SEPARATE ACCOUNT VA-5NLNY OF FIRST TRANSAMERICA LIFE INSURAN
N-30D, 1999-03-08
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March 8, 1999


Securities and Exchange Commission
450 Fifth Street, N. W.
Washington, D.C. 20549

Re:      Transamerica Life Insurance Company of New York and Transamerica
         Life Separate Account VA-5NLNY (File No. 33-71748)

Dear Commissioner:

On behalf of Transamerica  Life Insurance  Company of New York and  Transamerica
Life Separate Account VA-5NLNY ("separate  account"),  incorporated by reference
are the annual  reports for the  underlying  funds of the  separate  account for
filing with the  Securities  and  Exchange  Commission,  pursuant to Rule 30b2-1
under the  Investment  Company  Act of 1940  ("Act").  The funds are as follows:
American Century VP Capital  Appreciation,  Federated  American Leaders Fund II,
Federated Fund For U.S. Government Securities II, INVESCO VIF - High Yield Fund,
INVESCO VIF -  Industrial  Income Fund,  INVESCO VIF - Total Return Fund,  Janus
Aspen Growth  Portfolio,  Lexington  Emerging Markets Fund,  Schwab Money Market
Portfolio,  SteinRoe Special Venture Fund,  Variable Series and Strong Discovery
Fund II. 

These annual reports are for the period ending  December 31, 1998, and have been
transmitted to contract holders in accordance with Rule 30d-2 under the Act.

If you have any questions regarding this filing,  please contact the undersigned
at (213) 742-3126.

Very truly yours,



Susan Vivino
Paralegal

cc:      R. Fink, Esq.

Enclosure


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<CAPTION>


- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
       Entity                       Fund                  File No.     Date Filed        Accession No.         CIK No.
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
<S>                   <C>                              <C>              <C>        <C>                         <C>
American Century  VP   Capital Appreciation               811-5188       2/23/99    0000814680-99-000002        814680
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
Federated Insurance    Federated American Leaders         811-8042       2/26/99    0000912577-99-000005        912577
Series                 Fund II/ Federated Fund for
                       U.S. Government Securities II
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
INVESCO VIF            High Yield/Industrial Income       811-08038      2/19/99    0000912744-99-000003        912744
                       /Total Return
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
Janus Aspen Series     Growth                             811-07736      2/26/99    0001012709-99-000114        906185
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
Lexington Emerging     Lexington Emerging Markets Fund    811-8250       3/1/99     0000201196-99-000039        916764
Markets Fund, Inc.
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
Schwab Annuity         Schwab Money Market                811-08314      2/26/99    0000935069-99-000029        918266
Portfolios
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
SteinRoe Variable      Stein Roe Special Venture          811-05199      2/26/99    0000891804-99-000362        815425
Investment Trust       Fund, Variable Series
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------
Strong Discovery       Strong Discovery Fund II           811-6553       3/4/99     0000914231-99-000012        883644
Fund II, Inc.
- ---------------------- -------------------------------- -------------- ------------ ------------------------- -----------



</TABLE>


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