SUPPLEMENT DATED NOVEMBER 24, 2008
 TO THE VARIABLE ANNUITY PROSPECTUS DATED MAY 1, 2008 AS SUPPLEMENTED
                            SEPTEMBER 22, 2008, OF:

                           ALLIANZ REWARDS{trademark}
                          ALLIANZ ALTERITY{trademark}
                       ALLIANZ HIGH FIVE{trademark} BONUS
                         ALLIANZ HIGH FIVE{trademark} L
                         ALLIANZ HIGH FIVE{trademark}
    VALUEMARK {reg-trade-mark} II & III AND VALUEMARK{reg-trade-mark} IV
                     ALLIANZ ADVANTAGE{trademark} NEW YORK
                    ALLIANZ OPPORTUNITY{trademark} NEW YORK
                     ALLIANZ CHARTER{trademark} II NEW YORK
                     ALLIANZ HIGH FIVE{trademark} NEW YORK
                                      AND
 ALLIANZ CONNECTIONS[SM] DATED JULY 17, 2008, AS SUPPLEMENTED SEPTEMBER 5, 2008
   ALLIANZ VISION[SM]DATED JULY 17, 2008, AS SUPPLEMENTED SEPTEMBER 5, 2008
 ALLIANZ VISION[SM] NEW YORK DATED AUGUST 7, 2008, AS SUPPLEMENTED SEPTEMBER 5,
                                      2008
                                   ISSUED BY
   ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA OR ALLIANZ LIFE INSURANCE
                              COMPANY OF NEW YORK
  AND ALLIANZ LIFE VARIABLE ACCOUNT B OR ALLIANZ LIFE OF NY VARIABLE ACCOUNT C

  This supplement updates certain information contained in the prospectus and
  should be attached to the prospectus and retained for future reference. The
 Investment Options mentioned below may not be offered through all of the above
                         referenced variable products.

   This supplement also updates information applicable to certain additional
  contracts and policies issued by Allianz Life Insurance Company that are not
            referenced above, which are no longer offered for sale.

1.  NOTICE OF EFFECTED SUBSTITUTION

Effective November 24, 2008, shares of the following AZL Investment Option were
substituted for all shares of the following VIT Investment Option owned through
variable insurance products issued by Allianz Life Insurance Company of North
America or Allianz Life Insurance Company of New York (known collectively as
"Allianz Life Insurance Company"). There was no fee charged for the
substitutions. In addition, the substitutions will not count toward any limit on
free transfers.

<TABLE>
<CAPTION>
        AZL REPLACEMENT INVESTMENT OPTIONS          SHARE CLASS(ES)       VIT REPLACED INVESTMENT OPTIONS        SHARE CLASS(ES)
                   (SUBADVISER)                                                 (ADVISER/SUBADVISER)
<S>                                                 <C>             <C>                                           <C>
AZL Schroder Emerging Markets Equity Fund           Class 1         Templeton Developing Markets Securities Fund  Class 1
(Schroder Investment Management North America Inc.)  Class 2       (Templeton Asset Management, Ltd.)             Class 2
</TABLE>

If you have not already transferred the Contract Value attributable to the
Templeton Developing Markets Securities Fund to another Investment Option(s)
prior to the date of the Substitution, you are permitted a free transfer right
out of the AZL Replacement Investment Option for 30 days after the Substitution.
In exercising your free transfer right, if you choose, you can divide the
applicable Contract Value, transferring part to one Investment Option and part
to other Investment Options, subject to any Contract limitations on minimum
investment in a particular Investment Option. Your free transfer will not count
as one of the limited number of transfers permitted in a year free of charge,
and Allianz Life Insurance Company will not impose any additional transfer
restrictions on this transfer. If you have already exercised your free transfer,
any transfer you make will count toward any limitations on free transfers.

You should already have received a current prospectus for the AZL Replacement
Investment Option. However, if you have not already received a current
prospectus, you can obtain copies of the prospectus for the Replacement
Investment Options or for any of the other Investment Options available under
your Contract, free of charge, by calling our Service Center toll-free at (800)
624-0197.

2.  EFFECTIVE NOVEMBER 24, 2008, THE ACQUIRED FUNDS MENTIONED BELOW MERGED INTO
    THE CORRESPONDING ACQUIRING FUND AS SHOWN IN THE FOLLOWING TABLE:

<TABLE>
<CAPTION>
                ACQUIRED FUNDS                                ACQUIRING FUNDS
<S>                                             <C>
AZL{reg-trade-mark}LMP Large Cap Growth Fund AZL{reg-trade-mark}Legg Mason Growth Fund
AZL{reg-trade-mark}OCC Value Fund            AZL{reg-trade-mark}Davis NY Venture Fund
</TABLE>

                                                     PRO-003-0508    Page 1 of 2
<PAGE>

 At the Special Meeting of Shareholders held on November 20, 2008 shareholders
 of each of the Acquired Funds in the preceding table approved an Agreement and
 Plan of Reorganization (the "Plan") between each Acquired Fund and its
 corresponding Acquiring Fund. Each of the Acquired Funds and the Acquiring
 Funds is a series of the Allianz Variable Insurance Products Trust.

