SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    ---------

                                    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              September 30, 2001
                                           -------------------------------------

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934


         For the transition period from                      to
                                           ----------------      ---------------



                   Commission file number  333-16279, 333-77385
                                         -------------------------

            FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

 New York                                               13-3919096
--------------------------------------------------------------------------------
 (State or other jurisdiction of             (IRS employer identification no.)
  incorporation or organization)

1000 Woodbury Road, Suite 102, Woodbury, NY                        11797
--------------------------------------------------------------------------------
(Address of principal executive offices)                         (Zip code)

Registrant's telephone number, including area code        (800) 963-9539
                                                  ------------------------------

--------------------------------------------------------------------------------
               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: 200,000 shares of Common Stock
as of November 12, 2001.


NOTE: WHEREAS FIRST GOLDEN AMERICAN 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 19                                             Page 1 of 21

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                                                        FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

Person for whom the Financial Information is given:                  First Golden American Life Insurance Company of New York

Condensed Statements of Operations (Unaudited):


                                                                                        For the Three            For the Three
                                                                                         Months Ended             Months Ended
                                                                                   September 30, 2001       September 30, 2000
                                                                              -------------------------------------------------
                                                                                           (DOLLARS IN THOUSANDS)
<S>                                                                                            <C>                   <C>
       Revenues:
         Annuity product charges                                                               $199                  $209
         Management fee revenue                                                                  28                     5
         Net investment income                                                                  520                   399
         Realized gains on investments                                                           70                     4
                                                                              -------------------------------------------------
                                                                                                817                   617
       Insurance benefits and expenses:
         Annuity benefits:
            Interest credited to account balances                                                18                    96
            Benefit claims in excess of account balances                                         (3)                    1
         Underwriting, acquisition, and insurance expenses:
            Commissions                                                                          43                   217
            General expenses                                                                    (25)                  165
            Insurance taxes, state licenses, and fees                                             5                    11
            Policy acquisition costs deferred                                                  (101)                 (262)
            Amortization:
              Deferred policy acquisition costs                                                 107                    89
              Value of purchased insurance in force                                               8                    (4)
              Goodwill                                                                            1                     1
                                                                              -------------------------------------------------
                                                                                                 53                   314
                                                                              -------------------------------------------------
       Income before income taxes                                                               764                   303

       Income taxes                                                                             267                   136
                                                                              -------------------------------------------------

       Net income                                                                              $497                  $167
                                                                              =================================================



SEE ACCOMPANYING NOTES.
                                                                 2
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<CAPTION>

Condensed Statements of Operations (Unaudited):


                                                                                         For the Nine             For the Nine
                                                                                         Months Ended             Months Ended
                                                                                   September 30, 2001       September 30, 2000
                                                                              -------------------------------------------------
                                                                                           (DOLLARS IN THOUSANDS)
<S>                                                                                           <C>                    <C>
       Revenues:
         Annuity product charges                                                               $568                    $596
         Management fee revenue                                                                  89                      20
         Net investment income                                                                1,445                   1,306
         Realized losses on investments                                                          (9)                   (427)
                                                                              -------------------------------------------------
                                                                                              2,093                   1,495

       Insurance benefits and expenses:
         Annuity benefits:
            Interest credited to account balances                                               238                     283
            Benefit claims in excess of account balances                                          1                      12
         Underwriting, acquisition, and insurance expenses:
            Commissions                                                                         287                     882
            General expenses                                                                    378                     567
            Insurance taxes, state licenses, and fees                                            20                      49
            Policy acquisition costs deferred                                                  (359)                 (1,101)
            Amortization:
              Deferred policy acquisition costs                                                 217                     281
              Value of purchased insurance in force                                               9                      (5)
              Goodwill                                                                            2                       2
                                                                              -------------------------------------------------
                                                                                                793                     970
                                                                              -------------------------------------------------
       Income before income taxes                                                             1,300                     525

       Income taxes                                                                             455                     225
                                                                              -------------------------------------------------

       Net income                                                                              $845                    $300
                                                                              =================================================


SEE ACCOMPANYING NOTES.
                                                                 3
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<CAPTION>

Condensed Balance Sheets:

                                                                                  September 30, 2001     December 31, 2000
                                                                              ---------------------------------------------
                                                                                     (UNAUDITED)
                                                                              (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S>                                                                                       <C>                   <C>
ASSETS
Investments:
  Fixed maturities, available for sale, at fair value
    (cost:  2001-$26,918; 2000-$26,924)                                                   $28,080               $25,204
Cash and cash equivalents                                                                   7,430                 8,655
Due from affiliates                                                                            96                    68
Accrued investment income                                                                     527                   392
Deferred policy acquisition costs                                                           4,178                 4,170
Value of purchased insurance in force                                                          70                   113
Property and equipment, less allowances for
   depreciation of $41 in 2001 and $34 in 2000                                                 25                    30
Goodwill, less accumulated amortization of $9 in 2001
   and $7 in 2000                                                                              87                    89
Current income taxes recoverable                                                               --                    17
Other assets                                                                                1,067                    17
Separate account assets                                                                    46,563                57,703
                                                                            -----------------------------------------------

Total assets                                                                              $88,123               $96,458
                                                                            ===============================================

LIABILITIES AND STOCKHOLDER'S EQUITY
Policy liabilities and accruals:
  Future policy benefits:
    Annuity products                                                                       $8,222                $7,065
Current income tax liability                                                                  490                    --
Deferred income tax liability                                                               1,177                   843
Due to affiliates                                                                               8                   987
Other liabilities                                                                             266                   483
Separate account liabilities                                                               46,563                57,703
                                                                            -----------------------------------------------
                                                                                           56,726                67,081
Commitments and contingencies

Stockholder's equity:
  Preferred stock, par value $5,000 per share,
    authorized 6,000 shares                                                                    --                    --
  Common stock, par value $10 per share, authorized,
    issued, and outstanding 200,000 shares                                                  2,000                 2,000
  Additional paid-in capital                                                               26,049                26,049
  Accumulated other comprehensive income (loss)                                               718                  (457)
  Retained earnings                                                                         2,630                 1,785
                                                                            -----------------------------------------------

Total stockholder's equity                                                                 31,397                29,377
                                                                            -----------------------------------------------

Total liabilities and stockholder's equity                                                $88,123               $96,458
                                                                            ===============================================


SEE ACCOMPANYING NOTES.

