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, 1999

                                  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 9, 1999.

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)








                            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):
<TABLE>
<CAPTION>
                                              For the Three      For the Three
                                               Months Ended       Months Ended
                                              June 30, 1999      June 30, 1998
                                         _____________________________________
                                                 (Dollars in thousands)
<S>                                                   <C>                <C>
Revenues:
 Annuity product charges                              $119                $54
 Net investment income                                 511                434
 Realized gains (losses) on investments                (30)                24
 Other income                                            1                 --
                                         _____________________________________
                                                       601                512

Insurance benefits and expenses:
 Annuity benefits:
  Interest credited to account balances                151                 78
 Underwriting, acquisition, and
  insurance expenses:
  Commissions                                          110                457
  General expenses                                     174                129
  Insurance taxes, state licenses, and
    fees                                               130                 60
  Policy acquisition costs deferred                   (225)              (556)
  Amortization:
   Deferred policy acquisition costs                    63                 14
   Value of purchased insurance in force                 3                  4
   Goodwill                                             --                 --
                                         _____________________________________
                                                       406                186
                                         _____________________________________
Income before income taxes                             195                326

Income taxes                                            64                114
                                         _____________________________________

Net income                                            $131               $212
                                         =====================================
</TABLE>









 See accompanying notes.
Condensed Statements of Operations (Unaudited):
<TABLE>
<CAPTION>
                                                For the Six        For the Six
                                               Months Ended       Months Ended
                                              June 30, 1999      June 30, 1998
                                         _____________________________________
                                                  (Dollars in thousands)
<S>                                                  <C>                 <C>
Revenues:
 Annuity product charges                              $231                $77
 Net investment income                               1,046                867
 Realized gains (losses) on investments                (30)                24
 Other income                                           16                 --
                                         _____________________________________
                                                     1,263                968

Insurance benefits and expenses:
 Annuity benefits:
  Interest credited to account balances                318                128
 Underwriting, acquisition, and
  insurance expenses:
  Commissions                                          309                764
  General expenses                                     342                264
  Insurance taxes, state licenses, and
   fees                                                153                 94
  Policy acquisition costs deferred                   (546)              (953)
  Amortization:
   Deferred policy acquisition costs                   123                 26
   Value of purchased insurance in force                 4                  8
   Goodwill                                              1                  1
                                         _____________________________________
                                                       704                332
                                         _____________________________________
Income before income taxes                             559                636

Income taxes                                           196                223
                                         _____________________________________

Net income                                            $363               $413
                                         =====================================
</TABLE>















 See accompanying notes.


Condensed Balance Sheet (Unaudited):
<TABLE>
<CAPTION>

                                              June 30, 1999   December 31, 1998
                                        _______________________________________
                                                 (Dollars in thousands,
                                                 except per share data)
<S>                                                <C>                 <C>
ASSETS
Investments:
 Fixed maturities, available for sale,
  at fair value (cost: 1999 - $29,064;
  1998 - $30,431)                                  $28,573             $30,994
 Short-term investments                                 --               3,231
                                        _______________________________________
Total investments                                   28,573              34,225

Cash and cash equivalents                            5,330               1,932
Due from affiliates                                     32                  37
Accrued investment income                              419                 414
Deferred policy acquisition costs                    2,869               2,347
Value of purchased insurance in force                  123                 117
Current income taxes recoverable                        --                  89
Property and equipment, less
 allowances for depreciation of
 $23 in 1999 and $16 in 1998                            48                  48
Goodwill, less accumulated amortization
 of $4 in 1999 and $3 in 1998                           92                  93
Other assets                                            28                  15
Separate account assets                             34,897              26,717
                                        _______________________________________
Total assets                                       $72,411             $66,034
                                        =======================================
</TABLE>

























See accompanying notes.
<TABLE>
<CAPTION>
                                              June 30, 1999   December 31, 1998
                                        _______________________________________
                                                 (Dollars in thousands,
                                                 except per share data)
<S>                                                <C>                 <C>
LIABILITIES AND STOCKHOLDER'S EQUITY
Policy liabilities and accruals:
 Future policy benefits:
  Annuity products                                  $9,602             $10,830
Current income tax liability                            36                  --
Deferred income tax liability                          710                 850
Due to affiliates                                       73                  17
Other liabilities                                      227                 510
Separate account liabilities                        34,897              26,717
                                        _______________________________________
                                                    45,545              38,924

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                         23,936              23,936
 Accumulated other comprehensive
  income (loss)                                       (271)                336
 Retained earnings                                   1,201                 838
                                        _______________________________________
Total stockholder's equity                          26,866              27,110
                                        _______________________________________
Total liabilities and stockholder's
 equity                                            $72,411             $66,034
                                        =======================================
</TABLE>





















