 Executive Drive Office
Lansing, MI 48911

Lisa C. Drake Vice President & Actuary
5901 Executive Drive
Lansing, MI 48911

Joseph D. Emanuel Vice President, Associate
5901 Executive Drive General Counsel and Assistant
Lansing, MI 48911 Secretary

Robert A. Fritts Vice President & Controller -
5901 Executive Drive Financial Operations
Lansing, MI 48911

Victor Gallo Vice President - Group Pension
5 Becker Farm Road
Roseland, NJ 07068

Rhonda K. Grant Vice President - Government
5901 Executive Drive Relations
Lansing, MI 48911

Wyvetter A. Holcomb Vice President - Telephone
5901 Executive Drive Service Center
Lansing, MI 48911

Brion S. Johnson Vice President - Financial
5901 Executive Drive Operations and Treasurer
Lansing, MI 48911

Timo P. Kokko Vice President - Support
5901 Executive Drive Services
Lansing, MI 48911

Everett W. Kunzelman Vice President - Underwriting
5901 Executive Drive
Lansing, MI 48911

Ted T. Lietz Vice President - Corporate
5901 Executive Drive Communications
Lansing, MI 48911

Lynn W. Lopes Vice President - Group Pension
5 Becker Farm Road
Roseland, NJ 07068

Keith R. Moore Vice President - Technology
5901 Executive Drive
Lansing, MI 48911

P. Chad Myers Vice President - Asset
5901 Executive Drive Liability Management
Lansing, MI 48911

John O. Norton Vice President - Actuary
5901 Executive Drive
Lansing, MI 48911

Lee Pledger Vice President - Planning/
5901 Executive Drive Human Resources
Lansing, MI 48911

Bradley J. Powell Vice President - Institutional
210 Interstate North Parkway Marketing Group
Suite 300
Atlanta, GA 30339

James B. Quinn Vice President - Broker
5901 Executive Drive Management
Lansing, MI 48911

Robert M. Tucker Vice President - Technical
5901 Executive Drive Support
Lansing, MI 48911

Item 26. Persons Controlled by or Under Common Control with the
Depositor or Registrant.

State of Control/
Company Organization Ownership Principal Business
- ------- ------------ --------- ------------------

Anoka Realty Delaware 100% Jackson Realty
National Life
Insurance
Company

Brooke Delaware 100% Holding Company
Holdings, Inc. Holborn Activities
Delaware
Partnership

Brooke Delaware 100% Brooke Holding Company
Finance Holdings, Inc. Activities
Corporation

Brooke Life Michigan 100% Brooke Life Insurance
Insurance Holdings, Inc.
Company

Carolina North 93.73% Jackson Manufacturing
Steel Carolina National Life Company
Insurance
Company

Cherrydale Delaware 96.4% Jackson Candy
Farms, Inc. National Life
Insurance
Company

Cherrydale Delaware 72.5% Jackson Holding Company
Holdings, Inc. National Life Activities
Insurance
Company

Chrissy Delaware 100% Jackson Advertising Agency
Corporation National Life
Insurance
Company

Holborn Delaware 80% Prudential Holding Company
Delaware One Limited, Activities
Partnership 10% Prudential
Two Limited,
10% Prudential
Three Limited

IPM Products Delaware 71.4% Jackson Auto Parts
Corp. National Life
Insurance Company

Jackson USA 100% JNL Savings & Loan
Federal Thrift Holdings,
Savings Bank Inc.

Jackson Michigan 100% Jackson Investment Adviser,
National National Life and Transfer Agent
Financial Insurance
Services, LLC Company

Jackson Delaware 100% Jackson Advertising/
National National Life Marketing
Life Insurance Corporation and
Distributors, Company Broker/Dealer
Inc.

Jackson Michigan 100% Brooke Life Insurance
National Life
Life Insurance Insurance
Company Company

JNL Series Massachusetts Common Law Investment Company
Trust Trust with
contractual
association
with Jackson
National Life
Insurance
Company of New
York

JNL Thrift Michigan 100% Jackson Holding Company
Holdings, Inc. National
Separate
Account - I

JNL Variable Delaware 100% Jackson Investment Company
Fund LLC National Life
Insurance Company

LePages, Delaware 100% Jackson Adhesives
Inc. National Life
Insurance
Company

LePages Delaware 100% Jackson Adhesives
Management National Life
Co., LLC Insurance
Company

National Delaware 100% National Broker/Dealer
Planning Planning and Investment
Corporation Holdings, Inc. Adviser

National Delaware 100% Brooke Holding Company
Planning Holdings, Inc. Activities
Holdings, Inc.

Prudential United 100% Holding Company
Corporation Kingdom Prudential
Holdings Corporation
Limited PLC

Prudential United Publicly Financial
Corporation Kingdom Traded Institution
PLC

Prudential England and 100% Holding
One Limited Wales Prudential Company
Corporation Activities
Holdings
Limited

Prudential England and 100% Holding
Two Limited Wales Prudential Company
Corporation Activities
Holdings
Limited

Prudential England and 100% Holding
Three Limited Wales Prudential Company
Corporation Activities
Holdings
Limited

SII Wisconsin 100% Broker/Dealer
Investments, National
Inc. Planning
Holdings, Inc.

Item 27. Number of Contract Owners as of January 13, 1999.

Item 28. Indemnification

Provision is made in the Company's By-Laws for indemnification by the
Company of any person made or threatened to be made a party to an action or
proceeding, whether civil or criminal by reason of the fact that he or she is or
was a director, officer or employee of the Company or then serves or has served
any other corporation in any capacity at the request of the Company, against
expenses, judgments, fines and amounts paid in settlement to the full extent
that officers and directors are permitted to be indemnified by the laws of the
State of New York.

Insofar as indemnification for liabilities arising under the Securities
Act of 1933 ("Act") may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or otherwise, the
Company has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against liabilities (other than the payment by the Company of expenses incurred
or paid by a director, officer or controlling person of the Company in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

Item 29. Principal Underwriter

(a) Jackson National Life Distributors, Inc. acts as general
distributor for the JNLNY Separate Account I. Jackson National
Life Distributors, Inc. also acts as general distributor for
the Jackson National Separate Account - I and the Jackson
National Separate Account III.

(b) Directors and Officers of Jackson National Life Distributors,
Inc.:

Name and Positions and Offices
Business Address with Underwriter
---------------- ----------------

Robert P. Saltzman Director
5901 Executive Dr.
Lansing, MI 48911

Andrew B. Hopping Director, Vice President and
5901 Executive Dr. Chief Financial Officer
Lansing, MI 48911

Michael A. Wells Director, President and
10877 Wilshire Blvd. Chief Executive Officer
Suite 1550
Los Angeles, CA 90024

Mark D. Nerud Chief Operating Officer
225 West Wacker Drive
Suite 1200
Chicago, IL 60606

Willard Barrett Senior Vice President
3500 S. Blvd., Ste. 18B
Edmond, OK 73013

Jay A. Elliott Senior Vice President
10710 Midlothian Turnpike
Suite 301
Richmond, VA 23235

Douglas K. Kinder Senior Vice President
1018 W. St. Maartens Dr.
St. Joseph, MO 64506

Scott W. Richardson Senior Vice President
900 Circle 75 Parkway
Suite 1750
Atlanta, GA 30339

Gregory B. Salsbury Senior Vice President
10877 Wilshire Blvd.
Suite 1550
Los Angeles, CA 90024

Sean P. Blowers Vice President
401 Wilshire Boulevard
Suite 1060
Santa Monica, California 90401

Barry L. Bulakites Vice President
10877 Wilshire Blvd.
Suite 1550
Los Angeles, CA 90024

Michael A. Hamilton Vice President
10877 Wilshire Blvd.
Suite 1550
Los Angeles, CA 90024

Christine A. Pierce-Tucker Vice President
401 Wilshire Boulevard
Suite 1010
Santa Monica, California 90401

Stephen J. Pilger Vice President
10877 Wilshire Blvd.
Suite 1550
Los Angeles, CA 90024

(c)

New Under- Compensation
writing on
Name of Discounts Redemption
Principal and or Annuiti- Brokerage
Underwriter Commissions zation Commissions Compensation
- ----------- ----------- ------ ----------- ------------

Jackson
National
Life Not Not Not Not
Distributors, Applicable Applicable Applicable Applicable
Inc.

