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              June 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)

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 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 August 10, 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 18                                             Page 1 of 23

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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
                                                                       June 30, 2001            June 30, 2000
                                                               -------------------------------------------------
                                                                            (Dollars in thousands)
<S>                                                                             <C>                      <C>
       Revenues:
         Annuity product charges                                                $128                     $196
         Management fee revenue                                                   39                        7
         Net investment income                                                   541                      445
         Realized losses on investments                                          (27)                    (197)
                                                               -------------------------------------------------
                                                                                 681                      451
       Insurance benefits and expenses:
         Annuity benefits:
            Interest credited to account balances                                105                       97
            Benefit claims                                                        (4)                      13
         Underwriting, acquisition, and insurance expenses:
            Commissions                                                          143                      344
            General expenses                                                     176                      238
            Insurance taxes, state licenses, and fees                              7                       12
            Policy acquisition costs deferred                                   (122)                    (371)
            Amortization:
              Deferred policy acquisition costs                                  (66)                      95
              Value of purchased insurance in force                                4                       (2)
                                                               -------------------------------------------------
                                                                                 243                      426
                                                               -------------------------------------------------
       Income before income taxes                                                438                       25

       Income taxes                                                              153                        2
                                                               -------------------------------------------------

       Net income                                                               $285                      $23
                                                               =================================================



















See accompanying notes

                                                                 2
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Condensed Statements of Operations (Unaudited):


                                                                           For the Six              For the Six
                                                                          Months Ended             Months Ended
                                                                         June 30, 2001            June 30, 2000
                                                                 -------------------------------------------------
                                                                              (Dollars in thousands)
<S>                                                                              <C>                       <C>
       Revenues:
         Annuity product charges                                                  $369                     $387
         Management fee revenue                                                     61                       15
         Net investment income                                                     925                      907
         Realized losses on investments                                            (79)                    (431)
                                                                 -------------------------------------------------
                                                                                 1,276                      878
       Insurance benefits and expenses:
         Annuity benefits:
            Interest credited to account balances                                  191                      187
            Benefit claims                                                          33                       11
         Underwriting, acquisition, and insurance expenses:
            Commissions                                                            244                      665
            General expenses                                                       403                      402
            Insurance taxes, state licenses, and fees                               15                       38
            Policy acquisition costs deferred                                     (258)                    (839)
            Amortization:
              Deferred policy acquisition costs                                    110                      192
              Value of purchased insurance in force                                  1                       (1)
              Goodwill                                                               1                        1
                                                                 -------------------------------------------------
                                                                                   740                      656
                                                                 -------------------------------------------------
       Income before income taxes                                                  536                      222

       Income taxes                                                                188                       89
                                                                 -------------------------------------------------

       Net income                                                                 $348                     $133
                                                                 =================================================

























See accompanying notes.

                                                                 3
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Condensed Balance Sheets:

                                                                   June 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-$22,989; 2000-$25,770)                                  $23,296                  $25,204
Cash and cash equivalents                                                 11,467                    8,655
Due from affiliates                                                          124                       68
Accrued investment income                                                    384                      392
Deferred policy acquisition costs                                          4,216                    4,170
Value of purchased insurance in force                                         85                      113
Property and equipment, less allowances for
   depreciation of $39 in 2001 and $36 in 2000                                27                       30
Goodwill, less accumulated amortization of $9 in 2001
   and $7 in 2000                                                             87                       89
Current income taxes recoverable                                              --                       17
Other assets                                                                  38                       17
Separate account assets                                                   56,494                   57,703
                                                           -------------------------------------------------

Total assets                                                             $96,218                  $96,458
                                                           =================================================

LIABILITIES AND STOCKHOLDER'S EQUITY
Policy liabilities and accruals:
  Future policy benefits:
    Annuity products                                                      $7,831                   $7,065
Current income tax liability                                                 272                       --
Deferred income tax liability                                                842                      843
Due to affiliates                                                             75                      987
Other liabilities                                                            336                      483
Separate account liabilities                                              56,494                   57,703
                                                           -------------------------------------------------
                                                                          65,850                   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)                              186                     (457)
  Retained earnings                                                        2,133                    1,785
                                                           -------------------------------------------------

Total stockholder's equity                                                30,368                   29,377
                                                           -------------------------------------------------

Total liabilities and stockholder's equity                               $96,218                  $96,458
                                                           =================================================








See accompanying notes.

