SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number: 333-75938, 333-19123, 333-47527, 333-52358, 2-76642
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RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
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(Exact name of registrant as specified in its charter)
New York 53-0242530
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(State or other jurisdiction of (IRS employer identification no.)
incorporation or organization)
1000 Woodbury Road, Suite 102, Woodbury, NY 11797
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (516) 682-8700
------------------------------
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Former name, former address and formal fiscal year,
if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
250,000 shares of Common Stock as of August 12, 2002
NOTE: WHEREAS RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK MEETS THE CONDITIONS
SET FORTH IN GENERAL INSTRUCTION H (1)(a) AND (b) OF FORM 10Q, THIS FORM IS
BEING FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION
H(2).
Exhibit index - Page 14 Page 1 of 16
Reliastar Life Insurance Company of New York
(A wholly-owned subsidiary of Security Connecticut Life Insurance Company)
TABLE OF CONTENTS
PAGE
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PART I. FINANCIAL INFORMATION (UNAUDITED)
Item 1. Financial Statements:
Condensed Statements of Income......................................................... 3
Condensed Balance Sheets............................................................... 5
Condensed Statements of Cash Flows..................................................... 6
Notes to Condensed Financial Statements................................................ 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation...... 8
PART II. OTHER INFORMATION
Item 5. Other Information......................................................................... 12
Item 6. Exhibits and Reports on Form 8-K.......................................................... 12
Signature .......................................................................................... 13
2
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Person for whom the Financial Information is given: Reliastar Life Insurance Company of New York
Condensed Statements of Income (Unaudited):
For the Three For the Three
Months Ended Months Ended
June 30, 2002 June 30, 2001
-------------------------------------------------------
(DOLLARS IN MILLIONS)
REVENUES:
Premiums $19.1 $13.1
Net investment income 38.4 34.8
Net realized capital (losses)gains (2.2) 5.3
Contract and other charges assessed against
policyholders 23.2 22.5
Other income 3.5 1.5
-------------------------------------------------------
TOTAL REVENUE 82.0 77.2
BENEFITS AND EXPENSES:
Interest credited and other benefits
to policyholders 45.1 35.9
General expenses 4.7 16.7
Commissions 2.3 6.1
Amortization:
Deferred policy acquisition cost (DAC) 0.2 1.0
Value of business acquired (VOBA) (0.5) 6.8
Dividends and experience refunds
to policyholders (0.1) (0.9)
-------------------------------------------------------
TOTAL BENEFITS AND EXPENSES 51.7 65.6
-------------------------------------------------------
Income before income taxes 30.3 11.6
Income taxes 10.6 6.0
-------------------------------------------------------
Net income $19.7 $5.6
=======================================================
See notes to condensed financial statements.
3
Person for whom the Financial Information is given: Reliastar Life Insurance Company of New York
Condensed Statements of Income (Unaudited):
For the Six For the Six
Months Ended Months Ended
June 30, 2002 June 30, 2001
-------------------------------------------------------
(DOLLARS IN MILLIONS)
REVENUES:
Premiums $33.4 $26.0
Net investment income 67.2 73.3
Net realized capital (losses) gains (8.1) 7.1
Contract and other charges assessed
against policyholders 47.1 44.2
Other income 5.5 4.6
-------------------------------------------------------
TOTAL REVENUE 145.1 155.2
BENEFITS AND EXPENSES:
Interest credited and other benefits
to policyholders 84.0 78.6
General expenses 19.2 35.7
Commissions 3.3 5.5
Deferred policy acquisition cost (DAC) 1.5 1.5
Value of business acquired (VOBA) 7.3 14.4
Dividends and experience refunds
to policyholders 1.2 0.4
-------------------------------------------------------
TOTAL BENEFITS AND EXPENSES 116.5 136.1
-------------------------------------------------------
Income before income taxes 28.6 19.1
Income taxes 9.8 10.6
-------------------------------------------------------
Net income $18.8 $8.5
=======================================================
See notes to condensed financial statements.