Item 30. Location of Accounts and Records

Jackson National Life Insurance Company of New York
2900 Westchester Avenue
Purchase, New York 10577

Jackson National Life Insurance Company of New York
Annuity Service Center
8055 East Tufts Ave., Second Floor
Denver, Colorado 80237

Jackson National Life Insurance Company of New York
Institutional Marketing Group Service Center
5901 Executive Drive
Lansing, Michigan 48911

Jackson National Life Insurance Company of New York
225 West Wacker Drive, Suite 1200
Chicago, IL 60606

Item 31. Management Services

Not Applicable

Item 32. Undertakings

(a) Not Applicable.

(b) Not Applicable.

(d) Jackson National Life Insurance Company of New York
represents that the fees and charges deducted under
the contract, in the aggregate, are reasonable in
relation to the services rendered, the expenses to be
incurred, and the risks assumed by Jackson National
Life Insurance Company of New York.

(e) The Registrant hereby represents that any contract
offered by the prospectus and which is issued
pursuant to Section 403(b) of the Internal Revenue
Code of 1986, as amended, is issued by the
Registrant in reliance upon, and in compliance
with, the Securities and Exchange Commission's
industry-wide no-action letter to the American
Council of Life Insurance (publicly available
November 28, 1988) which permits withdrawal
restrictions to the extent necessary to comply
with IRC Section 403(b)(11).

<PAGE>
SIGNATURES

As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Registrant has caused this Post-Effective Amendment to the
Registration Statement to be signed on its behalf, in the City of Lansing, and
State of Michigan, on this 14th day of January, 1999.

JNLNY Separate Account I
(Registrant)

By: Jackson National Life Insurance Company of New York

By: /s/ Thomas J. Meyer
---------------------
Thomas J. Meyer
Vice President, General Counsel and Director

Jackson National Life Insurance Company of New York
(Depositor)

By: /s/ Thomas J. Meyer
---------------------
Thomas J. Meyer
Vice President, General Counsel and Director

As required by the Securities Act of 1933, this Post-Effective
Amendment to the Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.

/s/ Andrew B. Hopping by Thomas J. Meyer * January 14, 1999
- ----------------------------------------------------- ----------------
Andrew B. Hopping, Executive Vice President, Date
Chief Financial Officer and Director

/s/ Andrew Olear II by Thomas J. Meyer* January 14, 1999
- ----------------------------------------------------- ----------------
Andrew Olear II, Chief Administrative Officer Date
and Director

/s/ Jay A. Elliott by Thomas J. Meyer * January 14, 1999
- ----------------------------------------------------- ----------------
Jay A. Elliott, Senior Vice President Date
and Director

/s/ Alan C. Hahn by Thomas J. Meyer * January 14, 1999
- ----------------------------------------------------- ----------------
Alan C. Hahn, Senior Vice President Date
and Director

/s/ Thomas J. Meyer January 14, 1999
- ----------------------------------------------------- ----------------
Thomas J. Meyer, Senior Vice President, Date
General Counsel, Secretary and Director

/s/ Donald B. Henderson by Thomas J. Meyer * January 14, 1999
- ----------------------------------------------------- ----------------
Donald B. Henderson, Director Date

/s/ Henry J. Jacoby by Thomas J. Meyer * January 14, 1999
- ----------------------------------------------------- ----------------
Henry J. Jacoby, Director Date

/s/ David C. Porteous by Thomas J. Meyer * January 14, 1999
- ----------------------------------------------------- ----------------
David C. Porteous, Director Date

/s/ Robert L. Rosenthal by Thomas J. Meyer * January 14, 1999
- ----------------------------------------------------- ----------------
Robert L. Rosenthal, Director Date

/s/ Thomas J. Meyer January 14, 1999
- ----------------------------------------------------- ----------------
* Thomas J. Meyer, Attorney In Fact Date

<PAGE>
POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as directors and/or
officers of JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK, a New York
corporation, which has filed or will file with the Securities and Exchange
Commission under the provisions of the Securities Act of 1933 and Investment
Company Act of 1940, as amended, various Registration Statements and amendments
thereto for the registration under said Acts of the sale of Individual Deferred
Fixed and Variable Annuity Contracts in connection with the JNLNY Separate
Account I and other separate accounts of Jackson National Life Insurance Company
of New York, hereby constitute and appoint Thomas J. Meyer, Andrew B. Hopping
and Joseph D. Emanuel, his attorney, with full power of substitution and
resubstitution, for and in his name, place and stead, in any and all capacities
to approve and sign such Registration Statements and any and all amendments
thereto, with power where appropriate to affix the corporate seal of said
corporation thereto and to attest with seal and to file the same, with all
exhibits thereto and other granting unto said attorneys, each of them, full
power and authority to do and perform all and every act and thing requisite to
all intents and purposes as he might or could do in person, hereby ratifying and
confirming that which said attorneys, or any of them, may lawfully do or cause
to be done by virtue hereof. This instrument may be executed in one or more
counterparts.

IN WITNESS WHEREOF, the undersigned have herewith set their names as of the
dates set forth below.

/s/ Andrew B. Hopping 11/18/98
- ----------------------------------------------------- ----------------
Andrew B. Hopping, Executive Vice Date
President, Chief Financial Officer
and Director

/s/ Jay A. Elliott 11/20/98
- ----------------------------------------------------- ----------------
Jay A. Elliott, Senior Vice President Date
and Director

/s/ Alan C. Hahn 11/19/98
- ----------------------------------------------------- ----------------
Alan C. Hahn, Senior Vice President Date
and Director

/s/ Andrew Olear II 11/10/98
- ----------------------------------------------------- ----------------
Andrew Olear II, Chief Adminstrative Date
Officer and Director

/s/ Thomas J. Meyer 11/10/98
- ----------------------------------------------------- ----------------
Thomas J. Meyer, Senior Vice President, Date
General Counsel and Director

/s/ Donald B. Henderson 11/10/98
- ----------------------------------------------------- ----------------
Donald B. Henderson, Director Date

/s/ Henry J. Jacoby 11/10/98
- ----------------------------------------------------- ----------------
Henry J. Jacoby, Director Date

/s/ David L. Porteous 11/10/98
- ----------------------------------------------------- ----------------
David L. Porteous, Director Date

/s/ Robert L. Rosenthal 11/10/98
- ----------------------------------------------------- ----------------
Robert L. Rosenthal, Director Date

<PAGE>
EXHIBIT LIST

Exhibit
Number Description
- ------ -----------

4.a. Form of the Perspective Fixed and Variable Annuity Contract,
attached hereto as EX-99.B4-a.

4.b. Form of the Perspective Fixed and Variable Annuity Contract
(Unisex Tables), attached hereto as EX-99.B4-b.

JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
2900 Westchester Avenue
Purchase, New York 10577 [COMPANY LOGO]
A Stock Company

Will pay the benefits provided in this policy
subject to its terms and conditions.

- --------------------------------------------------------------------------------

JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK ("the Company") agrees to
provide benefits to the Owner subject to the provisions set forth in this
contract and in consideration of the application and Premiums We receive.

The value of amounts allocated to the Separate Account during the accumulation
and Annuity periods is not guaranteed and may increase or decrease based upon
the investment experience of the Fund underlying the Separate Account. If the
actual investment rates experienced by the Separate Account assets are less than
4.4%, variable Annuity payments will decrease over time.