                                                      4
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<CAPTION>



Condensed Statements of Cash Flows (Unaudited):

                                                                                     For the Six            For the Six
                                                                                    Months Ended           Months Ended
                                                                                   June 30, 2001          June 30, 2000
                                                                           ----------------------------------------------
                                                                                      (Dollars in thousands)

<S>                                                                                     <C>                      <C>
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES                                       $(467)                   $442

INVESTING ACTIVITIES
Sale, maturity, or repayment of fixed maturities - available for sale                    12,443                   6,523
Acquisition of fixed maturities - available for sale                                     (9,754)                 (5,571)
Sale of property and equipment                                                               --                       6
                                                                           ----------------------------------------------
Net cash provided by investing activities                                                 2,689                     958

FINANCING ACTIVITIES
Proceeds from revolving note payable                                                         --                     100
Repayment of revolving note payable                                                          --                    (200)
Receipts from investment contracts credited to account balances                           1,892                   1,751
Return of account balances on investment contracts                                         (347)                   (133)
Net reallocations to Separate Account                                                      (955)                 (1,593)
Contribution from parent                                                                     --                   2,113
                                                                           ----------------------------------------------
Net cash provided by financing activities                                                   590                   2,038
                                                                           ----------------------------------------------

Increase in cash and cash equivalents                                                     2,812                   3,438
Cash and cash equivalents at beginning of period                                          8,655                   3,335
                                                                           ----------------------------------------------

Cash and cash equivalents at end of period                                              $11,467                  $6,773
                                                                           ==============================================


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





















See accompanying notes.

                                                                 5
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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 six months ended June 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.

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 $238,000 and  $(35,000) for the six months ended June
30, 2001 and 2000,  respectively.  Total  statutory  capital  and  surplus  were
$26,892,000 at June 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 the prior period financial  statements have been reclassified
to conform to the June 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 second quarter of 2001 and 2000
amounted to $58,000 and $41,000,  respectively.  Other comprehensive  income for
the first six  months  of 2001 and 2000  amounted  to  $991,000,  and  $110,000,
respectively.  Other  comprehensive loss excludes net investment losses included
in net income which merely represent transfers from unrealized to realized gains
and losses.  These  amounts  totaled  $36,000 and $233,000  during the first six
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
$5,000 and $94,000 for the second quarters of 2001 and 2000,  respectively,  and
$43,000 and $198,000 for the first six months of 2001 and 2000, respectively.

NOTE 3 -- DERIVATIVE INSTRUMENTS

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 their  overall risk  management  program.
Derivatives are recognized on the balance sheet at their fair value. At June 30,
2001, the Company did not utilize any such derivatives.

NOTE 4 -- 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


                                       7
<PAGE>


issuer.  Such  policies  are at  least as  restrictive  as  those  set  forth by
regulatory authorities. The following percentages relate to holdings at June 30,
2001 and December 31, 2000. Fixed maturities included investments in industrials
(37% in 2001, 33% in 2000),  asset-backed  securities (11% in 2001, 0% in 2000),
financial companies (32% in 2001, 31% in 2000), and various government bonds and
government or agency mortgage-backed securities (13% in 2001, 29% in 2000).

At June 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.

NOTE 5 -- 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
$132,000 and $344,000 in the second quarter of 2001 and 2000, respectively.  For
the first six months of 2001 and 2000, the commissions paid to DSI were $197,000
and $665,000, 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 $47,000 for the year to
date ended June 30, 2001 and $23,000 for the quarter ended June 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
second  quarters  of 2001 and 2000,  the  Company  incurred  fees of $18,000 and
$20,000,  respectively,  under this agreement.  For the first six months of 2001
and 2000, the Company incurred fees of $93,000 and $40,000, 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  $56,000  and  $69,000  for the second  quarters  of 2001 and 2000,
respectively,  and $81,000 and  $190,000  for the six months ended June 30, 2001
and 2000, respectively. Under the agreement with Equitable Life, the Company did
not incur expenses for the second quarter and six months ended June of 2001, but
did incur expenses of $87,000 for the second  quarters of 2000, and $178,000 for
the six months ended June 30, 2000.

