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          March 31, 2000
                                           -------------------------------------

                                       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)

230 Park Avenue, Suite 966, New York, New York                  10169-0999
--------------------------------------------------------------------------------
(Address of principal executive offices)                         (Zip code)

Registrant's telephone number, including area code        (212) 973-9647
                                                  ------------------------------

--------------------------------------------------------------------------------
               Former name, former address and formal fiscal year,
                          if changed since last report


Indicate by check 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 May 10, 2000.


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 15                                             Page 1 of 17

<PAGE>
<TABLE>
<CAPTION>



                                                        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
                                                                                       March 31, 2000           March 31, 1999
                                                                              -------------------------------------------------
                                                                                             (DOLLARS IN THOUSANDS)

<S>                                                                                             <C>                     <C>
       Revenues:
         Annuity product charges                                                                $380                    $112
         Net investment income                                                                   462                     535
         Realized losses on investments                                                         (234)                     --
         Other income                                                                              8                      15
                                                                              -------------------------------------------------
                                                                                                 616                     662
       Insurance benefits and expenses:
         Annuity benefits:
            Interest credited to account balances                                                277                     167
         Underwriting, acquisition, and insurance expenses:
            Commissions                                                                          321                     199
            General expenses                                                                     164                     168
            Insurance taxes, state licenses, and fees                                             53                      23
            Policy acquisition costs deferred                                                   (468)                   (321)
            Amortization:
              Deferred policy acquisition costs                                                   97                      60
              Value of purchased insurance in force                                                1                       1
              Goodwill                                                                             1                       1
                                                                              -------------------------------------------------
                                                                                                 446                     298
                                                                              -------------------------------------------------
       Income before income taxes                                                                170                     364

       Income taxes                                                                               60                     132
                                                                              -------------------------------------------------

       Net income                                                                               $110                    $232
                                                                              =================================================














See accompanying notes.

                                                                 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


Condensed Balance Sheets (Unaudited):

                                                                                      March 31, 2000     December 31, 1999
                                                                              ---------------------------------------------
                                                                                       (DOLLARS IN THOUSANDS, EXCEPT
                                                                                               PER SHARE DATA)

<S>                                                                                        <C>                   <C>
ASSETS
Investments:
  Fixed maturities, available for sale, at fair value
    (cost:  2000-$28,429; 1999-$29,178)                                                    $27,343               $28,095
  Short-term investments                                                                     4,117                 2,309
                                                                              ---------------------------------------------
Total investments                                                                           31,460                30,404

Cash and cash equivalents                                                                    1,435                 1,026
Due from affiliates                                                                            164                   539
Accrued investment income                                                                      572                   443
Deferred policy acquisition costs                                                            3,534                 3,198
Value of purchased insurance in force                                                           98                   102
Property and equipment, less allowances for
   depreciation of $30 in 2000 and $31 in 1999                                                  36                    41
Goodwill, less accumulated amortization of $6 in 2000
   and $5 in 1999                                                                               90                    91
Other assets                                                                                   584                    19
Separate account assets                                                                     54,862                47,215
                                                                              ---------------------------------------------

Total assets                                                                               $92,835               $83,078
                                                                              =============================================

LIABILITIES AND STOCKHOLDER'S EQUITY
Policy liabilities and accruals:
  Future policy benefits:
    Annuity products                                                                        $7,074                $7,583
Current income tax liability                                                                   602                   557
Deferred income tax liability                                                                  652                   610
Revolving note payable                                                                          --                   100
Due to affiliates                                                                              119                    32
Other liabilities                                                                              686                   323
Separate account liabilities                                                                54,862                47,215
                                                                            -----------------------------------------------
                                                                                            63,995                56,420
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                23,936
  Accumulated other comprehensive loss                                                        (968)                 (927)
  Retained earnings                                                                          1,759                 1,649
                                                                            -----------------------------------------------

Total stockholder's equity                                                                  28,840                26,658
                                                                            -----------------------------------------------

Total liabilities and stockholder's equity                                                 $92,835               $83,078
                                                                            ===============================================



See accompanying notes.