The Guaranteed Period Contract Value is subject to an Interest Rate Adjustment
which may increase or decrease amounts payable or withdrawn, but the Guaranteed
Period Withdrawal Value will never decrease to less than the Guaranteed Minimum
Value.

You may withdraw the Contract Value held under any Guaranteed Period without
Interest Rate Adjustment provided We receive written notice within 30 days
following the end of the corresponding Guaranteed Period.

- --------------------------------------------------------------------------------
NOTICE OF TWENTY-DAY RIGHT TO EXAMINE POLICY
You may return this contract to the selling agent or Jackson National Life
Insurance Company of New York within 20 days after You receive it. Upon receipt
of this contract, the Company will refund the full premium allocated to the
Guaranteed Periods. The Company will also refund the amounts allocated to the
Separate Account less the amount credited to the Separate Account plus the
Separate Account Contract Value. Upon such refund, this contract shall be void.
The effective date of the surrender, and the date the funds in the Separate
Account will be Valued, will be the date the contract was mailed to the Company,
or returned to Your selling agent.
- --------------------------------------------------------------------------------

THIS IS A LEGAL CONTRACT BETWEEN YOU AND THE COMPANY.
READ YOUR CONTRACT CAREFULLY.

EXECUTED FOR THE COMPANY ON THE ISSUE DATE.
- --------------------------------------------------------------------------------

FLEXIBLE PREMIUM INDIVIDUAL DEFERRED This contract is signed by the Company

FIXED AND VARIABLE ANNUITY CONTRACT. /s/ Robert P. Saltzman
MONTHLY INCOME AT MATURITY. President
DEATH BENEFIT PRIOR TO MATURITY.
NONPARTICIPATING. /s/ Thomas J. Meyer
Secretary

<PAGE>
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
PAGE

CONTRACT DATA PAGE.......................................................... 3

DEFINITIONS................................................................. 5

GENERAL PROVISIONS.......................................................... 8

ACCUMULATION PROVISIONS FOR PORTFOLIOS......................................11

ACCUMULATION PROVISIONS FOR GUARANTEED PERIOD...............................11

TRANSFER PROVISIONS.........................................................13

WITHDRAWAL PROVISIONS.......................................................15

DEATH BENEFIT PROVISIONS....................................................17

INCOME PROVISIONS...........................................................19

TABLE OF INCOME OPTIONS.....................................................22

<PAGE>

- --------------------------------------------------------------------------------
CONTRACT DATA PAGE
- --------------------------------------------------------------------------------

Contract Number:

Owner(s):

Annuitant(s):

Issue Date:

Issue State: New York

Income Date:

Initial Premium:

Minimum Guaranteed Rate: 3.0%

Annual Contract
Maintenance Charge: $30.00

Separate Account:

Jackson National Separate Account of New
York - I

Expense Risk Charge: On an annual basis, this charge equals 0.23%
of the daily net asset value of the
Portfolios.

Administration Charge: On an annual basis, this charge equals 0.15%
of the daily net asset value of the
Portfolios.

Mortality Risk Charge: On an annual basis, this charge equals 1.02%
of the daily net asset value of the
Portfolios.

Rebalancing Fee: There is no charge for this service.

Withdrawal Charge: Contribution Year of Withdrawal
Premium Payment Charge Percentage
1 7%
2 6%
3 5%
4 4%
5 3%
6 2%
7 1%
Thereafter 0%
<PAGE>

- --------------------------------------------------------------------------------
CONTRACT DATA PAGE (CONT'D)
- --------------------------------------------------------------------------------

Jackson National Life Insurance Company of New York
2900 Westchester Avenue
Purchase, New York 10577
1/888/367-5651

The amounts allocated to the Separate Account during the accumulation and
Annuity periods are not guaranteed and may increase or decrease based upon the
investment experience of the Fund underlying the Separate Account.

All payments and values in the Guaranteed Periods may be subject to an Interest
Rate Adjustment, the calculation of which may result in an increase or decrease
in amounts payable. In no event will the Guaranteed Period Withdrawal Value be
less than the Guaranteed Minimum Value.

<PAGE>
- --------------------------------------------------------------------------------
DEFINITIONS
- --------------------------------------------------------------------------------
ACCUMULATION UNIT. A unit of measurement used to compute Your Separate Account
Contract Value prior to the Income Date.

ANNUITANT. The natural person on whose life the Annuity benefit for this
contract is based. The Owner may change the Annuitant at any time prior to the
Income Date, unless the Owner is a non-individual. A second, or joint Annuitant,
may be named under the contract.

ANNUITY. In general, a contract purchased from an insurance company that offers
tax-deferred growth of the Owner's investment until earnings are withdrawn.
There are two types of Annuities: fixed and variable.

A Fixed Annuity has a minimum rate of interest guaranteed by the
insurance company prior to the Income Date. After the Income Date,
payments are guaranteed and remain fixed in amount and length of payment
period.

A Variable Annuity's rate of return is not guaranteed. It is based on the
performance of the underlying investments the Owner has selected. If a
variable payout is elected, the amount of each payment may change
depending upon the performance of the underlying investments.

ANNUITY UNIT. A unit of measurement used to compute the amount of the payment
received under the Income Option you have elected.

CODE. The Internal Revenue Code of 1986, as amended.

CONTRACT VALUE. The sum of the Separate Account Contract Value and the
Guaranteed Period Contract Value.

CONTRACT YEAR. A 12-month period beginning on the Issue Date and ending one day
prior to the Issue Date in the following calendar year.

CONTRIBUTION YEAR. A 12-month period beginning on the date a Premium payment is
received and ending one day prior to the Premium payment anniversary in the
following year. The Contribution Year in which a Premium is made is
"Contribution Year 1." Subsequent years are consecutively numbered beginning
with Contribution Year 2.

FUND. The JNL Series Trust.

GUARANTEED MINIMUM VALUE. The net amount of Premiums allocated to the Guaranteed
Periods, less transfers, withdrawals and associated Withdrawal Charges from the
Guaranteed Periods, and less any contract maintenance charges that have been
assessed against the Guaranteed Periods, accumulated at 3.0%, less any
Withdrawal Charge, contract maintenance charge, or Premium tax due.

<PAGE>

- --------------------------------------------------------------------------------
DEFINITIONS (CONT'D)
- --------------------------------------------------------------------------------
GUARANTEED PERIOD CONTRACT VALUE. The sum of all amounts held under this
contract in the Guaranteed Periods.

GUARANTEED PERIOD. A period of time during which the Company guarantees a
specified interest rate which is equal to or greater than the Minimum Guaranteed
Rate shown on the contract data page.

GUARANTEED PERIOD WITHDRAWAL VALUE. This amount is equal to the Guaranteed
Period Contract Value less any applicable Withdrawal Charge, contract
maintenance charge and Interest Rate Adjustment.

INCOME DATE. The date on which income payments are to begin. This date is
established when You start Your contract and can be changed in the future.

INITIAL GUARANTEED RATE. The rate of interest declared by the Company for a
specified Guaranteed Period. In no event will the Initial Guaranteed Rate be
less than the Minimum Guaranteed Rate shown on the contract data page.

INTEREST RATE ADJUSTMENT. An adjustment applied, with certain exceptions, to
amounts withdrawn, transferred or annuitized from a Guaranteed Period prior to
the end of such Guaranteed Period.

ISSUE DATE. The date your contract is issued, as shown on the contract data
page.

LATEST INCOME DATE. The date on which the Owner attains age 90 under a
Non-Qualified Plan Contract, or age 70 1/2 under a Qualified Plan Contract.

NON-QUALIFIED PLAN. A retirement plan which does not receive favorable tax
treatment under sections 401, 403, or 408 of the Internal Revenue Code, as
amended.

OWNER ("YOU," "YOUR"). The person or entity named in the application who is
entitled to exercise all rights and privileges under this contract. Usually, but
not always, the Owner is also the Annuitant. The Owner is responsible for taxes,
regardless of who receives Annuity benefits. Joint Owners share ownership in all
respects.