The Company provides resources and services to DSI. Revenues for these services,
which  reduce  general  expenses  incurred by the  Company,  totaled  $8,000 and
$56,000  for the second  quarters  of 2001 and 2000,  respectively.  For the six
months ended June 30, 2001 and 2000,  these revenues were $134,000 and $108,000,
respectively.

The Company  provides  resources and services to Golden  American.  Revenues for
these services,  which reduce general expenses incurred by the Company,  totaled
$70,000 for the second  quarter of 2001 and $113,000 for the first six months of
2001.

The Company had premiums, net of reinsurance from variable products for both the
second  quarter and the first six months ended June 30, 2001,  respectively,  of
approximately $90,000 from Washington Square Securities, Inc., an affiliate.

The Company had  premiums  from fixed  products  for the second  quarter and the
first six months ended June 30, 2001,  of  approximately  $450,000 and $550,000,
respectively, from Washington Square Securities, Inc., an affiliate.


                                       8
<PAGE>


The Company had  premiums,  net of  reinsurance,  for variable  products for the
second  quarter  and first six  months  ended June 30,  2001 and June 30,  2000,
respectively,  that totaled $3,000 and $0 from Vestax Securities Corporation, an
affiliate.

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.  No funds were
transferred  from  Golden  American  in 1999 or  1998.  During  2001  and  2000,
respectively,  Golden  American  provided a cash capital  contribution of $0 and
$2,113,000 to First Golden.

NOTE 6 -- COMMITMENTS AND CONTINGENCIES

REINSURANCE:  At June 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 June 30, 2001 and December 31, 2000, the Company has a payable of $67,000 and
$17,000,  respectively,  for reinsurance premiums.  Included in the accompanying
financial  statement are net considerations to reinsurers of $77,000 and $15,000
in the second  quarter of 2001 and 2000,  respectively,  and $85,000 and $24,000
for the six months ended June 30, 2001 and 2000, respectively.  In addition, the
accompanying  financial  statements  contain net policy  benefits  recoveries of
$(15,000) and $5,000 for the second quarter of 2001 and 2000,  respectively  and
$39,000  and  $5,000  for  the  six  months   ended  June  30,  2001  and  2000,
respectively.

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 June 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,  generated  69% and 70% of the  Company's  variable  annuity sales in the
quarter and six months  ended June 30,  2001,  respectively  (75% and 85% by two
broker/dealers during the same periods in 2000). Two broker/dealers, each having
at least ten percent of total fixed annuity sales,  generated 88% and 91% of the
Company's fixed annuity sales in the quarter and six months ended June 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


                                       9
<PAGE>


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 June 30, 2001 and December  31, 2000,  the Company did not
have any borrowings under this 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  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 $3.0 million in variable annuity premiums and $1.6 million
of fixed annuity  premiums during the first six months of 2001 compared to $10.6
million of  variable  annuity  premiums  for the first six months of 2000.  This
decline  in  premiums  is  primarily  due to lower  industry  sales  caused by a
downturn  in equity  markets.  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.

Premiums,  net of  reinsurance,  for  variable  products  from  two  significant
broker/dealers,  each  having at least ten  percent  of total  variable  annuity
sales,  for the six months ended June 30, 2001 totaled $2.1  million,  or 70% of
total  variable   premiums  ($9.0   million,   or  85%,  from  two   significant
broker/dealers for the six months ended June 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 six months  ended June 30, 2001 totaled  $1.4  million,  or 91% of total
fixed premiums.

REVENUES

During the first six months of 2001 and 2000,  product charges totaled  $369,000
and $387,000, respectively.

Management fee revenue increased by $46,000 in the first six months of 2001 from
$15,000 during the first six 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  $47,000  for the year to date ended June 30,
2001.

Net investment  income was $925,000 for the first six months of 2001 compared to
$907,000  for the first six  months of 2000.  The  Company  recognized  realized
losses of  $79,000  during  the first six months of 2001  compared  to  realized
losses of $431,000 during the first six months of 2000.