                                                                 3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


Condensed Statements of Cash Flows (Unaudited):

                                                                                              For the Three           For the Three
                                                                                               Months Ended            Months Ended
                                                                                             March 31, 2000          March 31, 1999
                                                                                      ----------------------------------------------
                                                                                                      (DOLLARS IN THOUSANDS)

<S>                                                                                                  <C>                   <C>
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                                    $296                   $(7)

INVESTING ACTIVITIES
Sale, maturity, or repayment of fixed maturities - available for sale                                 1,455                   626
Acquisition of fixed maturities - available for sale                                                   (956)                   --
Short-term investments - net                                                                         (1,808)                  (45)
Purchase of property and equipment                                                                       --                    (8)
Sale of property and equipment                                                                            6                    --
                                                                                      ----------------------------------------------
Net cash provided by (used in) investing activities                                                  (1,303)                  573

FINANCING ACTIVITIES
Proceeds from revolving note payable                                                                    100                    --
Repayment of revolving note payable                                                                    (200)                   --
Receipts from investment contracts credited to account balances                                         276                    26
Return of account balances on investment contracts                                                      (79)                  (52)
Net reallocations to Separate Account                                                                  (794)                 (821)
Contribution from parent                                                                              2,113                    --
                                                                                      ----------------------------------------------
Net cash provided by (used in) financing activities                                                   1,416                  (847)
                                                                                      ----------------------------------------------

Increase (decrease) in cash and cash equivalents                                                        409                  (281)
Cash and cash equivalents at beginning of period                                                      1,026                 1,932
                                                                                      ----------------------------------------------

Cash and cash equivalents at end of period                                                           $1,435                $1,651
                                                                                      ==============================================


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for:
     Interest                                                                                           $11                    --
     Income taxes                                                                                        28                    --




















See accompanying notes.

                                                                 4
</TABLE>
<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.
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 three
months ended March 31, 2000 are not  necessarily  indicative of the results that
may be  expected  for  the  year  ending  December  31,  2000.  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, 1999.

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.

STATUTORY
Net  income  for  First  Golden  as  determined  in  accordance  with  statutory
accounting  practices  was $36,000 and $206,000 for the three months ended March
31,  2000 and 1999,  respectively.  Total  statutory  capital  and  surplus  was
$27,184,000 at March 31, 2000 and $25,082,000 at December 31, 1999.

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 (loss) for the first quarter of 2000 and
1999 amounted to $69,000 and $(18,000), 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  $(130,000) during the first three months of 2000. 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  $(104,000) for the first three months of 2000. There
were no such amounts excluded for the first quarter of 1999.

NOTE 3 -- 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
$321,000  in the first  quarter  of 2000.  For the first  quarter  of 1999,  the
commissions and expenses were $199,000.

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
first  quarters  of 2000 and 1999,  the  Company  incurred  fees of $20,000  and
$17,000, respectively, under this agreement.


                                       5
<PAGE>


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  $121,000  and  $4,000  for the  first  quarters  of 2000 and 1999,
respectively.  Under the agreement  with Equitable  Life,  the Company  incurred
expenses  of  $91,000  and  $40,000  for the  first  quarters  of 2000 and 1999,
respectively.

The Company provides resources and services to DSI. Revenues for these services,
which  reduce  general  expenses  incurred by the Company,  totaled  $52,000 and
$32,000 for the first quarters of 2000 and 1999, respectively.

The Company  provides  resources and services to Golden  American.  Revenues for
these services,  which reduce general expenses incurred by the Company,  totaled
$148,000 for the first quarter of 2000.

The Company had  premiums,  net of  reinsurance,  for variable  products for the
three  months  ended  March 31,  2000 and 1999 that  totaled  $2,000 from Locust
Street Securities, Inc., an affiliate.

During the first  quarter of 2000,  the Company  received a  $2,113,000  capital
contribution from Golden American.