                                                                 4
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<CAPTION>



Condensed Statements of Cash Flows (Unaudited):

                                                                                               For the Nine            For the Nine
                                                                                               Months Ended            Months Ended
                                                                                         September 30, 2001      September 30, 2000
                                                                                      ----------------------------------------------
                                                                                                 (DOLLARS IN THOUSANDS)
<S>                                                                                                <C>                    <C>

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                                  $(960)                 $767

INVESTING ACTIVITIES
Sale, maturity, or repayment of fixed maturities - available for sale                               16,999                 8,271
Acquisition of fixed maturities - available for sale                                               (18,147)               (6,487)
                                                                                      ----------------------------------------------
Net cash provided by (used in) investing activities                                                 (1,148)                1,784

FINANCING ACTIVITIES
Proceeds from revolving note payable                                                                    --                   100
Repayment of revolving note payable                                                                     --                  (200)
Receipts from investment contracts credited to account balances                                      2,243                 2,701
Return of account balances on investment contracts                                                    (396)                 (362)
Net reallocations to separate account                                                                 (964)               (2,548)
Contribution from parent                                                                                --                 2,113
                                                                                      ----------------------------------------------
Net cash provided by financing activities                                                              883                 1,804
                                                                                      ----------------------------------------------

Increase (decrease) in cash and cash equivalents                                                    (1,225)                4,355
Cash and cash equivalents at beginning of period                                                     8,655                 3,335
                                                                                      ----------------------------------------------

Cash and cash equivalents at end of period                                                          $7,430                $7,690
                                                                                      ==============================================


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest                                                                --                   $11
Cash paid during the period for income taxes                                                            --                    28



SEE ACCOMPANYING NOTES.
                                                                 5
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<PAGE>


NOTE 1 -- BASIS OF PRESENTATION

The accompanying  unaudited condensed financial statements have been prepared in
accordance with generally accepted  accounting  principles for interim financial
information and the  instructions to Form 10-Q and Article 10 of Regulation S-X.
This Form is being filed with the reduced disclosure format specified in General
Instruction H (1) and (2) of Form 10-Q. Accordingly, the financial statements do
not include all of the information and footnotes  required by generally accepted
accounting  principles  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  Management's  Discussion  and  Analysis  and the  Notes to
Financial Statements.  Operating results for the nine months ended September 30,
2001 are not necessarily  indicative of the results that may be expected for the
year ending  December 31, 2001.  These  financial  statements  should be read in
conjunction  with the financial  statements  and the related  notes  included in
First Golden  American Life Insurance  Company of New York's ("First  Golden" or
the "Company") annual report on Form 10-K for the year ended December 31, 2000.

ORGANIZATION
First Golden is a stock life insurance  company  organized under the laws of the
State of New York and is a wholly  owned  subsidiary  of  Golden  American  Life
Insurance  Company  ("Golden  American").  Golden  American  is a  wholly  owned
subsidiary  of Equitable of Iowa  Companies,  Inc.  ("EIC").  EIC is an indirect
wholly owned subsidiary of ING Groep N.V., a global  financial  services holding
company based in The Netherlands.

SIGNIFICANT ACCOUNTING POLICIES
NEW ACCOUNTING  STANDARDS:  As of January 1, 2001,  the Company  adopted FAS No.
133, Accounting for Derivative  Instruments and Hedging  Activities,  as amended
and  interpreted  by FAS No. 137,  Accounting  for  Derivative  Instruments  and
Hedging  Activities - Deferral of the Effective  Date of FASB Statement No. 133,
FAS No. 138,  Accounting for Certain Derivative  Instruments and Certain Hedging
Activities  - an Amendment  of FASB  Statement  No. 133, and certain FAS No. 133
implementation  issues. This standard, as amended,  requires companies to record
all derivatives on the balance sheet as either assets or liabilities and measure
those  instruments  at fair value.  The manner in which  companies are to record
gains or losses  resulting from changes in the fair values of those  derivatives
depends  on the  use of the  derivative  and  whether  it  qualifies  for  hedge
accounting.

Adoption  of FAS  No.  133 did  not  have a  material  effect  on the  Company's
financial  position  or  results  of  operations  given  the  Company's  limited
derivative and embedded derivative holdings.

The Company  chose to elect a  transition  date of January 1, 1999 for  embedded
derivatives.  Therefore,  only those derivatives  embedded in hybrid instruments
issued,  acquired or substantively modified by the entity on or after January 1,
1999 are recognized as separate assets or liabilities.  The cumulative effect of
the accounting change upon adoption was not material.

ACCOUNTING FOR DERIVATIVE  INSTRUMENTS AND HEDGING  ACTIVITIES:  The Company may
from time to time utilize various derivative instruments to manage interest rate
and price risk (collectively, market risk). The Company has appropriate controls
in place, and financial exposures are monitored and managed by the Company as an
integral part of its overall risk management program. Derivatives are recognized
on the balance sheet at their fair value.  At September 30, 2001, the Company
did not utilize any such derivatives.

The  Company  occasionally  purchases  a financial  instrument  that  contains a
derivative  instrument  that is  "embedded"  in the  instrument.  The  Company's
insurance  products are  reviewed to determine  whether they contain an embedded
derivative.  The Company  assesses whether the economic  characteristics  of the
embedded   derivative   are  clearly  and  closely   related  to  the   economic
characteristics  of the  remaining  component  of the  financial  instrument  or
insurance  product (i.e.,  the host contract) and whether a separate  instrument
with the same terms as the embedded  instrument  would meet the  definition of a
derivative  instrument.  When it is  determined  that  the  embedded  derivative
possesses economic  characteristics  that are not clearly and closely related to
the economic characteristics of the host contract and that a separate instrument
with the same terms  would  qualify as a  derivative  instrument,  the  embedded
derivative  is  separated  from the host  contract  and  carried at fair  value.


                                        6
<PAGE>


However,  in cases where the host  contract  is  measured  at fair  value,  with
changes in fair value  reported  in current  period  earnings  or the Company is
unable to reliably  identify and measure the embedded  derivative for separation
from its host contract,  the entire  contract is carried on the balance sheet at
fair value and is not designated as a hedging instrument.

PENDING ACCOUNTING  STANDARDS:  In June 2001, the Financial Accounting Standards
Board issued  Statements of Financial  Accounting  Standards No. 141,  "Business
Combinations",  and No. 142, "Goodwill and Other Intangible  Assets",  effective
for  fiscal  years  beginning  after  December  15,  2001.  Under the new rules,
goodwill and intangible assets deemed to have indefinite lives will no longer be
amortized but will be subject to annual  impairment tests in accordance with the
Statements.  Other  intangible  assets will continue to be amortized  over their
useful lives.  The Company is required to adopt the new rules effective  January
1, 2002. The Company is evaluating the impact of the adoption of these standards
and has not yet determined the effect of adoption on its financial  position and
results of operations.

STATUTORY
Net income (loss) for First Golden as determined  in accordance  with  statutory
accounting  practices  was  $599,000  and  $(214,000)  for the nine months ended
September 30, 2001 and 2000,  respectively.  Total statutory capital and surplus
was  $27,246,000 at September 30, 2001 and $26,630,000 at December 31, 2000. The
National  Association  of  Insurance  Commissioners  has revised the  Accounting
Practices and Procedures Manual, the guidance that defines statutory  accounting
principles.  The  revised  manual was  effective  January 1, 2001,  and has been
adopted,  at least in part,  by the  State of New  York,  which is the  state of
domicile  for First  Golden.  The revised  manual has resulted in changes to the
accounting  practices  that the  Company  uses to  prepare  its  statutory-basis
financial   statements.   The  impact  of  these   changes  to  First   Golden's
statutory-basis capital and surplus as of January 1, 2001 was not significant.

