<PAGE>
Rule 424(b)(3)
File No. 333-77281
SUPPLEMENT DATED MAY 5,2000
TO
PROFILE DATED APRIL 17, 2000
AND
PROSPECTUS DATED APRIL 17, 2000
FOR
REGATTA GOLD - NY
VARIABLE AND FIXED ANNUITY
ISSUED BY SUN LIFE INSURANCE AND ANNUITY COMPANY OF NEW YORK
Effective immediately, with the addition of a new variable investment
option -- the Strategic Growth Series -- under the Contract, you may allocate
your money among 26 variable investment options available under the Regatta
Gold - NY Variable and Fixed Annuity. The Strategic Growth Series (which we
sometimes refer to as the "Fund") is a series of the MFS/Sun Life Series
Trust (the "Series Fund"). Market conditions will determine the value of an
investment in the Strategic Growth Series and any other Series of the Series
Fund. The Strategic Growth Series and the other Series of the Series Fund are
described in the Series Fund prospectus, as supplemented.
As a result of the addition of the Strategic Growth Series, the Profile
dated April 17, 2000 (the "Profile") and the Prospectus dated April 17, 2000
(the "Prospectus") are hereby amended and supplemented as follows:
1. The third paragraph of Section 1, "The Regatta Gold- NY Annuity,"
of the Profile and the second paragraph on the cover page of the Prospectus
are each amended by deleting the first sentence in its entirety and replacing
it with the following:
"You may choose among 26 variable investment options and a range of
fixed options."
2. The list of the available investing options appearing in Section 4,
"Allocation Options," of the Profile and on the cover page of the Prospectus is
hereby supplemented by the addition of the Strategic Growth Series.
3. The summary expense chart appearing in Section 5, "Expenses," of the
Profile is hereby supplemented as follows:
<TABLE>
<CAPTION>
EXAMPLES:
TOTAL ANNUAL TOTAL ANNUAL TOTAL TOTAL EXPENSES
INSURANCE FUND ANNUAL AT END
SUB-ACCOUNT CHARGES EXPENSES EXPENSES 1 YEAR 10 YEARS
- ------------ --------- -------- -------- ------ -------
<S> <C> <C> <C> <C> <C>
Strategic Growth Series 1.50% 1.00% 2.50% $81 $284
</TABLE>
4. The "Underlying Fund Annual Expenses" table and the footnotes thereto
appearing on page 5 of the Prospectus are hereby supplemented as follows:
<TABLE>
<CAPTION>
OTHER TOTAL FUND
MANAGEMENT EXPENSES(2) EXPENSES(2)
FUND FEES (AFTER REIMBURSEMENT) (AFTER REIMBURSEMENT)
- ---- ---------- --------------------- ---------------------
<S> <C> <C> <C>
Strategic Growth Series(3) 0.75% 0.25% 1.00%
</TABLE>
<PAGE>
(3) MFS has agreed to bear the Fund's expenses such that "Other
Expenses," after taking into account the expense offset
arrangement described in Footnote (2), above, will not exceed
0.25% annually. This arrangement will continue until at least
May 1, 2001, unless changed with the consent of the Series
Fund's Board of Directors; provided however, that this
arrangement will terminate prior to May 1, 2001, in the event
that the Fund's "Other Expenses" equal or fall below 0.25%
annually. Without taking into account this fee waiver and/or
expense reimbursement, the Fund's "Other Expenses" and "Total
Fund Expenses" would be estimated to be 3.26% and 4.01%,
respectively.
4. The "Examples" presented on page 6 of the Prospectus are supplemented
as follows:
If you surrender your Contract at the end of the applicable time period,
you would pay the following expenses on a $1,000 investment, assuming an average
Contract size of $30,000 and a 5% annual return:
1 YEAR 3 YEAR 5 YEAR 10 YEARS
------ ------ ------ --------
Strategic Growth Series $81 $117 $158 $284
If you do NOT surrender your Contract, or if you annuitize at the end of
the applicable time period, you would pay the following expenses on a $1,000
investment, assuming an average Contract size of $30,000 and a 5% annual
return:
1 YEAR 3 YEAR 5 YEAR 10 YEARS
------ ------ ------ --------
Strategic Growth Series $25 $78 $133 $284
5. The "Variable Account Options: The Funds" section beginning on page 8 of
the Prospectus, is supplemented as follows:
"STRATEGIC GROWTH SERIES will seek capital appreciation."
THIS SUPPLEMENT IS NOT VALID UNLESS ACCOMPANIED OR PRECEDED BY THE CURRENT
PROSPECTUS OF REGATTA GOLD - NY VARIABLE AND FIXED ANNUITY, DATED APRIL 17,
2000, AND THE CURRENT PROSPECTUS OF THE MFS/SUN LIFE SERIES TRUST. THIS
SUPPLEMENT AND THE PROSPECTUSES SHOULD BE READ AND RETAINED FOR FURTHER
REFERENCE.
NYGOLDSUPP 5/00
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