PORTFOLIO. A subdivision of the Separate Account invested wholly in shares of
one of the series of the Fund.

PREMIUM(S). Considerations paid into this contract by or on behalf of the Owner.

QUALIFIED PLAN. A retirement plan that qualifies for favorable tax treatment
under sections 401, 403 or 408 of the Internal Revenue Code, as amended.

SEPARATE ACCOUNT CONTRACT VALUE. The sum of the value of all Portfolio
Accumulation Units held under this contract.
<PAGE>
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DEFINITIONS (CONT'D)
- --------------------------------------------------------------------------------

SUBSEQUENT GUARANTEED RATE. The rate of interest declared by the Company for the
applicable subsequent Guaranteed Period, but in no event less than the Minimum
Guaranteed Rate shown on the contract data page.

VALUATION DAY. Each day the New York Stock Exchange is open for business. The
value of the Separate Account is determined at the close of the New York Stock
Exchange (currently 4:00 p.m. Eastern Time) on each Valuation Day.

VALUATION PERIOD. The period beginning at the close of business on a particular
Valuation Day and ending at the close of business on the next succeeding
Valuation Day.

WE, OUR, US, THE COMPANY. Jackson National Life Insurance Company of New York.

WITHDRAWAL CHARGE. A charge assessed against certain withdrawals.

WITHDRAWAL VALUE. The amount You are entitled to receive if You surrender this
contract. This amount is equal to the total Contract Value minus any applicable
Withdrawal Charge, contract maintenance charge and Interest Rate Adjustment.

<PAGE>

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GENERAL PROVISIONS
- --------------------------------------------------------------------------------
ASSIGNMENT. The Owner may assign this contract before the Income Date, but the
Company will not be bound by an assignment unless it is in writing and has been
received by the Company. The assignment will be effective as of the date the
appropriate form was signed. We assume no responsibility for the validity or tax
consequences of any assignment. If the contract is issued pursuant to a
Qualified Plan, it may not be assigned, pledged or otherwise transferred, except
as may be allowed under the Plan. If the Owner makes an assignment, the Owner
may have to pay income tax.

BENEFICIARY. The beneficiary is as named in the application unless later changed
by the Owner. If two or more persons are named, those surviving the Owner will
share equally unless otherwise stated. If there are no surviving beneficiaries
at the death of the Owner, the death benefit will be paid to the estate of the
Owner.

The Owner may change the beneficiary by written notice in a form satisfactory to
the Company. The change will occur on the date We receive the notice. The change
will be effective as of the date the appropriate form was signed.

CONFORMITY WITH STATE LAWS. This contract will be interpreted under the laws of
the State of New York when it is issued. Any provision which, on the Issue Date,
is in conflict with New York law, is amended to conform to the minimum
requirements of such law.

CONTRACT MAINTENANCE CHARGE. An annual contract maintenance charge of no more
than $30 is charged against each contract. This charge reimburses the Company
for expenses incurred in establishing and maintaining records relating to a
contract. The contract maintenance charge will be assessed on each anniversary
of the Issue Date that occurs on or prior to the Income Date. In the event that
a total withdrawal is made, the contract maintenance charge will be assessed as
of the date of withdrawal without proration. The total contract maintenance
charge is allocated between the Portfolio(s) and the Guaranteed Period(s) in
proportion to the respective Contract Values similarly allocated.

ENTIRE CONTRACT. This contract was issued in consideration of Your application
and payment of the initial Premium. All of its pages, the application, a copy of
which is attached at issue, and all endorsements, amendments and attached riders
make up the entire contract.

MINIMUM BENEFITS. For any paid up Annuity option, cash value or death benefit,
the amount available under this contract will not be less than the minimum
requirements of the state where this contract was delivered.

MISSTATEMENT OF AGE OR SEX. If the age or sex of the Annuitant has been
misstated, the benefits will be those which the premiums paid would have
purchased at the correct age and sex. Any underpayments or overpayments will be
adjusted immediately by the Company, using an interest rate of 6% either as a
credit to or charge against the next succeeding payment by the Company.

<PAGE>
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GENERAL PROVISIONS (CONT'D)
- --------------------------------------------------------------------------------
MODIFICATION OF CONTRACT. Any change or waiver of the provisions of this
Contract must be in writing and signed by the President, a Vice President, the
Secretary or Assistant Secretary of the Company. No agent has authority to
change or waive any provisions of this contract. The Company reserves the right
to change or modify the contract without prior consent or notice if federal or
state law requires Us to do so. Any such modifications will be subject to the
New York State Insurance Department's prior approval.

NONPARTICIPATING. This contract does not share in Our surplus or earnings.

PREMIUMS. Premiums are flexible. This means that the Owner may change the
amounts, frequency or timing of Premiums. The initial Premium must be at least
$5,000 for Non-Qualified Contracts and $2,000 for Qualified Contracts.
Subsequent Premiums must be at least $500 ($50 if made in connection with an
automatic payment plan). The Company reserves the right to refuse total Premiums
under this contract in excess of $1,000,000 without prior approval from the
Company. The Company may waive minimum Premium amounts.

Premiums may be allocated among one or more of the Guaranteed Periods and one or
more of the Portfolios. Such election may be made in any percent from 0% to 100%
in whole percentages. The minimum that may be allocated to a Guaranteed Period
or a Portfolio under this contract is $100.

Just like initial Premiums, Owners making subsequent Premium payments should
specify how they want their Premiums allocated. Otherwise, the Company will
automatically process the Premium based on the most recent allocation on record
with the Company.

PREMIUM TAXES. The Company may deduct from the Contract Value any Premium taxes
or other taxes payable to a state or other government entity. Should we advance
any amount due, we are not waiving any right to collect such amounts at a later
date. We will deduct any withholding taxes required by applicable law.

PROOF OF AGE, SEX OR SURVIVAL. The Company may require satisfactory proof of
correct age or sex at any time. If any payment under this contract depends on
the Annuitant, Owner, or beneficiary being alive, the Company may require
satisfactory proof of survival.

SEPARATE ACCOUNT. The Separate Account is a separate investment account of the
Company but is subject to the laws of New York state. It is shown on the
contract data page. The assets of the Separate Account are the property of the
Company. However, they are not credited with earnings or chargeable with
liabilities arising out of any other business the Company may conduct. Each
Portfolio is not chargeable with liabilities arising out of any other Portfolio.

SUSPENSION OR DEFERRAL OF PAYMENTS. We may suspend or postpone any payments from
the contract if any of the following occur:
a) The New York Stock Exchange is closed;
b) Trading on the New York Stock Exchange is restricted;
c) An emergency exists such that it is not reasonably practical to dispose
of securities in the Separate Account or to determine the value of its
assets; or
d) The Securities and Exchange Commission, by order, so permits for the
protection of security holders.

This provision will only apply to the Separate Account funds.
<PAGE>
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GENERAL PROVISIONS (CONT'D)
- --------------------------------------------------------------------------------
STATEMENT OF ACCOUNT. We will provide a statement of Contract Values at least
quarterly.

Pursuant to New York state law, we will also provide you with a report every
Contract Year on your anniversary.

SUBSTITUTION OF FUND. If the shares of any series of the Fund should no longer
be available for investment by the Separate Account or if, in the judgment of
our Board of Directors, further investment in the shares of a Fund is no longer
appropriate in view of the purpose of the contract, We may substitute shares of
another mutual fund or a series within a mutual fund for Fund shares already
purchased or to be purchased in the future by Premiums held under this contract.
No substitution of securities may take place without prior approval of the New
York Insurance Department, and the Securities and Exchange Commission, under any
such requirements as it may impose.

WRITTEN NOTICE. Any notice we send to the Owner will be sent to the Owner's last
known address unless the Owner requests otherwise. Any written request or notice
must be sent to the Company. The Owner must promptly provide the Company with
notice of an address change.