RECLASSIFICATIONS
Certain amounts in prior period financial  statements have been  reclassified to
conform to the September 30, 2001 financial statement presentation.

NOTE 2 -- COMPREHENSIVE INCOME

Comprehensive  income  includes  all changes in  stockholder's  equity  during a
period except those  resulting  from  investments  by and  distributions  to the
stockholder.  Other comprehensive  income for the third quarter of 2001 and 2000
amounted to $1,028,000 and $549,000,  respectively.  Other comprehensive  income
for the first nine months of 2001 and 2000 amounted to $2,020,000  and $659,000,
respectively.  Other  comprehensive  income (loss) excludes net investment gains
(losses) included in net income which merely represent transfers from unrealized
to realized gains and losses. These amounts totaled $2,000 and $(181,000) during
the first nine months of 2001 and 2000,  respectively.  Such amounts, which have
been measured  through the date of sale, are net of income taxes and adjustments
for value of purchased  insurance in force and deferred policy acquisition costs
totaling  $(4,000),  and  $(299,000)  for the third  quarters  of 2001 and 2000,
respectively,  and  $(11,000),  and $(246,000) for the first nine months of 2001
and 2000, respectively.

NOTE 3 -- INVESTMENTS

INVESTMENT  DIVERSIFICATIONS:  The Company's  investment policies related to its
investment  portfolio  require  diversification  by  asset  type,  company,  and
industry  and set limits on the amount  which can be invested  in an  individual
issuer.  Such  policies  are at  least as  restrictive  as  those  set  forth by
regulatory  authorities.   The  following  percentages  relate  to  holdings  at
September 30, 2001 and December 31, 2000. Fixed maturities included  investments
in industrials (28% in 2001, 33% in 2000), asset-backed securities (10% in 2001,
0% in  2000),  financial  companies  (28% in 2001,  31% in  2000),  and  various
government  bonds and government or agency  mortgage-backed  securities  (31% in
2001, 29% in 2000).


<PAGE>


NOTE 4 -- RELATED PARTY TRANSACTIONS

Directed Services, Inc. ("DSI"), an affiliate, acts as the principal underwriter
(as  defined in the  Securities  Act of 1933 and the  Investment  Company Act of
1940, as amended) and distributor of the variable  insurance  products issued by
the Company.  DSI is authorized to enter into agreements with  broker/dealers to
distribute the Company's variable insurance products and appoint representatives
of the  broker/dealers  as agents.  The Company paid commissions to DSI totaling
$31,000 and $217,000 in the third  quarter of 2001 and 2000,  respectively.  For
the first  nine  months of 2001 and 2000,  the  commissions  and  expenses  were
$228,000 and $882,000, respectively.

First Golden provides  certain  managerial and supervisory  services to DSI. The
fee paid to First Golden for these services, which is calculated as a percentage
of average  assets in the variable  separate  accounts was $21,000 for the third
quarter of 2001 and $68,000 for the nine months ended September 30, 2001.

The Company has an asset management agreement with ING Investment Management LLC
("ING  IM"),  an  affiliate,  in which  ING IM  provides  asset  management  and
accounting services. Under the agreement, the Company records a fee based on the
value of the assets  managed by ING IM.  The fee is payable  quarterly.  For the
third  quarters  of 2001 and 2000,  the  Company  incurred  fees of $18,000  and
$20,000,  respectively,  under this agreement. For the first nine months of 2001
and 2000, the Company incurred fees of $38,000 and $60,000, respectively.

The Company has service  agreements  with Golden  American  and  Equitable  Life
Insurance  Company of Iowa  ("Equitable  Life"),  an affiliate,  in which Golden
American  and  Equitable  Life  provide  administrative  and  financial  related
services.  Under the  agreement  with  Golden  American,  the  Company  incurred
expenses  of  $41,000  and  $109,000  for the third  quarters  of 2001 and 2000,
respectively,  and $122,000 and $299,000 for the nine months ended September 30,
2001 and 2000,  respectively.  Under the  agreement  with  Equitable  Life,  the
Company  incurred  expenses of $0 and $89,000 for the third quarters of 2001 and
2000, respectively,  and $0 and $267,000 for the nine months ended September 30,
2001 and 2000, respectively.

The Company provides resources and services to DSI. Revenues for these services,
which  reduce  general  expenses  incurred by the  Company,  totaled  $5,000 and
$54,000  for the third  quarters  of 2001 and 2000,  respectively.  For the nine
months ended  September  30, 2001 and 2000,  these  revenues  were  $139,000 and
$162,000, respectively.

The Company  provides  resources and services to Golden  American.  Revenues for
these services,  which reduce general expenses incurred by the Company,  totaled
$53,000 and $142,000 for the third quarters of 2001 and 2000  respectively.  For
the nine months ended September 30, 2001 and 2000,  these revenues were $166,000
and $436,000, respectively.

The Company had premiums,  net of  reinsurance,  from variable  products for the
third quarter and the first nine months ended September 30, 2001,  respectively,
of approximately $30,000, and $120,000 from Washington Square Securities,  Inc.,
an affiliate.


                                       8
<PAGE>


The Company had premiums from fixed products for the third quarter and the first
nine months ended September 30, 2001, respectively of approximately $260,000 and
$810,000, from Washington Square Securities, Inc., an affiliate.

The Company had premiums,  net of  reinsurance,  from variable  products for the
third  quarter of 2001 and 2000,  respectively,  of $0 and $572,000  from Vestax
Securities  Corporation,  an  affiliate.  For the first nine  months of 2001 and
2000, respectively,  the Company had premiums of $3,000 and $583,000 from Vestax
Securities Corporation.

The Golden American Board of Directors has agreed by resolution to provide funds
as needed  for the  Company to  maintain  policyholders'  surplus  that meets or
exceeds the greater of: (1) the minimum capital adequacy standards to maintain a
level of capitalization  necessary to meet A.M. Best Company's guidelines or one
level less than the one  originally  given to First Golden,  or (2) the New York
State Insurance Department risk-based capital minimum requirements as determined
in accordance  with New York statutory  accounting  principles.  During 2001 and
2000,  respectively,  Golden American provided a cash capital contribution of $0
and $2,113,000 to First Golden.

NOTE 5 -- COMMITMENTS AND CONTINGENCIES

REINSURANCE:  At September 30, 2001,  First Golden had two reinsurance  treaties
with two unaffiliated reinsurers covering a significant portion of the mortality
risks and minimum death benefit guarantees under its variable  contracts.  First
Golden remains liable to the extent its reinsurers do not meet their obligations
under the reinsurance agreements.

On December 29, 2000, First Golden entered a reinsurance treaty with London Life
Reinsurance  Company of Pennsylvania,  an unaffiliated  reinsurer,  covering the
minimum death benefit  guarantees of First Golden's variable annuities issued on
or after January 1, 2000.