NOTE 4 -- COMMITMENTS AND CONTINGENCIES

REINSURANCE:  At March 31, 2000,  First Golden had a reinsurance  treaty with an
unaffiliated  reinsurer  covering a significant  portion of the mortality  risks
under its  variable  contracts as of December  31,  1999.  First Golden  remains
liable to the  extent  its  reinsurer  does not meet its  obligations  under the
reinsurance agreement.  At March 31, 2000 and December 31, 1999, the Company had
a payable of $5,000 and $4,000, respectively, for reinsurance premiums. Included
in the accompanying financial statements are net considerations to the reinsurer
of $9,000 in the first quarter of 2000. Also included are net  considerations to
the reinsurer of $2,000 in the first quarter of 1999.

The reinsurance  treaty that covered the nonstandard  minimum  guaranteed  death
benefits for new business was terminated for business  issued after December 31,
1999. The Company is currently pursuing alternative reinsurance arrangements for
new  business  after  December 31,  1999.  There can be no  assurance  that such
alternative arrangements will be available. Any reinsurance covering business in
force at December 31, 1999 will continue to apply in the future.

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 March 31,  2000,  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 annuities and associated future policy benefits. 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 sales, generated 94% of the Company's sales in the three months
ended March 31, 2000 (83% by two broker/dealers during the same period in 1999).


                                       6
<PAGE>


REVOLVING NOTE PAYABLE: To enhance short-term liquidity, the Company established
a revolving note payable effective July 31, 1999 and expiring July 31, 2000 with
SunTrust  Bank,  Atlanta  (the  "Bank").  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 0.25% 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.  At March 31, 2000, the Company did not have any borrowings under
this  agreement.  At December 31, 1999,  the company had  borrowings of $100,000
under the agreement.

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 also 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 insurance products in the states of New York and Delaware.


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

PREMIUMS

The Company  reported $5.3 million in variable annuity premiums during the first
three  months of 2000  compared to $3.3  million  for the first three  months of
1999. For the Company's variable 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.

Premiums,  net of  reinsurance,  for  variable  products  from  two  significant
broker/dealers,  each having at least ten percent of total sales,  for the three
months ended March 31, 2000 totaled $5.0 million, or 94% of total premiums ($2.7
million, or 83%, from two significant  broker/dealers for the three months ended
March 31, 1999).

REVENUES

During the first three months of 2000 and 1999, product charges totaled $380,000
and  $112,000,  respectively.  This increase is due to higher  account  balances
associated with the Company's variable account option. Net investment income was
$462,000  for the  first  three  months  of 2000.  This is a  decrease  of 13.7%
compared  to net  investment  income of $535,000  for the first three  months of
1999,  due to a decrease in invested  assets  from March 31,  1999.  The Company
recognized realized losses of $234,000 during the first three months of 2000.

EXPENSES

The Company  reported total  insurance  benefits and expenses of $446,000 during
the first three  months of 2000  compared to $298,000  for first three months of
1999.  Interest  credited to account  balances totaled $277,000 during the first
three months of 2000 and  $167,000 for the same period in 1999.  The increase in
interest credited relates to higher credited rates associated with the Company's
fixed account option within the variable product.

Commissions  increased  $122,000 in the first three months of 2000 from $199,000
during the first three  months of 1999.  Changes in  commissions  are  generally
related to changes in the level of variable product sales. General expenses were
$164,000 and $168,000 for the first three months of 2000 and 1999, respectively.
Most costs incurred as the result of new sales have been  deferred,  thus having
very little impact on current earnings.


                                       7
<PAGE>


First Golden deferred $468,000 of expenses  associated with the sale of variable
annuity  contracts  for the three  months  ended  March 31,  2000.  Expenses  of
$321,000  were  deferred  for the  three  months  ended  March 31,  1999.  These
acquisition  costs are amortized in proportion  to the expected  gross  profits.
Amortization of deferred policy  acquisition  costs ("DPAC") was $97,000 for the
three  months  ended March 31, 2000 and $60,000 for the three months ended March
31, 1999. The amortization of value of purchased insurance in force ("VPIF") was
$1,000  and  $1,000  for the  three  months  ended  March  31,  2000  and  1999,
respectively. During the first three months of 2000, VPIF was adjusted by $2,000
to reflect  changes  in the  assumptions  related to the timing of future  gross
profits.  During the first  three  months of 1999,  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 March 31, 2000 is $8,000 for
the remainder of 2000,  $10,000 in 2001, $10,000 in 2002, $8,000 in 2003, $6,000
in 2004, and $5,000 in 2005. Actual  amortization may vary based upon changes in
assumptions and experience.