4
Person for whom the Financial Information is given: Reliastar Life Insurance Company of New York
Condensed Balance Sheets:
June 30, 2002
(Unaudited ) December 31, 2001
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ASSETS (DOLLARS IN MILLIONS,)
INVESTMENTS:
Fixed maturities, available for sale, at fair value
(cost: 2002 - $1,577.6; 2001 - $1,455.4) $1,638.6 $1,500.1
Equity securities, available for sale, at fair value
(cost: 2002 - $4.4; 2001 - $3.6) 4.5 3.5
Mortgage loans on real estate 258.3 265.5
Real estate - 0.3
Policy loans 85.1 85.0
Other investments 8.5 6.5
Short-term investments 107.2 20.5
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TOTAL INVESTMENTS 2,102.2 1,881.4
------------------------------------------------
Cash and cash equivalents (1.7) (17.5)
Accounts and notes receivable 31.3 7.7
Reinsurance receivable 56.3 51.6
Deferred policy acquistion cost (DPAC) 50.3 26.0
Value of business acquired (VOBA) 65.2 64.7
Due from affililates - 47.1
Other assets 2.4 3.5
Accrued investment income 22.4 21.9
Goodwill (Net of accumulated amortization: 2002 and 2001 $31.3) 864.9 864.9
Income taxes 19.1 46.7
Separate account assets 451.5 489.9
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TOTAL ASSETS $3,663.9 $3,487.9
================================================
LIABILITIES AND STOCKHOLDERS EQUITY
LIABILITIES:
Contractholder funds $1,566.3 $1,550.5
Future policy benefits and claims reserves 43.0 40.7
Other policyholder funds 20.4 18.2
Due to affiliates 0.9 -
Borrowed money 177.6 90.5
Other liabilities 135.3 87.9
Separate account liabilities 449.1 487.4
------------------------------------------------
TOTAL LIABILITIES 2,392.6 2,275.2
COMMITMENTS AND CONTINGENCIES
STOCKHOLDER'S EQUITY:
Common stock 2.8 2.8
Additional paid-in capital 1,222.6 1,194.6
Accumulated other comprehensive income 22.1 6.5
Retained earnings 23.8 8.8
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TOTAL STOCKHOLDER'S EQUITY 1,271.3 1,212.7
------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $3,663.9 $3,487.9
================================================
See notes to condensed financial statements.
5
Person for whom the Financial Information is given: Reliastar Life Insurance Company of New York
Condensed Statements of Cash Flows (Unaudited):
For the Six For the Six
Months Ended Months Ended
June 30, 2002 June 30, 2001
-------------------------------------------------
(DOLLARS IN MILLIONS)
NET CASH PROVIDED BY OPERATING ACTIVITIES 112.3 27.1
-------------------------------------------------
INVESTING ACTIVITIES
Proceeds from the sale of:
Fixed maturities - available for sale 856.8 604.0
Equity securities (1.3) 0.8
Investment maturities and collections of:
Fixed maturities - available for sale 17.5 58.0
Mortgage loans on real estate 7.2 6.2
Acquisition of investments:
Fixed maturities - available for sale (980.1) (707.3)
Other Investments - net (2.2) (1.6)
Short-term investments - net (86.6) (17.9)
-------------------------------------------------
Net cash used in investing activities (188.7) (57.8)
FINANCING ACTIVITIES
Deposits to insurance contracts 75.2 75.2
Maturities and withdrawals from insurance contracts (68.7) (87.2)
Increase in borrowed money 87.1 93.5
Cash acquired in acquisition of First Golden 5.8 -
Dividends to shareholders (7.2) (3.0)
-------------------------------------------------
Net cash provided by financing activities 92.2 78.5
Net increase in cash and cash equivalents 15.8 47.8
Cash and cash equivalents at beginning of period (17.5) (2.1)
-------------------------------------------------
Cash and cash equivalents at end of period $(1.7) $45.7
=================================================
See notes to condensed financial statements.