At September 30, 2001 and December 31, 2000, the Company had a payable of $7,000
and  $17,000,   respectively,   for  reinsurance   premiums.   Included  in  the
accompanying  financial  statements are net  considerations  to the reinsurer of
$23,000 and $11,000 in the third  quarters of 2001 and 2000,  respectively,  and
$108,000  and  $35,000 for the nine months  ended  September  30, 2001 and 2000,
respectively.  In addition,  the accompanying  financial  statements contain net
policy  benefits  recoveries  of $26,000 and $0 for the third  quarters 2001 and
2000,  respectively  and $65,000 and $5,000 for the nine months ended  September
30, 2001 and 2000.

LITIGATION:  The  Company,  like  other  insurance  companies,  may be  named or
otherwise   involved  in  lawsuits,   including   class   action   lawsuits  and
arbitrations.  In some  class  action  and  other  actions  involving  insurers,
substantial  damages  have  been  sought  and/or  material  settlement  or award
payments have been made. The Company currently believes no pending or threatened
lawsuits or actions exist that are reasonably  likely to have a material adverse
impact on the Company.

VULNERABILITY FROM CONCENTRATIONS: The Company has various concentrations in its
investment portfolio.  As of September 30, 2001, the Company had two investments
(other  than bonds  issued by  agencies of the United  States  government)  each
exceeding ten percent of stockholder's  equity.  The Company's asset growth, net
investment  income,  and cash  flow  are  primarily  generated  from the sale of
variable and fixed annuities and associated  future policy benefits and separate
account  liabilities.  Substantial  changes  in tax laws that  would  make these
products less attractive to consumers and extreme fluctuations in interest rates
or stock  market  returns,  which may  result in higher  lapse  experience  than
assumed,  could have a severe impact to the Company's financial  condition.  Two
broker/dealers, each having at least ten percent of total variable annuity sales
for the third quarter, generated 48% of the Company's sales in the third quarter
of 2001 (82% by three  broker/dealers  during  the same  period  in  2000).  Two
broker/dealers, each having at least ten percent of total variable annuity sales
for the nine months ended  September  30, 2001,  generated  67% of the Company's
sales for  the nine  months ended September 30, 2001  (80% by two broker/dealers



                                       9
<PAGE>


during the same period in 2000).  Two  broker/dealers,  each having at least ten
percent of total fixed annuity  sales,  generated  100% and 93% of the Company's
fixed  annuity  sales in the quarter and nine months  ended  September  30, 2001
respectively.

REVOLVING NOTE PAYABLE: To enhance short-term liquidity, the Company established
a revolving  note payable  with  SunTrust  Bank,  Atlanta  (the  "Bank").  These
revolving  notes  payable  were  amended  and  restated  in April  2001  with an
expiration date of May 31, 2002. The note was approved by the Company's Board of
Directors  on  September  29,  1998.  The  total  amount  the  Company  may have
outstanding is  $10,000,000.  The note accrues  interest at an annual rate equal
to: (1) the cost of funds for the Bank for the period applicable for the advance
plus 0.225% or (2) a rate quoted by the Bank to the Company for the advance. The
terms of the  agreement  require the Company to  maintain  the minimum  level of
Company Action Level Risk Based Capital as  established by applicable  state law
or regulation.  Under this agreement, the Company did not incur interest expense
in 2001 and 2000. At September  30, 2001 and December 31, 2000,  the Company did
not have any borrowings under this agreement.

NOTE 6 -- MERGER OF FIRST GOLDEN WITH RELIASTAR LIFE INSURANCE COMPANY OF
NEW YORK

On September 25, 2001, the Board of Directors of First Golden approved a plan of
merger to merge First Golden into ReliaStar  Life Insurance  Company of New York
("ReliaStar  of NY").  The merger is  anticipated  to be effective on January 1,
2002 (the "merger date"), subject to the approval of the Insurance Department of
the State of New York, which has the discretion,  as deemed necessary, to hold a
public hearing with regard to the merger. If approved, on the merger date, First
Golden will cease to exist and will be succeeded by ReliaStar of NY.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS

The purpose of this section is to discuss and analyze First Golden American Life
Insurance  Company of New York's  ("First  Golden" or the  "Company")  condensed
results of  operations.  In addition,  some analysis and  information  regarding
financial  condition  and  liquidity  and capital  resources is  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.

First Golden is a wholly owned  subsidiary  of Golden  American  Life  Insurance
Company ("Golden  American" or the "Parent").  Golden American is a wholly owned
subsidiary  of Equitable of Iowa  Companies,  Inc.  ("EIC").  EIC is an indirect
wholly owned subsidiary of ING Groep N.V. ("ING"),  a global financial  services
holding company based in The  Netherlands.  First Golden's primary purpose is to
offer  variable  and  fixed  insurance  products  in the  states of New York and
Delaware.

RESULTS OF OPERATIONS
---------------------

PREMIUMS

The Company reported $3.5 million in variable annuity premiums and $1.9 million
of fixed annuity premiums during the first nine months of 2001 compared to $14.6
million of variable  annuity  premiums  for the first nine months of 2000.  This
decline in premiums is primarily due to lower  variable  annuity  industry sales
caused by a downturn in equity markets. This was partially offset by an increase
in  premiums  from  the  sale of  fixed  annuities.  For the  Company's  annuity
contracts,  premiums collected are not reported as revenues,  but as deposits to
insurance  liabilities.  Revenues for these products are recognized over time in
the form of investment income and product charges.

During the first nine months of 2001,  First Golden began  selling for the first
time,  two fixed  annuity  products,  a Flex Annuity and a  Multi-Year  Gurantee
Annity ("MYGA").

Premiums,  net of  reinsurance,  for  variable  products  from  two  significant
broker/dealers,  each  having at least ten  percent  of total  variable  annuity


                                       10
<PAGE>


sales, for the nine months ended September 30, 2001 totaled $2.4 million, or 67%
of  total  variable  premiums  ($11.7  million,  or 80%,  from  two  significant
broker/dealers for the nine months ended September 30, 2000).

Premiums,   net  of  reinsurance,   for  fixed  products  from  two  significant
broker/dealers,  each having at least ten percent of total fixed annuity  sales,
for the nine months ended  September  30, 2001 totaled $1.7  million,  or 93% of
total fixed premiums.

REVENUES

During the first nine months of 2001 and 2000,  product charges totaled $568,000
and  $596,000,  respectively.  This  decrease  is  mainly  due to lower  account
balances associated with the Company's variable separate account option.

Management  fee  revenue  increased  by $69,000 in the first nine months of 2001
from $20,000  during the first nine months of 2000.  During  2001,  First Golden
provided  certain  managerial and  supervisory  services to DSI. The fee paid to
First Golden for these services,  which is calculated as a percentage of average
assets in the variable separate accounts, was $68,000 for the year to date ended
September 30, 2001.