<PAGE>
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ACCUMULATION PROVISIONS FOR PORTFOLIOS
- --------------------------------------------------------------------------------
ACCUMULATION UNIT VALUE. The Separate Account Contract Value will go up or down
depending on the performance of the Portfolios. In order to monitor the Separate
Account Contract Value before the Income Date, the Company uses a unit of
measure called an Accumulation Unit. The value of an Accumulation Unit may go up
or down from day to day. During the income payout phase, the unit of measure is
called an Annuity Unit (please see Income Provisions for further information).

Every Valuation Day the Company determines the value of an Accumulation Unit for
each of the Portfolios. This is done by:

(1) determining the total amount of money invested in the particular Portfolio;
(2) subtracting from the amount any insurance charges and any other charges such
as taxes; and (3) dividing this amount by the number of outstanding Accumulation
Units.

When you make a Premium payment, the Company credits Your contract with
Accumulation Units. The number of Accumulation Units credited is determined by
dividing the amount of the Premium allocated to any Portfolio by the value of
the Accumulation Unit for that Portfolio.

- --------------------------------------------------------------------------------
ACCUMULATION PROVISIONS FOR GUARANTEED PERIOD
- --------------------------------------------------------------------------------
CREDITING OF INTEREST. Interest is credited and compounded daily to each
Guaranteed Period to yield an effective annual interest rate equal to the
interest rate we guaranteed at the beginning of each Guaranteed Period. We will
credit interest to the initial Premium payment from the Issue Date. We will
credit interest to subsequent Premiums from the date We receive them. The rate
of interest for each Guaranteed Period will be as declared in advance by our
Board of Directors but will never be less than 3%.

GUARANTEED PERIOD. You may allocate Premium or make transfers to one or more
Guaranteed Periods at any time prior to the Latest Income Date.

If you do not specify a Guaranteed Period at the time of renewal, we will elect
the same Guaranteed Period that has just expired. Within at least 15 days, but
not more than 45 days, prior to the end of any Guaranteed Period, We will notify
You of your ability to:
a) withdraw amounts allocated to the Guaranteed Period within 30 days
following the end of such Guaranteed Period without an Interest Rate
Adjustment;
b) elect a Guaranteed Period of a different duration within 30 days
following the end of such Guaranteed Period;
c) elect a transfer to Portfolio(s) within 30 days following the end of
such Guaranteed Period; or
d) elect a Guaranteed Period with the same duration within 30 days
following the end of such Guaranteed Period.

If the Guaranteed Period elected extends beyond the Latest Income Date, We will
automatically elect the longest period that will not extend beyond such date. If
a renewal occurs within one year of the Latest Income Date, We will credit
interest up to the Latest Income Date at the then current declared guaranteed
interest rate for the one-year Guaranteed Period.

<PAGE>
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ACCUMULATION PROVISIONS FOR GUARANTEED PERIOD (CONT'D)
- --------------------------------------------------------------------------------
INTEREST RATE ADJUSTMENT. Except during the 30-day period following the end of a
Guaranteed Period, any amount withdrawn or transferred from a Guaranteed Period
will be subject to an Interest Rate Adjustment. The Interest Rate Adjustment
will be calculated by multiplying the amount withdrawn, transferred or
annuitized by the formula described below:
(m/12)
[1+I]
-------------- -1
(m/12)
[1+J]
wherein:

I = The interest rate credited to the current Guaranteed Period.

J = The interest rate that would be credited, at the time of withdrawal,
to a new Guaranteed Period with a duration equal to the number of years
remaining in the current Guaranteed Period, increased by 0.25%. When no
Guaranteed Period of the required duration is available, the rate will
be established by linear interpolation.
m = Number of complete months remaining to the end of the current
Guaranteed Period.

There will be no Interest Rate Adjustment when J is greater than I but by less
than 0.25%.

In addition, the Interest Rate Adjustment will not apply to:

a) the payment of death benefit proceeds;
b) amounts withdrawn for contract fees or charges;
c) transfers relating to dollar cost averaging from the one-year
Guaranteed Period;
d) withdrawals taken in the 30-day period following the end of a
Guaranteed Period;
e) cumulative withdrawals or transfers of up to 10% of the Guaranteed
Period value in the Contract Year;
f) income options that result in payments of 5 years or greater; or
g) amounts transferred or withdrawn from any one-year guaranteed option.

In no event will a total withdrawal from the Guaranteed Periods be less than the
Guaranteed Minimum Value.

If the Company no longer issues guaranteed rate contracts, then items I and J of
the Interest Rate Adjustment will be determined by using the asked yield to
maturity of the U.S. Treasury Notes with the same remaining term, interpolating
where necessary, as published in The Wall Street Journal on the next succeeding
business day following the effective date of the Interest Rate Adjustment.

<PAGE>
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TRANSFER PROVISIONS
- --------------------------------------------------------------------------------
TRANSFERS. Transfers between Portfolios and the Guaranteed Periods may be made
as described below. Transfers are not subject to Withdrawal Charges. However,
transfers from the Guaranteed Periods will be subject to any applicable Interest
Rate Adjustment. A transfer fee of no more than $25.00 will apply to transfers
in excess of 15 in a Contract Year. The dollar cost averaging and rebalancing
options are not considered transfers for purposes of calculating the transfer
fee.

The minimum transfer amount is $100. The remaining Contract Value of a Portfolio
or Guaranteed Period after a transfer must be at least $100. If a transfer would
cause a remaining value to be less than $100, all of the value must be
transferred, or no transfer can take place.

FROM PORTFOLIO TO PORTFOLIO. Both prior to and after the Income Date, the Owner
may transfer all or a portion of investment in one Portfolio to another
Portfolio. A transfer will result in the purchase of Accumulation Units in a
Portfolio and redemption of Accumulation Units in the other Portfolio. Transfers
will be effected at the end of the Valuation Period in which We receive your
request for transfer.

FROM PORTFOLIO TO THE GUARANTEED PERIOD. Prior to the Income Date, the Owner may
transfer all or a portion of the value in Portfolio(s) to a Guaranteed Period.
This will result in the redemption of Accumulation Units and will be effected at
the end of the Valuation Period in which We receive the Owner's request for
transfer.

FROM GUARANTEED PERIOD TO GUARANTEED PERIOD. Prior to the Income Date, transfers
may be made between Guaranteed Periods. Such transfers, other than from a
maturing Guaranteed Period within the 30-day period following its expiration,
will be subject to any applicable Interest Rate Adjustments.

GUARANTEED PERIOD TO PORTFOLIO(S). Prior to the Income Date, the Owner may
transfer values in Guaranteed Period(s) to the Portfolio(s). Transfers, other
than from a maturing Guaranteed Period within the 30-day period following its
expiration, will be subject to any applicable Interest Rate Adjustments.

Dollar Cost Averaging ("DCA"). Under DCA, the Owner may authorize the automatic
transfer of a fixed dollar amount ($100 minimum) at regular intervals from a
source account to one or more of the Portfolios (other than the source account)
at the Accumulation Unit values determined on the dates of transfers. The source
account may be any of the Portfolios or the one-year Guaranteed Period. The
Owner may elect to have transfers made from one of these source accounts. The
intervals between transfers may be monthly, quarterly, semi-annually or annually
at the Owner's option. To qualify for DCA, there must be a minimum total
Contract Value of $15,000.

Another option under DCA is the periodic transfer of a selected percentage of
the value of the source account to one of the Portfolios (other than the source
account).

<PAGE>
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TRANSFER PROVISIONS (CONT'D)
- --------------------------------------------------------------------------------
A written election of this service, on a form provided by the Company, must be
completed by the Owner in order to begin transfers. Once elected, transfers from
the source account will be processed periodically until either the value of the
source account is completely depleted or the Owner instructs the Company in
writing to cancel the transfers.