INCOME

Net  income was  $110,000  for the first  three  months of 2000,  a decrease  of
$122,000, or 52.6%, from the same period in 1999.

Comprehensive income for the first three months of 2000 was $69,000, an increase
of $87,000 from  comprehensive  loss of $18,000 during the first three months of
1999.


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 March 31, 2000, the Company had fixed  maturities with an
amortized  cost of $28.4 million and an estimated  fair value of $27.3  million.
The  Company  classifies  100% of its  securities  as  available  for sale.  Net
unrealized depreciation on fixed maturities of $1,086,000 was comprised of gross
appreciation  of $10,000 and gross  depreciation  of $1,096,000.  Net unrealized
holding  losses on these  securities,  net of  adjustments  for VPIF,  DPAC, and
deferred  income taxes of $629,000,  were  included in  stockholder's  equity at
March 31, 2000.

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")  ($18.3
million  or  64.4%),  that are rated  BBB+ to BBB- by  Standard  & Poor's  ($9.1
million or 31.9%),  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 3.7%).

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 March 31, 2000,  the yield at  amortized  cost on the
Company's  below  investment  grade  portfolio was 8.1% compared to 6.7% for the
Company's  investment grade corporate bond portfolio.  The Company estimates the
fair value of its below  investment  grade  portfolio was $975,000,  or 93.8% of
amortized cost value, at March 31, 2000.


                                       8
<PAGE>


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.

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 three months ended March 31, 2000,  the  amortized  cost basis of the
Company's fixed maturities  portfolio was reduced by $1.7 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 $234,000 in the first three months of 2000.

At March 31, 2000, no fixed  maturities were deemed to have impairments in value
that are other than temporary.  At March 31, 2000, the Company had no investment
in default.  The Company's  fixed  maturities  portfolio had a combined yield at
amortized cost of 6.6% at March 31, 2000.

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 October 24, 1997. 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 March 31, 2000,
the  Company  had  VPIF  and  DPAC   balances  of  $98,000  and  $3.5   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  March  31,  2000 was
approximately $6,000.

Other assets  increased  $565,000 during the first quarter of 2000 primarily due
to accounts receivable at March 31, 2000.

At March 31,  2000,  the Company had $54.9  million of separate  account  assets
compared to $47.2 million at December 31, 1999. The increase in separate account
assets  resulted from market  appreciation  and sales of the Company's  variable
products, net of redemptions.

At March 31, 2000, the Company had total assets of $92.8 million, an increase of
11.8% from December 31, 1999.


                                       9
<PAGE>


LIABILITIES

Future policy benefits  decreased  $509,000 in the first three months of 2000 to
$7.1 million due mainly to net reallocations to the Company's  separate account.
Policy reserves  represent the premiums received plus accumulated  interest less
mortality and administration  charges.  At March 31, 2000, the Company had $54.9
million of  separate  account  liabilities.  This is an  increase  of 16.2% over
separate account  liabilities as of December 31, 1999, and is primarily  related
to market  appreciation  and sales of the Company's  variable  products,  net of
redemptions.

Other  liabilities  increased  $363,000  from  December 31,  1999.  The increase
results primarily from a payable to the separate account at March 31, 2000.

The Company's total  liabilities  increased $7.6 million,  or 13.4%,  during the
first three  months of 2000 and totaled  $64.0  million at March 31,  2000.  The
increase is primarily the result of an increase 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 provided by operating activities was $296,000 in the first three months
of 2000  compared to net cash used in operations of $7,000 in the same period of
1999. The increase in operating cash flows results primarily from an increase in
annuity product charges.

Net cash used in investing  activities  was $1.3 million  during the first three
months of 2000 compared to net cash provided in investing activities of $573,000
in the same period of 1999. The decrease results  primarily due to increased net
purchases of short-term investments of $1.8 million in the first three months of
2000 versus $45,000 in the first three months of 1999.