Net investment  income was $1,445,000 for the first nine months of 2001 compared
to $1,306,000 for the first nine months of 2000. The Company recognized realized
losses of $9,000  during  the first nine  months of 2001  compared  to  realized
losses of $427,000 during the first nine months of 2000.

EXPENSES

The Company  reported total  insurance  benefits and expenses of $793,000 during
the first nine  months of 2001  compared  to  $970,000  for first nine months of
2000.  Interest  credited to account  balances totaled $238,000 during the first
nine months of 2001 and $283,000 for the same period in 2000.

Commissions  decreased  $595,000 in the first nine months of 2001 from  $882,000
during  the first nine  months of 2000.  Changes in  commissions  are  generally
related to changes in the level of fixed and variable  product  sales and can be
explained  by the  decrease in total  annuity  sales from $14.6  million for the
first nine months of 2000  compared to $5.4 million for the first nine months of
2001.  General  expenses were $378,000 and $567,000 for the first nine months of
2001 and 2000, respectively. Most costs incurred as the result of new sales have
been deferred, thus having very little impact on current earnings.

First Golden deferred $359,000 of expenses  associated with the sale of variable
annuity  contracts  for the nine months ended  September  30, 2001.  Expenses of
$1,101,000  were deferred for the nine months ended  September  30, 2000.  These
acquisition  costs are amortized in proportion  to the expected  gross  profits.
This decrease is mainly due to a decrease in  commissions  deferred in the first
nine months of 2001.  Amortization of deferred policy acquisition costs ("DPAC")
was $217,000 for the nine months ended  September  30, 2001 and $281,000 for the
nine months ended  September 30, 2000.  The  amortization  of value of purchased
insurance  in force  ("VPIF")  was $9,000 and $(5,000) for the nine months ended
September 30, 2001 and 2000, respectively. During the first nine months of 2001,
VPIF was adjusted by $3,000 to reflect changes in the assumptions related to the
timing of future gross profits.  During the first nine months of 2000,  VPIF was
adjusted to reduce  amortization by $1,000 to reflect changes in the assumptions
related to the timing of future gross profits.  Based on current  conditions and
assumptions as to the impact of future events on acquired policies in force, the
expected approximate net amortization  relating to VPIF as of September 30, 2001
is $2,000 for the remainder of 2001,  $8,000 in 2002,  $8,000 in 2003, $7,000 in
2004,  $5,000 in 2005, and $4,000 in 2006.  Actual  amortization  may vary based
upon changes in assumptions and experience.


                                       11
<PAGE>


INCOME

Net income  was  $845,000  for the first nine  months of 2001,  an  increase  of
$545,000 from the same period in 2000.

Comprehensive  income  for the  first  nine  months of 2001 was  $2,020,000,  an
increase of $1,361,000 from comprehensive gain of $659,000 during the first nine
months of 2000.

FINANCIAL CONDITION
-------------------

INVESTMENTS

All of the  Company's  investments  are  carried at fair value in the  Company's
financial  statements.  The  change  in the  carrying  value  of  the  Company's
investment   portfolio   includes   changes  in  unrealized   appreciation   and
depreciation of fixed maturities as well as a decline in the cost basis of these
securities due to scheduled principal payments.

FIXED  MATURITIES:  At September 30, 2001, the Company had fixed maturities with
an amortized cost of $26.9 million and an estimated fair value of $28.1 million.
The  Company  classifies  100% of its  securities  as  available  for sale.  Net
unrealized  apppreciation  on fixed  maturities of  $1,162,000  was comprised of
gross  appreciation  of  $1,215,000  and  gross  depreciation  of  $53,000.  Net
unrealized holding gains on these securities, net of adjustments for VPIF, DPAC,
and deferred income taxes, of $718,000, were included in stockholder's equity at
September 30, 2001.

The  individual  securities  in the  Company's  fixed  maturities  portfolio (at
amortized cost) 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  Rating  Services  ("Standard  & Poor's")  ($13.7
million  or  51.0%),  that are rated  BBB+ to BBB- by  Standard  & Poor's  ($4.1
million or 15.1%),  and below investment grade securities,  which are securities
issued by  corporations  that are rated BB+ to BB- by  Standard  & Poor's  ($1.0
million  or 3.8%).  Securities  not rated by  Standard  & Poor's  had a National
Association  of Insurance  Commissioners  ("NAIC")  rating of 1 ($8.2 million or
30.1%).

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 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 September 30, 2001, the
yield at amortized cost on the Company's  below  investment  grade portfolio was
8.1%  compared  to 6.1%  for  the  Company's  investment  grade  corporate  bond
portfolio.  The Company  estimates the fair value of its below  investment grade
portfolio was $980,000, or 95.0% of amortized cost value, at September 30, 2001.

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 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.


                                       12
<PAGE>


The Company analyzes its investment portfolio,  including below investment grade
securities,  at least  quarterly in order to determine if its ability to realize
its 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.

During the nine months ended September 30, 2001, the amortized cost basis of the
Company's fixed maturities portfolio was reduced by $17.0 million as a result of
sales,  maturities,  and scheduled principal  repayments.  In total, net pre-tax
losses from sales, calls, and repayments of fixed maturity  investments amounted
to $9,000 in the first nine months of 2001.

At September 30, 2001, no fixed  maturities  were deemed to have  impairments in
value that are other than  temporary.  At September 30, 2001, the Company had no
investments in default.  The Company's fixed maturities portfolio had a combined
yield at amortized cost of 6.3% at September 30, 2001.

OTHER ASSETS

DPAC  represents  certain  deferred  costs of acquiring new insurance  business,
principally  first year  commissions  and  interest  bonuses and other  expenses
related to production after the merger of EIC and its  subsidiaries  with ING on
October 24, 1997, (the "ING merger date").  The Company's DPAC was eliminated as
of  the  ING  merger  date  and an  asset  of  $132,000  representing  VPIF  was
established  for all policies in force at the ING merger date. VPIF is amortized
into income in proportion to the expected  gross profits of in force acquired in
a manner similar to DPAC amortization. Any expenses which vary directly with the
sales of the  Company's  products are deferred and  amortized.  At September 30,
2001,  the  Company  had VPIF and DPAC  balances  of $70,000  and $4.2  million,
respectively.

Goodwill totaling $96,000,  representing the excess of the acquisition cost over
the fair value of net assets acquired, was established as a result of the merger
with ING.  Accumulated  amortization  of goodwill as of  September  30, 2001 was
approximately $9,000.

Other  assets  increased  by  $1,050,000  during the first  nine  months of 2001
primarily due to an increase in a receivable from securities sold.

At September 30, 2001, the Company had $46.6 million of separate  account assets
compared to $57.7 million at December 31, 2000. The decrease in separate account
assets primarily resulted from negative equity market returns.

At September 30, 2001, the Company had total assets of $88.1 million, a decrease
of 8.7% from December 31, 2000.