                                       10
<PAGE>


EXPENSES

The Company  reported total  insurance  benefits and expenses of $740,000 during
the first six months of 2001  compared to $656,000 for first six months of 2000.
Interest  credited to account  balances  totaled  $191,000  during the first six
months of 2001 and $187,000 for the same period in 2000.  Benefit claims totaled
$33,000  during the first six months of 2001 and  $11,000 for the same period of
2000.

Commissions  decreased  $421,000  in the first six months of 2001 from  $665,000
during  the first six  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 $10.6  million for the
first six months of 2000  compared  to $4.6  million for the first six months of
2001.  General  expenses  were $403,000 and $402,000 for the first six months of
2001 and 2000,  respectively.  Most costs  incurred  as the result of sales have
been deferred, thus having very little impact on current earnings.

First Golden deferred $258,000 of expenses  associated with the sale of variable
and fixed annuity contracts for the six months ended June 30, 2001.  Expenses of
$839,000 were deferred for the six months ended June 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 six months of
2001.  Amortization of deferred policy  acquisition  costs ("DPAC") was $110,000
for the six months  ended June 30, 2001 and  $192,000  for the six months  ended
June  30,  2000.  The  amortization  of value of  purchased  insurance  in force
("VPIF")  was $1,000 and  $(1,000)  for the six months  ended June 30,  2001 and
2000, respectively. During the first six months of 2001, and 2000, respectively,
VPIF was adjusted to reduce  amortization by $0 and $4,000 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 June 30, 2001 is $6,000 for the remainder of 2001,  $9,000 in 2002, $9,000 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.

INCOME

Net  income  was  $348,000  for the first six  months of 2001,  an  increase  of
$215,000 from the same period in 2000.

Comprehensive income for the first six months of 2001 was $991,000,  an increase
of $1,101,000 from comprehensive loss of $110,000 during the first six 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 June 30, 2001, the Company had fixed  maturities  with an
amortized  cost of $23.0 million and an estimated  fair value of $23.3  million.
The  Company  classifies  100% of its  securities  as  available  for sale.  Net
unrealized  appreciation on fixed  maturities of $307,000 was comprised of gross
appreciation  of $376,000  and gross  depreciation  of $69,000.  Net  unrealized
holding  gains on these  securities,  net of  adjustments  for VPIF,  DPAC,  and
deferred income taxes of $186,000, were included in stockholder's equity at June
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")  ($14.8
million  or  64.1%),  that are rated  BBB+ to BBB- by  Standard  & Poor's  ($4.6
million or 19.9%),  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 4.5%).  Securities  not rated by  Standard  & Poor's  had a National
Association  of Insurance  Commissioners  ("NAIC")  rating of 1 ($2.6 million or
11.5%).


                                       11
<PAGE>


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 June 30,  2001,  the yield at  amortized  cost on the
Company's  below  investment  grade  portfolio was 8.1% compared to 6.5% for the
Company's  investment grade corporate bond portfolio.  The Company estimates the
fair value of its below investment grade portfolio was $1.0 million, or 99.5% of
amortized cost value, at June 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.

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 six months  ended June 30,  2001,  the  amortized  cost basis of the
Company's fixed maturities portfolio was reduced by $12.5 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 $79,000 in the first six months of 2001.

At June 30, 2001, no fixed  maturities were deemed to have impairments in values
that are other than temporary.  At June 30, 2001, the Company had no investments
in default.  The Company's  fixed  maturities  portfolio had a combined yield at
amortized cost of 6.6% at June 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 "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 June 30, 2001, the
Company had VPIF and DPAC balances of $85,000 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  June  30,  2001  was
approximately $9,000.


                                       12
<PAGE>


At June 30,  2001,  the Company had $56.5  million of  separate  account  assets
compared to $57.7 million at December 31, 2000. The decrease in separate account
assets resulted from negative equity market returns slightly offset by transfers
from the fixed account,  and sales of the Company's  variable  products,  net of
redemptions.

At June 30,  2001,  the Company had total  assets of $96.2  million  compared to
$96.5 from December 31, 2000.