Rebalancing. The Owner may elect, on a form provided by the Company, to have
his/her Separate Account Value reallocated among Portfolios in designated
percentages on a periodic basis (monthly, quarterly, semi-annual or annual
basis, or at such other time interval as approved by the Company). The
processing fee for this service will be as indicated on the contract data page.

<PAGE>
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WITHDRAWAL PROVISIONS
- --------------------------------------------------------------------------------
On or prior to the Income Date, the Owner may withdraw all or part of the
Contract Value under this contract by informing the Company. For full
withdrawal, this contract must be returned to the Company.

Except in connection with a systematic withdrawal program, the minimum partial
withdrawal amount is $500, or if less, your entire interest in the Portfolio or
Guaranteed Period from which a withdrawal is requested. The Owner's interest in
the Portfolio or Guaranteed Period must be at least $100 after the withdrawal is
completed.

The Owner may elect in writing on a form provided by the Company to take
systematic withdrawals by withdrawing a specified dollar amount (of at least
$50) on a monthly, quarterly, semiannual, or annual basis. A Withdrawal Charge
may apply to systematic withdrawals in accordance with the considerations under
"Withdrawal Charge." The Company reserves the right to discontinue offering
systematic withdrawals upon 30 days' written notice to Contract Owners; however,
any such discontinuation would not effect systematic withdrawal programs already
commenced.

Absent written notification to the contrary, withdrawals and any applicable
charges will be deducted from the Contract Value in proportion to their
allocation among the Portfolios and Guaranteed Periods. Withdrawals will be
based on values at the end of the Valuation Period in which a request for
withdrawal and the contract (in the case of a full withdrawal) is received by
the Company. Withdrawals may be subject to a Withdrawal Charge and Interest Rate
Adjustment.

DEFERMENT OF PAYMENTS. The Company may defer payments for up to six (6) months
on the fixed account portion of the contract. Subject to New York requirements,
interest will be credited during such deferral period.

WITHDRAWAL CHARGE. Except as otherwise stated in this contract, the Withdrawal
Charge for any amount withdrawn is based on the Contribution Year of Premium
payment and is a percentage of Premium payments.

The Withdrawal Charges associated with each new Premium are:

Contribution Year Withdrawal
of Premium Payment Charge Percentage
------------------ -----------------
1 7%
2 6%
3 5%
4 4%
5 3%
6 2%
7 1%
Thereafter 0%

<PAGE>
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WITHDRAWAL PROVISIONS (CONT'D)
- --------------------------------------------------------------------------------
The Withdrawal Charge will be deducted from the remaining Contract Value such
that the actual reduction in Contract Value as a result of the withdrawal may be
greater than the withdrawal amount requested and paid. For purposes of
determining the Withdrawal Charge, withdrawals will be allocated first to
earnings, if any (which may be withdrawn free of Withdrawal Charge), and then to
Premium on a first-in, first-out basis such that all withdrawals are allocated
to Premium to which the lowest (if any) Withdrawal Charge applies.

Premiums that are no longer subject to the Withdrawal Charge (and not previously
withdrawn), plus earnings, may be withdrawn free of Withdrawal Charges at any
time.

Free Withdrawal. In addition, there may be a free withdrawal amount for the
first withdrawal of Premiums during a Contract Year from a Portfolio(s) or
Guaranteed Period(s). The free withdrawal amount is equal to 10% of Premium that
remains subject to the Withdrawal Charge and that has not previously been
withdrawn, less earnings. For purposes of this provision, earnings shall mean
any amount in the contract other than unliquidated Premium.

<PAGE>
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DEATH BENEFIT PROVISIONS
- --------------------------------------------------------------------------------
DEATH OF OWNER BEFORE THE INCOME DATE: Upon the Owner's death, or the death of
any joint Owner, before the Income Date, the death benefit will be paid to the
beneficiary(ies) designated by You. Upon the death of a joint Owner, the
surviving joint Owner, if any, will be the designated beneficiary. Any other
beneficiary designation on record at the Company at the time of death will be
treated as a contingent beneficiary. Proceeds will be distributed on the death
of the first Owner, unless the joint Owner is the spouse.

DEATH BENEFIT AMOUNT BEFORE THE INCOME DATE: The death benefit is equal to the
greater of the following three amounts:

1. the Contract Value at the end of the Valuation Period during which due
proof of death and an election of the type of payment to the
beneficiary is received by the Company; and

2. the total Premium paid prior to the death of the Owner, minus the sum
of: a. the total withdrawals and any Withdrawal Charges assessed; and
b. Premium taxes incurred; and

3. the greatest anniversary value until the Owner's 86th birthday. The
anniversary value is defined as the Contract Value on the first day of
each Contract Year, less any withdrawals and Withdrawal Charges, plus
any additional Premium since that anniversary.

DEATH BENEFIT OPTIONS BEFORE INCOME DATE In the event of the Owner's death or
any joint Owner's death before the Income Date, a beneficiary must request that
the death benefit be paid under one of the death benefit options below. In
addition, if the beneficiary is the spouse of the Owner, he or she may elect to
continue the contract, at the then Contract Value, in his or her own name and
exercise all the Owner's rights under the Contract. The following are the death
benefit options:

o Option 1 - lump-sum payment of the death benefit; or

o Option 2 - payment of the entire death benefit within 5 years of the
date of the death of the Owner or any joint Owner; or

o Option 3 - payment of the death benefit under an Income Option over the
lifetime of the beneficiary or over a period not extending beyond the
life expectancy of the beneficiary, with distribution beginning within
one year of the date of the Owner's death or any joint Owner's death.

<PAGE>
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DEATH BENEFIT PROVISIONS (CONT'D)
- --------------------------------------------------------------------------------
Any portion of the death benefit not applied under Option 3 within one year of
the date of an Owner's death must be distributed within five years of the date
of death.

If a lump-sum payment is requested, the amount will be paid within seven (7)
days of receipt of proof of death by the Company and the election unless the
suspension or deferral of payments provision is in effect.

Payment to the beneficiary, other than in a single sum, may only be elected
during the sixty-day period beginning with the date of receipt of proof of death
by the Company.

DEATH OF OWNER AFTER THE INCOME DATE: If the Owner, or any joint Owner, dies
after the Income Date, and the Owner is not an Annuitant, any remaining payments
under the Annuity option elected will continue at least as rapidly as under the
method of distribution in effect at the Owner's death.

DEATH OF ANNUITANT BEFORE INCOME DATE: Upon the death of an Annuitant, who is
not an Owner, before the Income Date, the Owner may designate a new Annuitant.
If no designation is made within 30 days of the death of the Annuitant, the
Owner will become the Annuitant.

If the Owner is a non-individual, the death of the primary Annuitant will be
treated as the death of the Owner and a new Annuitant may not be designated. A
change in the primary Annuitant will be treated as the death of the Owner.

DEATH OF ANNUITANT AFTER INCOME DATE: Upon the death of the Annuitant after the
Income Date, the death benefit, if any, will be as specified in the Income
Option elected. Death benefits will be paid at least as rapidly as under the
method of distribution in effect at the Annuitant's death.

<PAGE>
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INCOME PROVISIONS
- --------------------------------------------------------------------------------
Any income benefits at the time of their commencement will not be less than
those that would be provided to a single premium immediate annuity applicant of
the same class.

INCOME DATE. The date on which Annuity payments are to begin which will be at
least one year after the Issue Date. The Owner may change the Income Date at any
time, at least seven days prior to the Income Date then indicated on the
Company's records, by written notice to the Company.

INCOME OPTIONS. The Owner, or any beneficiary who is so entitled, may elect to
receive a single sum at the end of the accumulation period. However, a single
sum distribution may be deemed to be a withdrawal, and at least a portion of it
may be subject to income tax. Alternatively, an Income Option may be elected.
The Owner may, upon written notice to the Company, elect an income option at any
time prior to the Income Date.