LIABILITIES

Future  policy  benefits from  variable and fixed  annuity  contracts  increased
$1,157,000  in the first nine months of 2001 to $8.2 million  mainly  reflecting
growth in the Company's fixed account option for fixed annuity products.  Policy
reserves  represent  the  premiums  received  plus  accumulated   interest  less
mortality  and  administration  charges  and net of  transfers  to the  separate
account.  At  September  30,  2001,  the Company  had $46.6  million of separate
account  liabilities.  This  is  a  decrease  of  19.0%  over  separate  account
liabilities as of December 31, 2000, and is primarily related to negative equity
market returns.


                                       13
<PAGE>


Due to affiliates  decreased by $979,000 to $8,000 from December 31, 2000.  This
was mainly due to the settlement of a payable of $500,000 to Golden American for
taxes which Golden American had paid on behalf of First Golden.

Other  liabilities  decreased  $217,000 from December 31, 2000,  due mainly to a
decrease in accrued payables.

The Company's total liabilities  decreased $10.4 million,  or 15.0%,  during the
first nine months of 2001 and totaled $56.7 million at September 30, 2001.  The
decrease is primarily the result of a decrease in separate account liabilities.

The effects of inflation and changing prices on the Company's financial position
are not material  since  insurance  assets and  liabilities  are both  primarily
monetary and remain in balance.  An effect of  inflation,  which has been low in
recent years, is a decline in  stockholder's  equity when monetary assets exceed
monetary liabilities.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

Liquidity  is the ability of the Company to  generate  sufficient  cash flows to
meet  the  cash  requirements  of  its  operating,   investing,   and  financing
activities.  The  Company's  principal  sources  of cash  are  variable  annuity
premiums and product  charges,  investment  income,  maturing  investments,  and
capital  contributions.  Primary uses of these funds are payments of commissions
and  operating  expenses,  investment  purchases, repayment of debt,  as well as
withdrawals and surrenders.

Net cash used in operating  activities  was $960,000 in the first nine months of
2001  compared to net cash provided by operations of $767,000 in the same period
of 2000. The decrease in operating cash flows results primarily from an increase
in other assets and a decrease in due to affiliates.

Net cash used in  investing  activities  was  $1,148,000  during  the first nine
months of 2001 compared to cash  provided by investing  activities of $1,784,000
in the same period of 2000. The decrease  results  primarily from an increase in
net acquisitions of fixed maturities-available for sale.

Net cash  provided by financing  activities  was $883,000  during the first nine
months of 2001 compared to cash  provided by financing  activities of $1,804,000
during the same period in the prior year, a decrease of  $921,000.  The decrease
is  primarily  due to a decrease  in  capital  contributions  received  from the
Parent.  This was partly  compensated  by higher net  receipts  from  investment
contracts,  net of reallocations to the separate account,  of $1.1 million.  Net
reallocations to the separate account decreased by $1.6 million.

The Company's  liquidity  position is managed by maintaining  adequate levels of
liquid assets,  such as cash or cash  equivalents  and  short-term  investments.
Additional sources of liquidity include borrowing  facilities to meet short-term
cash requirements.  The Company has a $10.0 million revolving note facility with
SunTrust  Bank,  Atlanta,  which expired on July 31, 2001. As of April 30, 2001,
the SunTrust Bank,  Atlanta  revolving note facility was amended and now expires
on May 31, 2002.  Management believes these sources of liquidity are adequate to
meet the Company's short-term cash obligations.

From January 1, 2001 to September 30, 2001, First Golden's  principal office was
located in New York,  New York,  where  certain of the  Company's  records  were
maintained.  The 2,568 square feet of office space is leased through 2001. As of
October 1, 2001, First Golden's principal office moved to Woodbury, New York.

First Golden believes it will be able to fund the capital required for projected
new business  primarily with existing  capital and future capital  contributions
from  its  Parent.   First  Golden  expects  to  continue  to  receive   capital
contributions  from Golden  American if necessary.  It is ING's policy to ensure
adequate  capital  and surplus is provided  for the Company  and, if  necessary,
additional funds will be contributed.

The Golden American Board of Directors has agreed by resolution to provide funds
as needed  for the  Company to  maintain  policyholders'  surplus  that meets or
exceeds the greater of: (1) the minimum capital adequacy standards to maintain a
level of capitalization  necessary to meet A.M. Best Company's  guidelines for a


                                       14
<PAGE>


rating one level less than the one  originally  given to First Golden or (2) the
New York State Insurance  Department  risk-based capital minimum requirements as
determined in accordance with New York statutory accounting principles. No funds
were transferred from Golden American during the first nine months of 2001.

First  Golden is required to maintain a minimum  capital and surplus of not less
than $6 million under the  provisions of the insurance  laws of the State of New
York.

Under the  provisions  of the  insurance  laws of the  State of New York,  First
Golden cannot  distribute  any dividends to its  stockholder,  Golden  American,
unless a notice  of its  intent  to  declare a  dividend  and the  amount of the
dividend has been filed with the New York  Insurance  Department at least thirty
days in advance of the proposed  declaration.  If the  Superintendent of the New
York Insurance Department finds the financial condition of First Golden does not
warrant the distribution,  the Superintendent may disapprove the distribution by
giving written  notice to the Company  within thirty days after the filing.  The
management  of First  Golden does not  anticipate  paying any  dividends  to its
Parent during 2001.

The NAIC's  risk-based  capital  requirements  require  insurance  companies  to
calculate  and report  information  under a risk-based  capital  formula.  These
requirements  are  intended  to  allow  insurance   regulators  to  monitor  the
capitalization  of insurance  companies based upon the type and mixture of risks
inherent in a company's  operations.  The formula includes  components for asset
risk, liability risk, interest rate exposure, and other factors. The Company has
complied with the NAIC's  risk-based  capital  reporting  requirements.  Amounts
reported indicate the Company has total adjusted capital well above all required
capital levels.

VULNERABILITY FROM CONCENTRATIONS: The Company has various concentrations in the
investment portfolio.  As of September 30, 2001, the Company had two investments
(other than bonds issued by agencies of the United States government)  exceeding
ten percent of stockholder's  equity.  First Golden's  operations consist of one
business segment, the sale of variable and fixed annuity products.  First Golden
is not dependent upon any single customer, however, two broker/dealers accounted
for a significant portion of its variable annuity sales volume in the first nine
months of 2001. Two  broker/dealers  accounted for a significant  portion of its
fixed  annuity  sales  volume in the first  nine  months of 2001.  Premiums  are
primarily generated from consumers and corporations in the state of New York.

REINSURANCE:  At September 30, 2001,  First Golden had two reinsurance  treaties
with two unaffiliated reinsurers covering a significant portion of the mortality
risks and minimum  death  benefits  under its variable  contracts.  First Golden
remains liable to the extent its reinsurers do not meet their  obligations under
the reinsurance agreements.

MARKET RISK AND RISK MANAGEMENT
-------------------------------

Asset/liability  management  is  integrated  into many aspects of the  Company's
operations,  including investment decisions,  product development, and crediting
rates determination.  As part of its risk management process, different economic
scenarios  are  modeled,  including  cash flow testing  required  for  insurance
regulatory  purposes,  to determine  that  existing  assets are adequate to meet
projected liability cash flows. Key variables include contractowner behavior and
the variable separate account's performance.