LIABILITIES

Future  policy  benefit from  variable  and fixed  annuity  contracts  increased
$766,000  in the first six  months of 2001 to $7.8  million  reflecting  premium
growth in the Company's  fixed account option of the variable and fixed product,
net of transfers to the separate account. Policy reserves represent the premiums
received plus accumulated interest less mortality,  administration  charges, and
net of transfers to separate  accounts.  At June 30, 2001, the Company had $56.5
million  of  separate  account  liabilities.  This is a  decrease  of 2.1%  over
separate account  liabilities as of December 31, 2000, and is primarily  related
to negative equity market return offset by transfers from the fixed account, and
sales of the Company's variable products, net of redemptions.

Due to  affiliates  decreased by $912,000 to $75,000 from  December 31, 2000 due
mainly to the  settlement  a payable to Golden  American  for taxes of $500,000,
which Golden American had paid on behalf of First Golden.

Other  liabilities  decreased  $147,000 from December 31, 2000,  due mainly to a
decrease in accrued payables.

The Company's  total  liabilities  decreased $1.2 million,  or 1.8%,  during the
first  six  months of 2001 and  totaled  $65.9  million  at June 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  and fixed
annuity premiums,  product charges,  investment  income,  sale and maturities of
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 $467,000 in the first six months of
2001  compared to net cash provided by operations of $442,000 in the same period
of 2000.  The  decrease  in  operating  cash flows  results  primarily  from the
settlement of liabilities during the first six months of 2001.

Net cash provided by investing  activities was  $2,689,000  during the first six
months of 2001 compared to net cash provided by investing activities of $958,000
in the same period of 2000. The increase  results  primarily from an increase in
net sales of fixed  maturities-available  for sale of $2.7  million in the first
six months of 2001 versus $0.9 million in the first six months of 2000.

Net cash  provided by financing  activities  was  $590,000  during the first six
months of 2001 compared to cash  provided by financing  activities of $2,038,000
during the same period in the prior year, a decrease of $1,448,000. The decrease
is primarily due to a decrease in capital contributions received from the Parent
partly  compensated  by high net  receipts  from  investment  contracts  of $0.6
million, net of reallocations to the separate account.

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.


                                       13
<PAGE>


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.

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 six 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:  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 six
months of 2001. Two  broker/dealers  accounted for a significant  portion of its
fixed  annuity  sales  volume  in the first six  months  of 2001.  Premiums  are
primarily generated from consumers and corporations in the state of New York.

REINSURANCE:  At June 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


                                       14
<PAGE>


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,
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 88% 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 June 30, 2001  levels,  the  remaining  12% 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.


                                       15
<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

None














                                       16
<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: August 10, 2001   FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK







                    By/s/ E. Robert Koster
                      -----------------------------------------------------
                    E. Robert Koster
                    Senior Vice President and Chief Financial Officer
                      (Duly Authorized Company and Principal Financial Officer)















                                       17
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                   Six Months ended June 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))..............................................................................
                                                                                                                       ------


                                                                 18
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                   Six Months ended June 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))............................................................
                                                                                                                       ------


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


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                   Six Months ended June 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............................................................................................    21
                                                                                                                       ------






                                                                 20
</TABLE>
<PAGE>


                                                                   Exhibit 10(s)

                    AMENDED AND RESTATED SINGLE PAYMENT NOTE

$10,000,000.00                                     Original Date:  July 31, 2000
Atlanta, Georgia                      Amended and Restated Date:  April 30, 2001

     For value  received,  the Obligor  promises to pay to the order of SunTrust
Bank (the "Bank"), on the Termination Date, the principal sum of

                      TEN MILLION DOLLARS ($10,000,000.00)