6
RELIASTAR LIFE OF NEW YORK
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 -- BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been prepared in
accordance with accounting principles generally accepted in the United States
for interim financial information and the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly, the financial statements do not include all
of the information and footnotes required by accounting principles generally
accepted in the United States for complete financial statements. In the opinion
of management, all adjustments considered necessary for a fair presentation have
been included. All adjustments were of a normal recurring nature, unless
otherwise noted in the Condensed Notes to Financial Statements. Operating
results for the six months ended June 30, 2002 are not necessarily indicative of
the results that may be expected for the year ending December 31, 2002.
These financial statements should be read in conjunction with the financial
statements and related footnotes included in the Reliastar Life Insurance
Company of New York's ("The Company" or RLNY) annual report on Form S-1 for the
year ended December 31, 2001.
CONSOLIDATION
As of April 1, 2002, First Golden American Life Insurance Company of New York
("First Golden"), an affiliated entity, was acquired by Reliastar Life who
contributed First Golden to Reliastar Life Insurance Company of New York. First
Golden was dissolved into RLNY on April 1, 2002. First Golden's results of
operations are included for the six months ended June 30, 2002. The 2001 results
of operations for First Golden are not material.
STATUTORY
Net income for RLNY as determined in accordance with statutory accounting
practices was $ 9.8 million and $14.4 million for the six months ended June 30,
2002 and 2001, respectively. Total statutory capital and surplus was $ 246.8
million at June 30, 2002 and $249.6 million at December 31, 2001.
RECLASSIFICATION
Certain reclassifications have been made to the 2001 information to conform to
the 2002 financial statement presentation.
NOTE 2 -- NEW ACCOUNTING STANDARD:
ACCOUNTING FOR GOODWILL AND OTHER INTANGIBLE ASSETS
In June 2001, the Financial Accounting Standards Board ("FASB") issued Financial
Accounting Standard ("FAS") No. 142, Accounting for Goodwill and Intangible
Assets effective for fiscal years beginning after December 15, 2001. Under the
new statement, goodwill and intangible assets deemed to have indefinite lives
are no longer amortized but are subject to annual impairment tests in accordance
with the new statement. Other intangible assets continue to be amortized over
their useful lives.
The Company adopted the new statement effective January 1, 2002. Application of
the nonamortization provisions of the new statement resulted in an increase in
net income of $ 5.6 million and $ 11.3 million for the three and six months
ended June 30, 2002, respectively. The Company performed the first of the
required impairment tests for goodwill as of January 1, 2002. The results
indicate that an impairment of goodwill exist. The required steps for measuring
the amount of any impairment will be completed and the resulting impairment loss
will be recorded as a change in accounting principle prior to December 31, 2002.
The impairment loss recorded will be the difference between the carrying amount
and the estimated fair value of goodwill.
7
RELIASTAR LIFE OF NEW YORK
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
NOTE 2 -- NEW ACCOUNTING STANDARD (CONTINUED):
Had the Company been accounting for its goodwill under FAS 142 for all periods
presented, the Company's net income for the three and six months ended June 30,
2001 would have been as follows:
Three months ended Six months ended
(Millions) June 30, 2001 June 30, 2001
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Reported net income $ 5.6 $ 8.5
Add back goodwill amortization 5.6 11.3
---------------------------------------------------
Adjusted net income $ 11.2 $ 19.8
===============================================================================================
NOTE 3 - COMPREHENSIVE INCOME
The year to date comprehensive income as of June 30, 2002 and June 30, 2001, was
$22.1 million and $17.2 million, respectively. Comprehensive income for second
quarter 2002 and 2001 was $14.7 million and $(4.7) million, respectively.
NOTE 4 -- MERGER OF FIRST GOLDEN INTO THE COMPANY
On April 1, 2002, ReliaStar Life Insurance Company ("ReliaStar") acquired First
Golden, an affiliated entity for a purchase price consideration of $27.7 million
in cash and $.2 million in receivables. The purchase price consideration was
based on First Golden's statutory-basis book value. ReliaStar Life contributed
First Golden to Security-Conneticut Life Insurance Company
(Security-Connecticut), a wholly owned subsidiary of ReliaStar Life.