Contractowners bear the majority of the investment risks related to the variable
annuity  products.   Therefore,   the  risks  associated  with  the  investments
supporting the variable separate account are assumed by  contractowners,  not by
the Company (subject to, among other things,  certain minimum  guarantees).  The
Company's  products also provide  certain  minimum death benefits that depend on
the  performance  of the variable  separate  account.  Currently the majority of
death  benefit  risks are  reinsured,  which  protects  the Company from adverse
mortality experience and prolonged capital market decline.

A surrender,  partial withdrawal,  transfer,  or annuitization made prior to the
end of a  guarantee  period  from the fixed  account  may be subject to a market
value adjustment.  As the liabilities in the fixed account are subject to market
value  adjustment,  the Company  does not face a material  amount of market risk
volatility.   The  fixed  account  liabilities  are  supported  by  a  portfolio
principally  composed of fixed rate investments  that can generate  predictable,


                                       15
<PAGE>


steady rates of return. The portfolio  management strategy for the fixed account
considers the assets  available for sale. This enables the Company to respond to
changes  in market  interest  rates,  changes  in  prepayment  risk,  changes in
relative values of asset sectors and individual securities and loans, changes in
credit quality outlook,  and other relevant factors.  The objective of portfolio
management is to maximize returns,  taking into account interest rate and credit
risks,  as  well  as  other  risks.  The  Company's  asset/liability  management
discipline  includes  strategies to minimize  exposure to loss as interest rates
and economic and market conditions change.

On the  basis of  these  analyses,  management  believes  there  is no  material
solvency  risk to the Company.  With respect to a 10% drop in equity values from
year 2001 levels, variable separate account funds, which represent 85% of the in
force, pass the risk in underlying fund performance to the contractowner (except
for certain minimum  guarantees).  With respect to interest rate movements up or
down 100 basis points from  September 30, 2001 levels,  the remaining 15% of the
in force are fixed  account  funds and  almost all of these  have  market  value
adjustments  which provide  significant  protection  against changes in interest
rates.


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
---------------------------------------------------------

Any forward-looking  statements contained herein or in any other oral or written
statement  by the Company or any of its  officers,  directors,  or  employees is
qualified by the fact that actual  results of the Company may differ  materially
from such  statement,  among  other  risks  and  uncertainties  inherent  in the
Company's business, due to the following important factors:

1.   Prevailing  interest  rate levels and stock market  performance,  which may
     affect the ability of the Company to sell its  products,  the market  value
     and liquidity of the Company's investments, fee revenue, and the lapse rate
     of the Company's policies, notwithstanding product design features intended
     to enhance persistency of the Company's products.

2.   Changes in the federal  income tax laws and  regulations,  which may affect
     the tax status of the Company's 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 Company's products.

4.   Increasing competition in the sale of the Company's products.

5.   Other factors that could affect the performance of the Company,  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 Company's variable products.


                                       16
<PAGE>




PART II. OTHER INFORMATION

ITEM 5.       OTHER INFORMATION.

PRODUCTS

The  Company  offers  variable  and fixed  insurance  products  designed to meet
customer needs for  tax-advantaged  saving for  retirement  and protection  from
death. The Company believes 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 in New York and Delaware.

Variable  and fixed  insurance  products  offered by the Company  consist of one
variable product,  DVA Plus (NY), and two fixed annuity  products,  FGA New York
Flex and FGA New York Multi Year Guarantee  Annuity,  "MYGA," which two products
First Golden began selling during the year 2001.


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

A filing made in accordance with Item 5 of Form 8-K: Other Events and Regulation
FD  Disclosure  was made on October 23,  2001.  The purpose of the filing was to
report that on  September  25,  2001,  the Board of  Directors  of First  Golden
American Life Insurance  Company of New York  ("Registrant")  approved a plan of
merger to merge  Registrant  into ReliaStar  Life Insurance  Company of New York
("RLNY").  The merger is anticipated to be effective on January 1, 2002, subject
to the approval of the Insurance Department of the State of New York.

Incorporated  into the Form 8-K filing by reference was a prospectus  supplement
filed with the Securities  and Exchange  Commission on October 19, 2001, on Form
497 under the Securities Act of 1933 (File No.  333-16501),  which describes the
proposed transaction and contains financial  information on RLNY. The prospectus
supplement was included as an exhibit item to the Form 8-K filing.


                                       17
<PAGE>


                                   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: November 12, 2001                     FIRST GOLDEN AMERICAN LIFE INSURANCE
                                                             COMPANY OF NEW YORK





                                             By/s/  David Wheat
                                               ----------------------------
                                             David Wheat
                                             Chief Accounting Officer
                                             (Principal Accounting Officer)



                                             By/s/  Steve Preston
                                               -----------------------------
                                             Steve Preston
                                             President
                                             (Duly Authorized Company Officer)



                                       18
<PAGE>
<TABLE>
<CAPTION>


                                                               INDEX

                                                        Exhibits to Form 10-Q
                                                Nine Months ended September 30, 2001
                                      FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK

                                                                                                                  Page Number
                                                                                                                  -----------
<S>                                                                                                                    <C>

    2      PLAN OF ACQUISITION
           (a)    Agreement and Plan of Merger dated July 7, 1997, among Equitable of Iowa Companies ("Equitable"),
                  ING Groep N.V. and PFHI Holdings, Inc. (incorporated by reference from Exhibit 2 in Equitable's
                  Form 8-K filed July 11, 1997)......................................................................
                                                                                                                       ------

    3      ARTICLES OF INCORPORATION AND BY-LAWS
           (a)    Articles of Incorporation of First Golden American Life Insurance Company of New York
                  ("Registrant" or "First Golden") (incorporated by reference from Exhibit 3(i) to Amendment No. 1
                  to Registrant's Registration Statement on Form S-1 filed with the Securities and Exchange
                  Commission (the "SEC") on or about March 18, 1997 (File No. 333-16279))............................
                                                                                                                       ------

           (b)    By-laws of First Golden (incorporated by reference from Exhibit 3(ii) to Amendment No. 1 to
                  Registrant's Registration Statement on Form S-1 filed with the SEC on or about March 18, 1997
                  (File No. 333-16279))..............................................................................
                                                                                                                       ------

    4      INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES
           (a)    Individual Deferred Combination Variable and Fixed Annuity Contract (incorporated by reference
                  from Exhibit 4(a) to a Registration Statement for First Golden on Form S-1 filed with the SEC on
                  or about April 23, 1999 (File No. 333-77385))......................................................
                                                                                                                       ------

           (b)    Individual Deferred Combination Variable and Fixed Annuity Contract Application (incorporated by
                  reference from Exhibit 4(b) to a Registration Statement for First Golden on Form S-1 filed with
                  the SEC on or about April 23, 1999 (File No. 333-77385))...........................................
                                                                                                                       ------