or such  lesser  amount of loans as may from time to time,  at the  Bank's  sole
discretion and subject to the terms and conditions  hereof, be advanced or, upon
repayment,  readvanced  by the Bank  hereunder,  together with interest from the
date  hereof on the unpaid  principal  balance at such  annual  rate or rates of
interest  as shall  be  computed  and paid in  accordance  with  the  terms  and
conditions hereinafter set forth.  "Termination Date" shall mean the earlier of:
(a) May 31, 2002 or such later date as the then existing Termination Date may be
extended by the Bank in its sole  discretion by notice to the Obligor,  provided
that the  failure of the Bank to give such  notice  shall be deemed to mean that
the then existing Termination Date has not been so extended.
     This note evidences the obligation of the Obligor to repay,  with interest,
any and all present and future indebtedness of the Obligor for loans at any time
hereafter made or extended by the Bank  hereunder.  Outstanding  loans hereunder
shall not exceed the lesser of (i) the principal  amount of $10,000,000 and (ii)
the  unused  Aggregate  Amount  (as  hereinafter  defined).  The  payment of any
indebtedness  evidenced by this note shall not affect the enforceability of this
note as to any future, different or other indebtedness evidenced hereby.
     The  Obligor   acknowledges  and  agrees  that  the  Bank  has  established
uncommitted  lines of credit in varying amounts pursuant to similar and separate
notes to the other Affiliated Companies (the "AFFILIATE NOTES").  Obligor agrees
that the aggregate unpaid principal  balance from time to time outstanding under
this  note  plus  the  aggregate  unpaid  principal  balance  from  time to time
outstanding  on the  Affiliate  Notes will at no time exceed  $150,000,000  (the
"AGGREGATE  AMOUNT").  "AFFILIATED  COMPANIES" shall mean ING America  Insurance
Holdings, Inc., USG Annuity and Life Insurance Company, Southland Life Insurance
Company,  Life  Insurance  Company of  Georgia,  ING America  Life  Corporation,
Security  Life of Denver  Insurance  Company,  First  Columbine  Life  Insurance
Company,  Midwestern  United Life  Insurance  Company,  First ING Life Insurance
Company of New York,  United Life & Annuity  Insurance  Company,  Ameribest Life
Insurance  Company,  Equitable Life Insurance  Company of Iowa,  Golden American
Life Insurance Company,  Locust Street  Securities,  Inc., First Golden American
Life Insurance Company of New York, Equitable of Iowa Companies, Inc., Reliastar
Life Insurance Company,  Reliastar Life Insurance Company of New York,  Northern
Life Insurance Company,  Security-Connecticut Life Insurance Company, Aetna Life
Insurance Company of America,  Aetna Insurance Company of America and Aetna Life
Insurance and Annuity Company.  ING America Insurance  Holdings,  Inc. ("AMERICA
HOLDINGS") is a  wholly-owned  subsidiary of ING  Insurance  International  B.V.
("ING INTERNATIONAL"), and the other Affiliated Companies are direct or indirect
subsidiaries of America Holdings.
     This note merely amend and restates the indebtedness and liabilities of the
Obligor under the Single Payment Note dated July 31, 2000 (the "ORIGINAL  NOTE")
and does not constitute a novation of the existing  indebtedness and liabilities
of the Obligor  under the  Original  Note.  Such  indebtedness  and  liabilities
continue to remain outstanding and shall constitue  indebtedness and liabilities
under this note.
     If the Obligor desires a disbursement of principal hereunder (an "ADVANCE")
the Obligor  shall give the Bank written or  telephonic  notice of the amount of
such  Advance  and the period of time from one (1) day to thirty  (30) days that
such Advance shall be outstanding (the "INTEREST  PERIOD"),  provided,  however,
(a) if any Interest  Period would  otherwise  end on a day which is not a day on
which the Bank and commercial banks in New York, New York, are open for business
(a "BUSINESS  DAY"),  that  Interest  Period shall be extended  through the next
succeeding day which is a Business Day, and (b) no Interest  Period shall extend
beyond the Termination  Date. Such written or telephonic  notice with respect to
the amount of an Advance and the Interest Period to be applicable  thereto shall
be given to the Bank by the Obligor before one o'clock p.m. Atlanta time, on the
first Business Day of the applicable  Interest  Period.  All telephonic  notices
shall be promptly confirmed in writing. The Obligor shall pay interest upon each
Advance  from the date of  disbursement  through the last day of the  applicable