Security-Connecticut contributed First Golden to RLNY and First Golden was
dissolved into RLNY. The contribution of First Golden to RLNY was recorded as an
increase to stockholder's equity of $31.4 million. Approval for the transcation
was obtained from the Insurance Departments of the States of New York and
Delaware.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
The purpose of this section is to discuss and analyze the Reliastar Life
Insurance Company of New York's ("RLNY") condensed results of operations. In
addition, some analysis and information regarding financial condition and
liquidity and capital resources has also been provided. This analysis should be
read jointly with the condensed financial statements, the related notes, and the
Cautionary Statement Regarding Forward-Looking Statements, which appear
elsewhere in this report.
RLNY is a wholly owned subsidiary of Security-Connecticut Life, a Minnesota
domiciled insurance company. ReliaStar Life is a wholly owned subsidiary of
ReliaStar Financial Corp. ("ReliaStar"), a holding and management company
domiciled in Delaware. ING America Insurance Holdings Inc. ("ING AIH") wholly
owns ReliaStar. ReliaStar's ultimate parent is ING Groep, N.V. (ING), a global
financial services company based in Amsterdam, Netherlands. ING acquired
ReliaStar on September 1, 2000.
CRITICAL ACCOUNTING POLICIES. The preparation of financial statements in
conformity with accounting principles generally accepted in the United States
requires the use of estimates and assumptions in certain circumstances that
affect amounts reported in the accompanying condensed financial statements and
related footnotes. These estimates and assumptions are evaluated on an on-going
basis based on historical developments, market conditions, industry trends and
other information that is reasonable under the circumstances. There can be no
assurance that actual results will conform to estimates and assumptions, and
that reported results of operations will not be materially adversely affected by
the need to make accounting adjustments to reflect changes in these estimates
and assumptions from time to time. There have been no material changes to that
information during the second quarter of 2002.
8
RELIASTAR LIFE OF NEW YORK
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (CONTINUED)
Net income for the six months ended June 30, 2002 compared to June 30, 2001
increased $10.3 million as a result of premium growth and reduced expenses
partially offest by decreased net investment income and capital losses.
Net income for the three months ended June 30, 2002 compared to June 30, 2001
increased $14.1 million as a result of premium growth and expense improvement
partially offset by an increase in captital losses.
PREMIUMS. New sales increased by 10% for the six months ended June 30, 2002 from
June 30, 2001. In addition, First Golden is contributing $2.1 million to RLNY's
June 30, 2002 premium results compared to $0 in 2001. Premiums for the three
month period ending June 30, 2002 compared to June 30, 2001 also improved
significantly.
For the Company's contracts, approximately 67% of the premiums collected are not
reported as revenues, but as deposits to insurance liabilities. The remaining
contracts are traditional life, group and annuity premiums. Life insurance
premiums and immediate annuity premiums are recognized as premium revenue when
due. Group insurance premiums are recognized as premium revenue over the period
to which the premiums relate.
EXPENSES. The Company reported total insurance benefits and expenses of $116.5
million for the six months ended June 30, 2002, and $136.1 million for the six
months ended June 30, 2001. Insurance benefits and expenses consist of benefits
to policyholders, reinsurance recoveries, increase in liabilities for future
policy and contract benefits, net transfers to separate accounts, sales and
operating expenses, and amortization of goodwill and present value of future
profits. Insurance benefits and expenses decreased $19.6 million in 2002
primarily as a result of the nonamortization provision of goodwill for FASB 142
in the amount of $11.3 million. Service charge allocations decreased in 2002 by
$4.0 million due to streamlining operations and eliminating duplication of
services.
The amortization of VOBA decreased $5.3 million for the six months ended June
30, 2002 compared to the six months ended June 30, 2001 as a result of realized
losses in 2002.
Benefits and expenses for the three month period ending June 30, 2002 compared
to 2001 included similar improvements due to goodwill nonamortization, reduced
VOBA amortization and operating expenses.
FINANCIAL CONDITION
- -------------------
INVESTMENTS
RATINGS. Currently, the Company's ratings are A+ by A.M. Best Company, AA+ by
Fitch, Inc., and AA+ by Standard & Poor's Rating Services ("Standard & Poor's").