A change of income options is permitted if made at least seven days before the
Income Date. If no other income option is elected, monthly annuity payments will
be made in accordance with option 3 below, a life Annuity with 120 or 240
monthly payments guaranteed. Annuity payments may be made in monthly, quarterly,
semiannual or annual installments as selected by the Owner. However, if the
amount available to apply under an income option is less than $2,000, the
Company may pay the Contract Value in a single sum. In addition, if the first
payment provided would be less than $20, the Company may require the frequency
of payments be at quarterly, semi-annual or annual intervals so as to result in
an initial payment of at least $20.

Upon written notice filed with the Company, all or part of the Contract Value
will be applied to provide one of the following income options. The portion of
the Contract Value which is in the Guaranteed Period immediately prior to the
Income Date, applied to an income option, will be subject to an applicable
Interest Rate Adjustment.

o OPTION 1 - LIFE INCOME An Annuity payable monthly during the lifetime
of the Annuitant. Under this option, no further payments are payable
after the death of the Annuitant, and there is no provision for a death
benefit payable to the beneficiary. Therefore, it is possible under
option 1 for the payee to receive only one monthly Annuity payment
under this Contract.

o OPTION 2 - JOINT AND SURVIVOR An Annuity payable monthly while both the
Annuitant and a designated second person are living. Upon the death of
either person, the monthly income payable will continue during the
lifetime of the survivor. If a reduced payment to the survivor is
desired, variable Annuity payments will be determined using either
one-half or two-thirds of the number of each type of Annuity Unit
credited. Fixed payments will be equal to either one-half or two-thirds
of the fixed payment payable during the joint life of the Annuitant and
the designated second person.

Annuity payments terminate automatically and immediately upon the death
of the surviving person without regard to the number or total amount of
payments received.

There is no minimum number of guaranteed payments, and it is possible
to have only one Annuity payment if both the Annuitant and the
designated second person die before the due date of the second payment.

<PAGE>
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INCOME PROVISIONS (CONT'D)
- --------------------------------------------------------------------------------
o OPTION 3 - LIFE ANNUITY WITH 120 OR 240 MONTHLY PAYMENTS GUARANTEED An
Annuity payable monthly during the lifetime of the Annuitant with the
guarantee that if, at the death of the Annuitant, payments have been
made for fewer than the guaranteed 120 or 240 monthly periods, as
elected by the Owner, the balance of the guaranteed number of payments
will be made to the payee.

o OPTION 4 - INCOME FOR A SPECIFIED PERIOD Under this option, a payee can
elect an Annuity payable monthly for any period of years from 5 to 30.
This election must be made for full 12-month periods. In the event the
payee dies before the specified number of payments has been made, the
beneficiary may elect to continue receiving the scheduled payments or
may alternatively elect to receive the discounted present value of any
remaining guaranteed payments in a lump sum. The discounted present
value is determined by taking the remaining guaranteed benefit as of
the date the calculation is being performed. The Company uses the rate
assumed in the calculation.

o ADDITIONAL OPTIONS. Other income options may be made available by the
Company.

FIXED ANNUITY PAYMENTS. Each fixed Annuity payment is the same amount on every
payment date. The payment is equal to:
1) Contract Value allocated to the fixed Annuity option as of the Income
Date; less
2) Any deduction for Premium tax; multiplied by
3) The appropriate Annuity factor in this Contract.

The Annuity factor is different for each income option. Reserves for fixed
Annuity payments are held in the Company's general account.

Interest in excess of the guaranteed rate may be credited by the Company. The
interest credited will never be less than the guaranteed rate.

AMOUNT OF VARIABLE ANNUITY PAYMENTS.
First Variable Payment. The dollar amount of the first monthly Annuity payment
will be determined by applying the portion of the Contract Value allocated to
Variable Annuity payments, less any applicable Premium taxes, to the Annuity
table applicable to the income option chosen. Those tables are based on a set
amount per $1,000 of proceeds applied.

The dollars applied are divided by 1,000, and the result multiplied by the
appropriate Annuity factor appearing in the table to compute the amount of the
first monthly Annuity payment. That amount is divided by the value of an Annuity
Unit as of the Income Date to establish the number of Annuity Units representing
each variable Annuity payment. The number of Annuity Units determined for the
first variable Annuity payment remains constant for the second and subsequent
monthly variable Annuity payments, assuming that no reallocation of Contract
Values is made. The total variable Annuity payment is equal to the sum of the
Annuity payments as determined above for each Portfolio to which the Contract
Value is allocated on the Annuity date.

Number of Variable Annuity Units. The number of Annuity Units for each
applicable Portfolio is the amount of the first Annuity payment attributable to
that Portfolio divided by the value of the applicable Annuity Unit for that
Portfolio as of the Income Date. The number will not change as a result of
investment experience.

<PAGE>
- --------------------------------------------------------------------------------
INCOME PROVISIONS (CONT'D)
- --------------------------------------------------------------------------------
Annuity Unit Value. The initial value of an Annuity Unit of each Portfolio is
set as of the date of annuitizations. The value may increase or decrease from
one Valuation Period to the next. For any Valuation Period, the value of an
Annuity Unit of a particular Portfolio is the value of that Annuity Unit during
the last Valuation Period, multiplied by the net investment factor for that
Portfolio for the current Valuation Period.

The net investment factor is an index applied to measure the net investment
performance of a Portfolio from one Valuation Day to the next.

The net investment factor for any Portfolio for any Valuation Period is
determined by dividing (a) by (b) and then subtracting (c) from the result
where:

(a) is the result of:
(1) the net asset value of a Fund share held in the
Portfolio determined as of the Valuation Day at the
end of the Valuation Period, plus
(2) the per share amount of any dividend or other
distribution declared by the Fund if the
"ex-dividend" date occurs during the Valuation
Period, plus or minus
(3) a per-share credit or charge with respect to any
taxes paid or reserved for by the Company during the
Valuation Period which are determined by the Company
to be attributable to the operation of the Portfolio
(no federal income taxes are applicable under present
law);
(b) is the net asset value of the Fund share held in the Portfolio
determined as of the Valuation Day at the end of the preceding
Valuation Period; and
(c) is the contract insurance charges, which include the mortality
and expense risks, and administration charges, as shown on the
contract data page (page 3 of the contract).

The result is then multiplied by a second factor which offsets the effect of the
assumed investment rate of 3% per annum.

Subsequent Variable Annuity Payments. After the first variable Annuity payment,
payments will vary in amount according to the investment performance of the
applicable Portfolios. The amount may change from month to month.
The amount of each subsequent payment is the sum of:

The number of Annuity Units for each Portfolio as determined for the first
Annuity payment, multiplied by the value of an Annuity Unit for that
Portfolio at the end of the Valuation Period immediately preceding in which
payment is due.

We guarantee that the amount of each variable Annuity payment will not be
effected by variations in expenses or mortality experience.

BASIS OF COMPUTATION. The actuarial basis for the Table of Income Options is the
1983a Annuity Mortality Table, with interest at 3.00%.
<PAGE>
- --------------------------------------------------------------------------------
TABLE OF INCOME OPTIONS
- --------------------------------------------------------------------------------
The following table is for a contract whose net proceeds are $1,000, and will
apply pro rata to the amount payable under this Contract.