                                       21
<PAGE>


Interest Period  (including the date of  disbursement  but excluding the date of
repayment)  at a rate per annum,  calculated  on the basis of a 360-day year and
upon the actual number of days elapsed,  equal to either of the following  rates
of interest as selected by the Obligor: (1) the per annum rate of interest equal
to the cost of funds of Bank for the Interest Period  applicable to such Advance
for amounts  substantially similar to the amount of such Advance plus 0.225% all
as determined by Bank in accordance  with its usual practices in determining its
cost of funds  (the "COST OF FUNDS  RATE") or (2) a per annum  rate of  interest
that would be applicable  to the requested  Advance as quoted by the Bank to the
Obligor (the "QUOTED RATE").  Unpaid  interest  accruing at either of such rates
will be due and  payable on the last  Business  Day of the  applicable  Interest
Period.  The Bank will  advise  the  Obligor  of the Cost of Funds  Rate and the
Quoted  Rate that will be  applicable  to a requested  Advance  before 1:30 p.m.
Atlanta time on the Business Day that the Bank receives a request for an Advance
from the Obligor. The Obligor will advise the Bank as to whether the Obligor has
selected the Cost of Funds Rate or the Quoted Rate before 2:00 p.m. Atlanta time
on the  Business  Day that the Bank  receives a request for an Advance  from the
Obligor. Any telephonic selection of interest rates by the Obligor will promptly
be  confirmed  in  writing.  The Bank will  promptly  disburse  the amount of an
Advance to the Obligor upon  receiving  notice of the  Obligor's  interest  rate
selection.  Unpaid  interest  accruing  at such  interest  rate  will be due and
payable on the last Business Day of the applicable Interest Period.
     The Obligor shall repay the entire  outstanding  principal  balance of each
Advance on the last Business Day of the Interest Period applicable thereto.
     The Obligor may on any  Business Day renew an  outstanding  Advance into an
Advance with the same or different Interest Period,  provided that the Bank must
be advised of the  Obligor's  election  to renew the  Advance  and the  Interest
Period  applicable to such renewal  before one o'clock p.m. on the last Business
Day of the then current Interest  Period.  The interest rate to be applicable to
the  renewal  of any  Advance  shall be  selected  in the same  manner  that the
interest rate is selected at the time an Advance is made. If no Interest  Period
has been  elected  for any  Advance  or for any  principal  balance  outstanding
hereunder,  or if such election  shall not be timely,  then the Interest  Period
with respect  thereto shall be deemed to be one day and the applicable  interest
rate shall be the Cost of Funds Rate.  NOTWITHSTANDING  THE FOREGOING,  ANY SUCH
RENEWAL SHALL BE AT THE BANK'S SOLE DISCRETION.
     No  prepayment  of any Advance  shall be  permissible  during the  Interest
Period applicable thereto.
     Should  the  Obligor  fail for any  reason  to pay this note in full on the
Termination Date or on the date of acceleration of payment,  the Obligor further
promises to pay  interest on the unpaid  amount from such date until the date of
final  payment at a Default  Rate equal to the Prime Rate plus 4%.  Should legal
action or an attorney  at law be  utilized to collect any amount due  hereunder,
the Obligor  further  promises to pay all costs of collection,  plus  reasonable
attorney's  fees.  All amounts due  hereunder may be paid at any office of Bank.
The principal balance of this note shall conclusively be deemed to be the unpaid
principal  balance  appearing  on the Bank's  records  unless  such  records are
manifestly in error.
     As security for the payment of this and any other  liability of the Obligor
to the  holder,  direct  or  contingent,  irrespective  of the  nature  of  such
liability or the time it arises,  the Obligor hereby grants a security  interest
to the holder in all  property of the Obligor in or coming into the  possession,
control  or  custody of the  holder,  or in which the  holder  has or  hereafter
acquires a lien,  security interest,  or other right. Upon default,  holder may,
without  notice,  immediately  take  possession  of and then  sell or  otherwise
dispose of the collateral, signing any necessary documents as Obligor's attorney
in fact, and apply the proceeds against any liability of Obligor to holder. Upon
demand,  the Obligor will furnish such  additional  collateral,  and execute any
appropriate  documents  related thereto,  deemed necessary by the holder for its
security.  The Obligor further authorizes the holder, without notice, to set-off
any deposit or account and apply any  indebtedness due or to become due from the
holder  to the  Obligor  in  satisfaction  of any  liability  described  in this
paragraph,  whether or not matured. The holder may, without notice,  transfer or
register  any  property  constituting  security  for this  note  into its or its
nominee name with or without any indication of its security interest therein.