INVESTMENTS. The Company's assets are invested in accordance with applicable
laws. These laws govern the nature and the quality of investments that may be
made by life insurance companies and the percentage of their assets that may be
committed to any particular type of investment. In general, these laws permit
investments, within specified limits subject to certain qualifications, in
federal, state, and municipal obligations, corporate bonds, preferred or common
stocks, real estate mortgages, real estate, and certain other investments.
9
RELIASTAR LIFE OF NEW YORK
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (CONTINUED).
FINANCIAL CONDITION (CONTINUED).
The Company purchases investments in accordance with investment guidelines that
take into account investment quality, liquidity, and diversification and invests
primarily in investment grade securities. All of the Company's assets except for
variable separate account assets are available to meet its obligations under the
contracts. All of the Company's investments are carried at fair value (or
amortized cost which approximate fair value) in the Company's financial
statements.
FIXED MATURITIES: At June 30, 2002, the Company had fixed maturities with an
amortized cost of $1,577.6 million and an estimated fair value of $1,638.6
million. The Company classifies 100% of its securities as available for sale.
Net unrealized appreciation on fixed maturities of $61.0 million was comprised
of gross appreciation of $72.7 million and gross depreciation $11.7 million.
The individual securities in the Company's fixed maturities portfolio (at
amortized cost) at June 30, 2002 include investment grade securities, which
include securities issued by the U. S. government, its agencies, and
corporations that are rated at least A- by Standard & Poor's ($932.7 millions or
59.1%), that are rated BBB+ to BBB- by Standard & Poor's ($306.9 million or
19.0%), and securities issued by corporations that are rated BB+ to B- by
Standard & Poor's ($79.2 million or 5.0%). Securities not rated by Standard &
Poor's had a National Association of Insurance Commissioners ("NAIC") rating of
1 ($119.3 million or 8.8%). The remaining classes of bonds were $139.5 million
or 8.5% of the total bond portfolio.
Fixed maturities rated BBB+ to BBB- may have speculative characteristics and
changes in economic conditions or other circumstances are more likely to lead to
a weakened capacity of the issuer to make principal and interest payments than
is the case with higher rated fixed maturities.
The Company estimates the fair value of its below investment grade portfolio was
$107.1 million, or 6.5% of the overall investment portfolio's fair value, at
June 30, 2002. The Company intends to purchase additional below investment grade
securities, but it does not expect the percentage of its portfolio invested in
such securities to exceed 10% of its investment portfolio. At June 30, 2002, the
yield at amortized cost on the Company's below investment grade portfolio was
9.2% compared to 7.3% for the Company's investment grade corporate bond
portfolio.
Below investment grade securities have different characteristics than investment
grade corporate debt securities. Risk of loss upon default by the borrower is
significantly greater with respect to below investment grade securities than
with other corporate debt securities. Below investment grade securities are
generally unsecured and are often subordinated to other creditors of the issuer.
Also, issuers of below investment grade securities usually have higher levels of
debt and are more sensitive to adverse economic conditions, such as a recession
or increasing interest rates, than are issuers of investment grade securities.
The Company attempts to reduce the overall risk in its below investment grade
portfolio, as in all of its investments, through careful credit analysis, strict
investment policy guidelines, and diversification by company and by industry.
The Company analyzes its investment portfolio, including below investment grade
securities, at least quarterly in order to determine if the Company's ability to
realize the carrying value on any investment has been impaired. For debt
securities, if impairment in value is determined to be other than temporary
(i.e., if it is probable the Company will be unable to collect all amounts due
according to the contractual terms of the security), the cost basis of the
impaired security is written down to fair value, which becomes the new cost
basis. The amount of the write-down is included in earnings as a realized loss.
Future events may occur, or additional or updated information may be received,
which may necessitate future write-downs of securities in the Company's
portfolio. Significant write-downs in the carrying value of investments could
materially adversely affect the Company's net income in future periods. As of
June 30, 2002, RLNY experienced $2.9 million of impairments in its bond
portfolio.
10
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS (CONTINUED).
Year to date 2002, fixed maturities designated as available for sale with a
combined amortized cost of $2.8 billion were sold, called, or repaid by their
issuers. In total, net pre-tax losses from the sales, calls and repayments of
fixed maturities amounted to $8.8 million year to date 2002.