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
UNDER OPTION 4 MONTHLY INSTALLMENT UNDER OPTIONS 1 OR 3
- ------------------------------------------------------------------------------------------------------------------------------
No. of Monthly Age No. of Mos. Age No. of Mos. Age No. of Mos. Age No. of Mos.
Monthly Install- of Certain of Certain of Certain of Certain
Install- ments Payee Payee Payee Payee
ments Male Life 120 240 Male Life 120 240 Female Life 120 240 Female Life 120 240
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
60 17.95 40 3.67 3.66 3.61 70 7.28 6.64 5.28 40 3.44 3.43 3.42 70 6.29 5.99 5.14
72 15.17 41 3.72 3.71 3.68 71 7.56 6.82 5.33 41 3.48 3.47 3.45 71 6.52 6.17 5.20
84 13.19 42 3.77 3.76 3.70 72 7.86 7.00 5.36 42 3.52 3.51 3.48 72 6.78 6.35 5.24
96 11.71 43 3.82 3.81 3.74 73 8.19 7.17 5.39 43 3.56 3.55 3.52 73 7.02 6.54 5.30
108 10.56 44 3.89 3.86 3.79 74 8.52 7.35 5.41 44 3.60 3.59 3.56 74 7.31 6.73 5.34
120 9.64 45 3.95 3.92 3.83 75 8.90 7.53 5.43 45 3.64 3.63 3.60 75 7.82 6.92 5.37
132 8.89 46 4.00 3.98 3.89 76 9.30 7.71 5.45 46 3.70 3.69 3.64 76 7.96 7.12 5.40
144 8.26 47 4.07 4.04 3.94 77 9.71 7.89 5.47 47 3.75 3.74 3.69 77 8.32 7.33 5.43
156 7.73 48 4.14 4.10 3.99 78 10.17 8.05 5.48 48 3.80 3.79 3.74 78 8.72 7.53 5.45
168 7.28 49 4.21 4.17 4.04 79 10.66 8.21 5.49 49 3.86 3.84 3.79 79 9.16 7.73 5.46
180 6.88 50 4.28 4.24 4.10 80 11.19 8.37 5.50 50 3.92 3.91 3.83 80 9.62 7.93 5.48
192 6.55 51 4.37 4.31 4.16 81 11.75 8.51 5.50 51 3.98 3.96 3.89 81 10.13 8.11 5.49
204 6.25 52 4.45 4.39 4.22 82 12.34 8.65 5.51 52 4.05 4.02 3.95 82 10.68 8.30 5.50
216 5.97 53 4.53 4.47 4.27 83 12.97 8.77 5.51 53 4.11 4.09 4.00 83 11.28 8.47 5.50
228 5.74 54 4.63 4.55 4.33 84 13.65 8.90 5.52 54 4.20 4.17 4.06 84 11.93 8.83 5.51
240 5.52 55 4.72 4.65 4.40 85 14.36 9.00 5.52 55 4.27 4.24 4.13 85 12.64 8.77 5.51
252 5.34 56 4.83 4.74 4.47 86 15.11 9.10 5.52 56 4.36 4.31 4.19 86 13.39 8.91 5.52
264 5.16 57 4.94 4.84 4.53 87 15.91 9.19 5.52 57 4.44 4.40 4.25 87 14.20 9.02 5.52
276 5.00 58 5.05 4.94 4.60 88 16.74 9.26 5.52 58 4.53 4.49 4.31 88 15.07 9.13 5.52
288 4.86 59 5.18 5.05 4.68 89 17.84 9.34 5.52 59 4.64 4.57 4.39 89 15.99 9.21 5.52
300 4.72 60 5.31 5.17 4.73 90 18.59 9.39 5.52 60 4.74 4.68 4.45 90 16.96 9.30 5.52
312 4.60 61 5.45 5.28 4.79 61 4.86 4.78 4.52
324 4.49 62 5.61 5.42 4.86 62 4.97 4.89 4.60
336 4.38 63 5.77 5.56 4.92 63 5.10 5.00 4.67
348 4.28 64 5.94 5.69 4.98 64 5.23 5.12 4.74
360 4.19 65 6.13 5.84 5.04 65 5.38 5.25 4.81
66 6.33 5.98 5.10 66 5.54 5.38 4.88
67 6.55 6.14 5.15 67 5.70 5.52 4.95
68 6.78 6.31 5.20 68 5.88 5.67 5.01
69 7.02 6.48 5.24 69 6.08 5.83 5.08
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>

NOTE: The table calculations under Option 2 are available from the Company upon
request.

MISSTATEMENT OF AGE. If the age of the Annuitant has been misstated, the
benefits will be those which the premiums paid would have purchased at the
correct age. Any underpayments or overpayments will be adjusted immediately by
the Company, using an interest rate of 6% either as a credit to or charge
against the next succeeding payment by the Company.
<PAGE>
- --------------------------------------------------------------------------------
GENERAL PROVISIONS (CONT'D)
- --------------------------------------------------------------------------------
MODIFICATION OF CONTRACT. Any change or waiver of the provisions of this
Contract must be in writing and signed by the President, a Vice President, the
Secretary or Assistant Secretary of the Company. No agent has authority to
change or waive any provisions of this contract. The Company reserves the right
to change or modify the contract without prior consent or notice if federal or
state law requires Us to do so. Any such modifications will be subject to the
New York State Insurance Department's prior approval.

NONPARTICIPATING. This contract does not share in Our surplus or earnings.

PROOF OF AGE OR SURVIVAL. The Company may require satisfactory proof of correct
age at any time. If any payment under this contract depends on the Annuitant,
Owner, or beneficiary being alive, the Company may require satisfactory proof of
survival.

This provision will only apply to the Separate Account funds.

<PAGE>
- --------------------------------------------------------------------------------
TABLE OF INCOME OPTIONS
- --------------------------------------------------------------------------------
The following table is for a contract whose net proceeds are $1,000, and will
apply pro rata to the amount payable under this Contract.
<TABLE>
<CAPTION>

- ---------------------------------------------------------------------------------------------------------------------------------
UNDER OPTION 4 MONTHLY INSTALLMENT UNDER OPTIONS 1 or 3
- ---------------------------------------------------------------------------------------------------------------------------------
No. of Monthly No. of Mos. Certain No. of Mos. Certain No. of Mos. Certain
Monthly Install-
Install- ments Age of Age of Age of
ments Payee Payee Payee
Life 120 240 Life 120 240 Life 120 240
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
60 17.95 40 3.53 3.52 3.50 60 4.97 4.88 4.57 80 10.23 8.11 5.49
72 15.17 41 3.57 3.56 3.53 61 5.10 4.99 4.64 81 10.77 8.29 5.50
84 13.19 42 3.62 3.61 3.57 62 5.23 5.11 4.71 82 11.33 8.45 5.50
96 11.71 43 3.67 3.66 3.61 63 5.37 5.23 4.78 83 11.95 8.61 5.51
108 10.56 44 3.72 3.71 3.66 64 5.52 5.36 4.85 84 12.61 8.74 5.51
120 9.64 45 3.77 3.75 3.70 65 5.68 5.49 4.91 85 13.31 8.88 5.52
132 8.89 46 3.82 3.80 3.75 66 5.86 5.63 4.98 86 14.07 8.99 5.52
144 8.26 47 3.89 3.86 3.79 67 6.04 5.79 5.04 87 14.87 9.10 5.52
156 7.73 48 3.94 3.92 3.84 68 6.23 5.93 5.10 88 15.73 9.18 5.52
168 7.28 49 4.00 3.98 3.90 69 6.45 6.10 5.16 89 16.65 9.26 5.52
180 6.88 50 4.07 4.04 3.95 70 6.68 6.27 5.20 90 17.61 9.34 5.52
192 6.55 51 4.14 4.10 4.00 71 6.92 6.44 5.25
204 6.25 52 4.21 4.18 4.06 72 7.20 6.62 5.30
216 5.97 53 4.29 4.25 4.11 73 7.48 6.80 5.34
228 5.74 54 4.37 4.32 4.18 74 7.79 6.99 5.37
240 5.52 55 4.46 4.41 4.24 75 8.13 7.19 5.40
252 5.34 56 4.54 4.49 4.30 76 8.48 7.37 5.42
264 5.16 57 4.65 4.57 4.37 77 8.87 7.56 5.45
276 5.00 58 4.74 4.67 4.44 78 9.30 7.75 5.46
288 4.86 59 4.86 4.77 4.50 79 9.74 7.94 5.48
300 4.72
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

NOTE: The table calculations under Option 2 are available from the Company upon
request.