Net cash  provided in financing  activities  was $1.4  million  during the first
three months of 2000  compared to cash used in financing  activities of $847,000
during the same period in the prior  year,  an  increase  of $2.3  million.  The
increase is primarily due to the $2.1 million capital  contribution  from Golden
American.

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 expires on July 31, 2000.  Management  believes
these sources of liquidity are adequate to meet the  Company's  short-term  cash
obligations.

First Golden's  principal office is located in New York, New York, where certain
of the Company's  records are maintained.  The 2,568 square feet of office space
is leased through 2001.

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.


                                       10
<PAGE>


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
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 three months of 1999.

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 2000.

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:  First Golden's  operations  consist of one
business segment, the sale of insurance products.  First Golden is not dependent
upon  any  single  customer,   however,  two  broker/dealers   accounted  for  a
significant  portion of its sales volume in the first three months of 2000.  All
premiums are generated from consumers and corporations in the states of New York
and Delaware.

REINSURANCE:  The  reinsurance  treaty  that  covered  the  nonstandard  minimum
guaranteed  death benefits for new business was  terminated for business  issued
after  December  31,  1999.  The  Company  is  currently  pursuing   alternative
reinsurance  arrangements for new business after December 31, 1999. There can be
no  assurance  that  such  alternative   arrangements  will  be  available.  Any
reinsurance  covering  business in force at December  31, 1999 will  continue to
apply in the future.

IMPACT OF YEAR  2000:  In prior  years,  the  Company  discussed  the nature and
progress of Golden  American's  plans for the Company to become Year 2000 ready.
In late 1999, Golden American completed remediation and testing of the Company's
systems. As a result of those planning and implementation  efforts,  the Company
experienced  no  significant   disruptions  in  mission   critical   information
technology  and  non-information  technology  systems and believes those systems
successfully responded to the Year 2000 date change. The Company is not aware of
any material problems resulting from Year 2000 issues, either with its products,
its internal  systems,  or the products  and services of third  parties.  Golden
American  will  continue  to monitor the  Company's  mission  critical  computer
applications  and those of  suppliers  and vendors  throughout  the Year 2000 to
ensure that any latent Year 2000 matters that may arise are addressed promptly.


                                       11
<PAGE>


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.


                                       12
<PAGE>


PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

(a)     Exhibits

A list of  exhibits  included as part of this report is set forth in the Exhibit
Index which  immediately  precedes such exhibits and is hereby  incorporated  by
reference herein.

(b)     Reports on Form 8-K

None


                                       13
<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: May 12, 2000      FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK





                                      By/S/ Barnett Chernow
                                        ----------------------------------------
                                      Barnett Chernow
                                      President and Director
                                      (Principal Executive Officer)

                                      By/S/ Mary Bea Wilkinson
                                        ----------------------------------------
                                      Mary Bea Wilkinson
                                      Senior Vice President and Treasurer
                                      (Principal Financial Officer)


                                       14
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Three Months ended March 31 2000
                                      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))..............................................................................
                                                                                                                       ------

           (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))........................................................................................
                                                                                                                       ------


                                                                 15
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Three Months ended March 31, 2000
                                      FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                    <C>
           (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)    Form of 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 23, 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 23, 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 23, 1999 (File No. 333-77385))............................
                                                                                                                       ------

           (h)    Form of 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 23, 1999 (File No. 333-77385))............................
                                                                                                                       ------

           (i)    Form of Participation Agreement between First Golden and The Galaxy VIP Fund (incorporated by
                  reference from Exhibit 10(1) to Amendment No. 1 to a Registration Statement for First Golden on
                  Form S-1 filed with the SEC on or about September 24, 1999 (File No. 333-76945))...................
                                                                                                                       ------

           (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))............................................................
                                                                                                                       ------

           (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))..............................................................
                                                                                                                       ------


                                                                 16
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Three Months ended March 31, 2000
                                      FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK

                                                                                                                    Page Number
                                                                                                                    -----------
<S>                                                                                                                    <C>
           (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)).......................
                                                                                                                       ------

   27      FINANCIAL DATA SCHEDULE (ELECTRONIC FILING ONLY)..........................................................
                                                                                                                       ------


                                                                 17
</TABLE>