OTHER ASSETS. Deferred policy acquisition costs ("DPAC") were $50.3 million as
of June 30, 2002, and $26.0 million as of December 31, 2001. The 2002 year to
date balance increased over the 2001 year end by 93%. The increase is due to the
merger of First Golden ($4.2 million) and $16.4 million of captialized expenses.
Short-term investments increased by approximately $86.7 million due to the
timing of permanent investment purchases. The short term investments are used
until such longer duration investments are purchased.
Amounts due (to) from affiliates were $(0.9) million during the first six months
of 2002 and $47.1 million at December 31, 2001. This is mainly due to the cash
settlement of an intercompany receivable totaling $47.6 million.
SEPARATE ACCOUNT LIABILITIES. At June 30, 2002, the Company had $449.1 million
of separate account liabilities. This compares with $487.4 million as of
December 31, 2001. Separate account liabilities have decreased because the
market value of the investments have decreased as a result of losses in the
stock market.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
- ---------------------------------------------------------
Any forward-looking statement contained herein or in any other oral or written
statement by the Companies or any of their officers, directors, or employees is
qualified by the fact that actual results of the Companies may differ materially
from such statement, among other risks and uncertainties inherent in the
Companies' business, due to the following important factors:
1. Prevailing interest rate levels and stock market performance, which may
affect the ability of the Companies to sell their products, the market
value and liquidity of the Companies' investments, fee revenue, and the
lapse rate of the Companies' policies, notwithstanding product design
features intended to enhance persistency of the Companies' products.
2. Changes in the federal income tax laws and regulations, which may affect
the tax status of the Companies' products.
3. Changes in the regulation of financial services, including bank sales and
underwriting of insurance products, which may affect the competitive
environment for the Companies' products.
4. Increasing competition in the sale of the Companies' products.
5. Other factors that could affect the performance of the Companies,
including, but not limited to, market conduct claims, litigation, insurance
industry insolvencies, availability of competitive reinsurance on new
business, investment performance of the underlying portfolios of the
variable products, variable product design, and sales volume by significant
sellers of the Companies' variable products.
11
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION.
PRODUCTS
The Companies offer a portfolio of variable and fixed insurance products
designed to meet customer needs for tax-advantaged saving for retirement and
protection from death. The Companies believe longer life expectancies, an aging
population, and growing concern over the stability and availability of the
Social Security system have made retirement planning a priority for many
Americans. The target market for all products is consumers and corporations
throughout the United States.
Variable and fixed insurance products currently offered by the Companies include
three variable annuity products and two fixed annuity products. During the year
2002, First Golden began selling two fixed insurance products, FGA New York Flex
and FGA New York Multi Year Guarantee Annuity.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
A list of exhibits included as part of this report is set forth in the Exhibit
Index which immediately precedes such exhibits and is hereby incorporated by
reference herein.
(b) Reports on Form 8-K
None
12
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DATE: August 12, 2002 RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
By/s/ Chris D. Schreier
--------------------------------------
Chris D. Schreier
Chief Financial Officer and Director
(Principal Financial Officer)
By/s/ Cheryl Price
--------------------------------------
Cheryl Price
Chief Accounting Officer
(Principal Accounting Officer)
13
INDEX
Exhibits to Form 10-Q
Six months ended June 30, 2002
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
Page Number
-----------
EXHIBITS.