           (c)    Schedule Page to the DVA Plus-NY Contract featuring the Galaxy VIP Fund (incorporated by reference
                  from Exhibit 4(f) to Amendment No. 1 to a Registration Statement for First Golden on Form S-1
                  filed with the SEC on or about November 1, 1999 (File No. 333-77385))..............................
                                                                                                                       ------

   10      MATERIAL CONTRACTS
           (a)    Services Agreement, dated November 8, 1996, between Directed Services, Inc. and First Golden
                  (incorporated by reference from Exhibit 10(a) to Amendment No. 1 to Registrant's Registration
                  Statement on Form S-1 filed with the SEC on or about March 18, 1997 (File No. 333-16279))..........
                                                                                                                       ------

           (b)    Administrative Services Agreement, dated November 8, 1996, between First Golden and Golden
                  American Life Insurance Company (incorporated by reference from Exhibit 10(b) to Amendment  No. 1
                  to Registrant's Registration Statement on Form S-1 filed with the SEC on or about March 18, 1997
                  (File No. 333-16279))..............................................................................
                                                                                                                       ------




                                                                 19
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                               INDEX

                                                        Exhibits to Form 10-Q
                                                Nine Months ended September 30, 2001
                                      FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK

                                                                                                                  Page Number
                                                                                                                  -----------
<S>                                                                                                                    <C>

           (c)    Form of Administrative Services Agreement between First Golden and Equitable Life Insurance
                  Company of Iowa (incorporated by reference from Exhibit 10(c) to Amendment No. 1 to Registrant's
                  Registration Statement on Form S-1 filed with the SEC on or about March 18, 1997 (File No.
                  333-16279))........................................................................................
                                                                                                                       ------

           (d)    Form of Custodial Agreement between Registrant and The Bank of New York (incorporated by reference
                  from Exhibit 10(d) to Amendment No. 1 to Registrant's Registration Statement on Form S-1 filed
                  with the SEC on or about March 18, 1997 (File No. 333-16279))......................................
                                                                                                                       ------

           (e)    Participation Agreement between First Golden and the Travelers Series Fund Inc. (incorporated by
                  reference from Exhibit 10(e) to a Registration Statement for First Golden on Form S-1 filed with
                  the SEC on or about April 29, 1999 (File No. 333-77385))...........................................
                                                                                                                       ------

           (f)    Participation Agreement between First Golden and the Greenwich Street Series Fund Inc.
                  (incorporated by reference from Exhibit 10(f) to a Registration Statement for First Golden on Form
                  S-1 filed with the SEC on or about April 29, 1999 (File No. 333-77385))............................
                                                                                                                       ------

           (g)    Participation Agreement between First Golden and the Smith Barney Concert Allocation Series Inc.
                  (incorporated by reference from Exhibit 10(g) to a Registration Statement for First Golden on Form
                  S-1 filed with the SEC on or about April 29, 1999 (File No. 333-77385))............................
                                                                                                                       ------

           (h)    Participation Agreement between First Golden and PIMCO Variable Insurance Trust (incorporated by
                  reference from Exhibit 10(h) to a Registration Statement for First Golden on Form S-1 filed with
                  the SEC on or about April 29, 1999 (File No. 333-77385))...........................................
                                                                                                                       ------

           (i)    Participation Agreement between First Golden and The Galaxy VIP Fund (incorporated by reference
                  from Exhibit 10(l) to Amendment No. 1 to a Registration Statement for First Golden on Form S-1
                  filed with the SEC on or about April 25, 2000 (File No. 333-77385))................................
                                                                                                                       ------

           (j)    Asset Management Agreement, dated March 30, 1998, between First Golden and ING Investment
                  Management LLC (incorporated by reference from Exhibit 10(g) to First Golden's Form 10-Q filed with
                  the SEC on August 14, 1998 (File No. 333-16279))...................................................
                                                                                                                       ------

           (k)    Underwriting Agreement between First Golden and Directed Services, Inc. (incorporated by reference
                  from Exhibit 1 to Amendment No. 1 to Registrant's Registration Statement on Form S-1 filed with
                  the SEC on or about March 18, 1997 (File No. 333-16279))...........................................
                                                                                                                       ------

           (l)    Revolving Note Payable, dated July 27, 1998, between First Golden and SunTrust Bank, Atlanta
                  (incorporated by reference from Exhibit 10(i) to First Golden's Form 10-Q filed with the SEC on
                  November 12, 1998 (File No. 333-16279))............................................................
                                                                                                                       ------



                                                                 20
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                               INDEX

                                                        Exhibits to Form 10-Q
                                                Nine Months ended September 30, 2001
                                      FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK

                                                                                                                  Page Number
                                                                                                                  -----------
<S>                                                                                                                    <C>

           (m)    Revolving Note Payable, dated July 31, 1999, between First Golden and SunTrust Bank, Atlanta
                  (incorporated by reference from Exhibit 10(i) to First Golden's Form 10-Q filed with the SEC on
                  August 13, 1999 (File No. 333-16279))..............................................................
                                                                                                                       ------

           (n)    Participation Agreement between First Golden and ING Variable Insurance Trust (incorporated by
                  reference from Exhibit 10(m) to Amendment No. 2 to a Registration Statement for First Golden on
                  Form S-1 filed with the SEC on or about April 26, 2000 (File No. 333-77385)).......................

                                                                                                                       ------
           (o)    Participation Agreement between First Golden and Prudential Series Fund, Inc. (incorporated by
                  reference from Exhibit 10(n) to Amendment No. 2 to a Registration Statement for First Golden on
                  Form S-1 filed with the SEC on or about April 26, 2000 (File No. 333-77385)).......................
                                                                                                                       ------

           (p)    Renewal of Revolving Note Payable, dated July 31, 2000, between First Golden and SunTrust Bank,
                  Atlanta (incorporated by reference from Exhibit 10(p) to First Golden's Form 10-Q filed with the
                  SEC on August 11, 2000 (File No. 333-16279)).......................................................
                                                                                                                       ------

           (q)    Amended Schedule Page to the Participation Agreement between First Golden and Prudential Series
                  Fund, Inc. (incorporated by reference from Exhibit 10(p) to Amendment No. 3 to a Registration
                  statement for First Golden on Form S-1 filed with the SEC on September 13, 2000 (File No.
                  333-77385))........................................................................................
                                                                                                                       ------

           (r)    Reinsurance Agreement dated December 29, 2000 between First Golden and London Life Reinsurance
                  Company of Pennsylvania (incorporated by reference from Exhibit 10(r) to First Golden's Form 10-K
                  filed with the SEC on March 28, 2001 (File No. 333-16279)).........................................
                                                                                                                       ------

           (s)    Renewal of Revolving Note payable, dated April 30, 2001, between First Golden and SunTrust Bank,
                  Atlanta (incorparated by reference from Exhibit 10(s) to First Golden's form 10-Q filed with the SEC
                  on August 14, 2001 (File No. 333-16279)............................................................
                                                                                                                       ------


                                                                 21
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