 Under the Plan, effective November 24, 2008, a "Reorganization" was completed
 whereby each Acquiring Fund has acquired all of the assets and assumed all of
 the liabilities of its corresponding Acquired Fund in exchange for shares of
 the Acquiring Fund. Shares of each Acquiring Fund have been distributed
 proportionately to the shareholders of the corresponding Acquired Fund in
 complete liquidation of the Acquired Fund and the assumption of the Acquired
 Fund's liabilities.

 As a result of the Reorganizations, all information and references to the
 Acquired Funds are hereby deleted from the prospectus. Not all of the
 Investment Options mentioned above are offered through all of our variable
 products.

3.  a) EFFECTIVE NOVEMBER 24, 2008, BLACKROCK ADVISORS, LLC WILL REPLACE
       JENNISON ASSOCIATES LLC AS THE SUBADVISER TO THE AZL {reg-trade-mark}
       JENNISON GROWTH FUND.

    b)  EFFECTIVE NOVEMBER 24, 2008, COLUMBIA MANAGEMENT ADVISORS, LLC WILL
        REPLACE NEUBERGER BERMAN MANAGEMENT INC. AS THE SUBADVISER TO THE
        AZL {reg-trade-mark} NEUBERGER BERMAN REGENCY FUND.

        THE FOLLOWING NAME CHANGES ARE EFFECTIVE ON NOVEMBER 24, 2008.

<TABLE>
<CAPTION>
NAME EFFECTIVE NOVEMBER 24, 2008                          PREVIOUS NAME
<S>                                                    <C>
AZL{reg-trade-mark}BlackRock Capital Appreciation Fund AZL{reg-trade-mark}Jennison Growth Fund
AZL{reg-trade-mark}Columbia Mid Cap Value Fund         AZL{reg-trade-mark}Neuberger Berman Regency Fund
</TABLE>

The disclosure for the AZL Jennison Growth Fund and the AZL Neuberger Berman
Regency Fund in the Investment Options table of the prospectus is replaced with
the following:

<TABLE>
<CAPTION>
    INVESTMENT        NAME OF     ASSET   OBJECTIVE(S)                              PRIMARY INVESTMENTS
MANAGEMENT COMPANY  INVESTMENT   CATEGORY                                       (NORMAL MARKET CONDITIONS)
       AND            OPTION
ADVISER/SUBADVISER
<S>                <C>           <C>      <C>          <C>
Managed by Allianz AZL BlackRock  Large    Long-term   Invests at least 80% of total assets in common and preferred stock and
Investment         Capital         Cap     growth of   securities convertible into common and preferred stock of mid-size and large-
Management LLC/    Appreciation   Growth    capital    size companies.
BlackRock          Fund
Advisors, LLC
Managed by Allianz AZL Columbia  Mid Cap   Long-term   Invests at least 80% of net assets in equity securities of  companies that
Investment         Mid Cap Value            capital    have market capitalizations in the range of the companies in the Russell
Management         Fund                   appreciation Midcap{reg-trade-mark}Value Index at the time of purchase that the Fund's
LLC/Columbia                                           subadviser believes are undervalued and have the potential for long-term
Management                                             growth.
Advisors, LLC
</TABLE>

4.  ALTERITY AND REWARDS PROSPECTUSES

    THE "INVESTMENT OPTION ALLOCATION AND TRANSFER RESTRICTIONS UNDER THE PRIME
    PLUS BENEFIT" IN SECTION 4 OF THE PROSPECTUS IS UPDATED AS FOLLOWS:

       o The AZL Legg Mason Growth Fund was assigned to Investment Option
         group B in the prospectus in error. The prospectus is updated to
         reflect the correct assignment to Group C, a less restrictive group.
       o Resulting from the substitution and mergers mentioned in items 1
         and 2 of this supplement, the Templeton Developing Markets Securities
         Fund and the AZL OCC Value fund, assigned to Investment Option Group A,
         were merged into their respective replacement Investment Options, which
         are assigned to the less restrictive Investment Option Group C.


5.  ALLIANZ VISION AND CONNECTIONS CONTRACTS ISSUED IN MASSACHUSETTS WITH THE
    TARGET DATE RETIREMENT BENEFIT

    Effective as of November 18, 2008, the following paragraph is added to
    section 2, Purchase - Purchase Payments and section 11a. The Target Date
    Retirement Benefit - Adding the Target Date Retirement Benefit to Your
    Contract.

        NOTE FOR CONTRACTS ISSUED IN MASSACHUSETTS: Contracts issued in the
        state of Massachusetts with the Target Date Retirement Benefit are
        issued as limited premium variable deferred annuity contracts. The
        Target Date Retirement Benefit can only be selected at the time of
        purchase and cannot be added to your Contract later. If you select the
        Target Date Retirement Benefit, you can only make additional Purchase
        Payments to the Contract for the first three Contract Years, even if the
        Target Date Retirement Benefit is subsequently removed or if you move to
        another state.


                                                     PRO-003-0508    Page 2 of 2