                                       22
<PAGE>


     This note shall  immediately  mature and  become due and  payable,  without
notice or demand, upon the appointment of a receiver for the Obligor or upon the
filing of any petition or the  commencement of any proceeding by the Obligor for
relief  under any  bankruptcy  or  insolvency  laws,  or any law relating to the
relief of debtors,  readjustment  of  indebtedness,  debtor  reorganization,  or
composition or extension of debt. Furthermore, this note shall, at the option of
the holder,  immediately  mature and become due and payable,  without  notice or
demand,  upon the  happening  of any one or more of the  following  events;  (1)
nonpayment  on the due date of any  amount  due  hereunder;  (2)  failure of the
Obligor to perform  any other  material  obligation  to the  holder;  (3) if the
Obligor  shall fail to make any payment as and when such payment is due upon any
obligation for borrowed  money other than the obligation  owing pursuant to this
Note,  and by reason  thereof  such  obligation  becomes due prior to its stated
maturity or prior to its regularly scheduled dates of payment;  (4) a reasonable
belief  on the  part  of the  holder  that  the  Obligor  is  unable  to pay its
obligations when due or is otherwise  insolvent;  (5) the filing of any petition
or the  commencement  of any  proceeding  against the  Obligor for relief  under
bankruptcy  or  insolvency  laws,  or any law relating to the relief of debtors,
readjustment of indebtedness, debtor reorganization, or composition or extension
of debt,  which  petition or proceeding  is not dismissed  within 60 days of the
date of filing  thereof;  (6) the  suspension  of the  transaction  of the usual
business of the Obligor, or the dissolution,  liquidation or transfer to another
party of a significant  portion of the assets of the Obligor and any such action
shall have a material  adverse effect on the ability of the Obligor to repay the
unpaid  principal  balance  hereof;  (7) a reasonable  belief on the part of the
holder that the Obligor has made a representation or warranty in connection with
any loan by or other  transaction  with the  holder and such  representation  or
warranty  was false in any material  respect;  (8) the issuance or filing of any
levy, attachment, garnishment, or lien against the property of the Obligor which
shall remain  unpaid or  undischarged  for a period of thirty (30) days and such
failure  to pay shall  have a  material  adverse  effect on the  ability  of the
Obligor to repay the unpaid  principal  balance  hereof;  (9) the failure of the
Obligor  to  satisfy  any  judgment,  penalty  or fine  imposed  by a  court  or
administrative  agency of any  government and such  judgment,  penalty,  or fine
shall remain  unpaid,  unstayed on appeal,  undischarged  or  undismissed  for a
period of thirty  (30) days;  (10)  failure of the  Obligor,  after  demand,  to
furnish  financial  information or to permit  inspection of any books or records
during  Obligor's  normal business hours;  (11) America Holdings shall no longer
own, direct or indirect, 100% of the outstanding voting stock of the Obligor, or
(12) the Obligor  shall fail to maintain  the  minimum  level of Company  Action
Level Risk Based Capital as established by applicable state law or regulation.
     The failure or forbearance  of the holder to exercise any right  hereunder,
or otherwise  granted by law or another  agreement,  shall not affect or release
the  liability of the Obligor,  and shall not  constitute a waiver of such right
unless so stated by the holder in writing.  The  Obligor  agrees that the holder
shall have no  responsibility  for the  collection or protection of any property
securing  this note,  and  expressly  consents  that the holder may from time to
time,  without  notice,  extend the time for  payment of this note,  or any part
thereof,  waive its rights with respect to any property or indebtedness  without
releasing the Obligor from any liability to the holder. This note is governed by
Georgia law.
     The term "OBLIGOR"  means FIRST GOLDEN  AMERICAN LIFE INSURANCE  COMPANY OF
NEW  YORK.  The term  "PRIME  RATE",  if used  herein,  shall  mean that rate of
interest  designated by Bank from time to time as its "Prime Rate" which rate is
not  necessarily  the Bank's  best rate.  The term  "HOLDER"  means Bank and any
subsequent transferee or endorsee hereof.

             PRESENTMENT AND NOTICE OF DISHONOR ARE HEREBY WAIVED BY THE OBLIGOR

                                    FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY
                                    OF NEW YORK

                                         By:/s/ David S. Pendergrass
                                            ------------------------------------
                                             Name: David S. Pendergrass
                                             Title: Vice President and Treasurer



                                       23