1. Underwriting Agreement Between ReliaStar Life Insurance
Company of New York and Directed Services, Inc.............................................. ______
3. (a) Articles of Incorporation of ReliaStar Life Insurance Company of New York................... ______
(b) By-laws of ReliaStar Life Insurance Company of New York..................................... ______
(c) Resolution of Board of Directors for Powers of Attorney..................................... ______
4. (a) Individual Deferred Combination Variable and Fixed Annuity Contract......................... ______
(b) Deferred Combination Variable and Fixed Annuity Group Master Contract....................... ______
(c) Individual Retirement Annuity Rider Page.................................................... ______
(d) Schedule Page to the DVA Plus NY Contract featuring The Galaxy VIP Fund..................... ______
(e) Section 72 Rider............................................................................ ______
(f) Change of Name Endorsement.................................................................. ______
(g) Deferred Combination Variable and Fixed Annuity Certificate (Group)......................... ______
(h) Section 72 Rider (Group).................................................................... ______
(i) Individual Retirement Annuity Rider (Group)................................................. ______
(j) Simple Individual Retirement Annuity Rider (Group).......................................... ______
(k) 403(b) Rider (Group)........................................................................ ______
(l) Roth Individual Retirement Annuity Rider (Group)............................................ ______
(m) Deferred Combination Variable and Fixed Annuity Contract (Individual)....................... ______
(n) Section 72 Rider (Individual)............................................................... ______
(o) Individual Retirement Annuity Rider (Individual)............................................ ______
(p) Simple Individual Retirement Annuity Rider (Individual)..................................... ______
14
INDEX
Exhibits to Form 10-Q
Six months ended June 30, 2002
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
Page Number
-----------
(q) 403(b) Rider (Individual)................................................................... ______
(r) Roth Individual Retirement Annuity Rider (Individual)....................................... ______
(s) Individual Deferred Combination Variable and Fixed Annuity Application (Old)................ ______
(t) Individual Deferred Combination Variable and Fixed Annuity Application (PE)................. ______
(u) Individual Deferred Combination Variable and Fixed Annuity Application (New)................ ______
(v) Enrollment Form............................................................................. ______
5. Opinion and Consent of Linda E. Senker, Esquire............................................. ______
10. (a) Form of Services Agreement between Directed Services, Inc
and ReliaStar Life Insurance Company of New York............................................ ______
(b) Form of Administrative Services Agreement between ReliaStar Life Insurance
Company of New York and Golden American Life Insurance Company.............................. ______
(c) Form of Administrative Services Agreement between ReliaStar Life Insurance
Company of New York and Equitable Life Insurance Company of Iowa............................ ______
(d) Form of Custodial Agreement between Registrant and The Bank of New York.................... ______
(e) Form of Participation Agreement between ReliaStar Life Insurance
Company of New York and the Travelers Series Fund Inc....................................... ______
(f) Form of Participation Agreement between ReliaStar Life Insurance
Company of New York and the Greenwich Street Series......................................... ______
(g) Form of Participation Agreement between ReliaStar Life Insurance
Company of New York and the Smith Barney Concert Allocation Series Inc...................... ______
(h) Form of Participation Agreement between ReliaStar Life Insurance
Company of New York and PIMCO Variable Insurance Trust...................................... ______
(i) Form of Asset Management Agreement between ReliaStar Life
Insurance Company of New York and ING Investment Management LLC............................. ______
(j) Form of Participation Agreement between ReliaStar Life Insurance
Company of New York and The Galaxy VIP Fund................................................. ______
15
INDEX
Exhibits to Form 10-Q
Six months ended June 30, 2002
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
Page Number
-----------
(k) Form of Participation Agreement between ReliaStar Life Insurance
Company of New York and the ING Variable Insurance Trust.................................... ______
(l) Form of Participation Agreement between ReliaStar Life Insurance
Company of New York and ING Variable Products Trust......................................... ______
(m) Form of Participation Agreement between ReliaStar Life Insurance
Company of New York and the Prudential Series Fund, Inc..................................... ______
(n) Form of Amended Schedule Page to the Participation Agreement
between ReliaStar Life Insurance Company of New York and Prudential Series Fund, Inc....... ______
(o) Form of Participation Agreement between ReliaStar Life
Insurance Company of New York and ProFund Advisors LLC...................................... ______
(p) Form of Reinsurance Agreement ReliaStar Life Insurance Company
of New York and London Life Reinsurance Company of Pennsylvania............................. ______
23. (a) Consent of Ernst & Young LLP, Independent Auditors.......................................... ______
(b) Consent of Deloitte & Touche LLP, Independent Auditors...................................... ______
(c) Consent of Linda E. Senker, Esquire incorporated in Item 5 of
this Part II, together with the Opinion of Linda E. Senker.................................. ______
24. Powers of Attorney.......................................................................... ______
16