See accompanying notes.
Condensed Statements of Cash Flows (Unaudited):
<TABLE>
<CAPTION>
                                                 For the Six        For the Six
                                                Months Ended       Months Ended
                                               June 30, 1999      June 30, 1998
                                          _____________________________________
                                                  (Dollars in thousands)
<S>                                                  <C>                <C>
NET CASH PROVIDED BY (USED IN) OPERATING
 ACTIVITIES                                            $427              ($109)

INVESTING ACTIVITIES
Sale, maturity or repayment of fixed
 maturities - available for sale                      2,285                836
Acquisition of fixed maturities -
 available for sale                                    (987)                --
Short-term investments - net                          3,231                684
Purchase of property and equipment                       (7)                --
                                          _____________________________________
Net cash provided by investing activities             4,522              1,520

FINANCING ACTIVITIES
Receipts from investment contracts
 credited to account balances                           416              2,377
Return of account balances on
 investment contracts                                   (80)              (110)
Net reallocations to Separate Account                (1,887)              (170)
                                          _____________________________________
Net cash provided by (used in)financing
 activities                                          (1,551)             2,097
                                          _____________________________________

Increase in cash and cash equivalents                 3,398              3,508
Cash and cash equivalents at beginning
 of period                                            1,932                621
                                          _____________________________________

Cash and cash equivalents at end of
 period                                              $5,330             $4,129
                                          =====================================
</TABLE>

















See accompanying notes.
NOTE 1 -- BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have
been prepared in accordance with generally accepted accounting
principles for interim financial information and the instructions
to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they
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, 1999 are not necessarily indicative of the
results that may be expected for the year ending December 31,
1999.  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, 1998.

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.

On October 24, 1997, PFHI Holdings, Inc. ("PFHI"), a Delaware
corporation, acquired all of the outstanding capital stock of
Equitable of Iowa Companies ("Equitable") according to the terms
of an Agreement and Plan of Merger dated July 7, 1997 among
Equitable, PFHI, and ING Groep N.V. ("ING").  PFHI is a wholly
owned subsidiary of ING, a global financial services holding
company based in The Netherlands.  As a result of this
transaction, Equitable was merged into PFHI, which was
simultaneously renamed Equitable of Iowa Companies, Inc., a
Delaware corporation.

FAIR VALUES
Estimated fair values of publicly traded fixed maturities for 1999
are as reported by an independent pricing service.

STATUTORY
Net income for First Golden as determined in accordance with
statutory accounting practices was $538,000 and $39,000 for the
six months ended June 30, 1999 and 1998, respectively.  Total
statutory capital and surplus was $24,889,000 at June 30, 1999 and
$24,377,000 at December 31, 1998.

NOTE 2 -- COMPREHENSIVE INCOME

As of January 1, 1998, the Company adopted the Statement of
Financial Accounting Standard ("SFAS") No. 130, "Reporting
Comprehensive Income." SFAS No. 130 establishes new rules for the
reporting and display of comprehensive income and its components;
however, the adoption of this statement had no impact on the
Company's net income or stockholder's equity.  SFAS No. 130
requires unrealized gains or losses on the Company's available for
sale securities (net of adjustments for value of purchased
insurance in force ("VPIF"), deferred policy acquisition costs
("DPAC"), and deferred income taxes) to be included in other
comprehensive income.

Total comprehensive income (loss) for the second quarter of 1999
and 1998 amounted to $(226,000) and $379,000, respectively.
During the first six months of 1999 and 1998, total comprehensive
income (loss) amounted to $(244,000) and $573,000, respectively.
Other comprehensive income (loss) excludes net investment gains
(losses) included in net income which merely represent transfers
from unrealized to realized gains and losses. These amounts
totaled $(40,000) and $32,000 during the first six months of 1999
and 1998, respectively.  Such amounts, which have been measured
through the date of sale, are net of income taxes and adjustments
for VPIF and DPAC totaling $10,000 and $(8,000) for the first six
months of 1999 and 1998, respectively.

NOTE 3 -- RELATED PARTY TRANSACTIONS

Directed Services, Inc. ("DSI"), an affiliate, acts as the
principal underwriter (as defined in the Securities Act of 1933
and the Investment Company Act of 1940, as amended) and
distributor of the variable insurance products issued by the
Company.  DSI is authorized to enter into agreements with
broker/dealers to distribute the Company's variable insurance
products and appoint the broker/dealers as agents.  The Company
paid commissions and expenses to DSI totaling $110,000 in the
second quarter and $309,000 for the first six months of 1999.
For the second quarter and first six months of 1998, the
commissions and expenses were $457,000 and $764,000, respectively.

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 under
management.  The fee is payable quarterly.  For the second
quarters of 1999 and 1998, the Company incurred fees of $16,000
and $14,000, respectively, under this agreement.  The Company
incurred fees of $33,000 and $28,000 under this agreement for the
six months ending June 30, 1999 and 1998, 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
$12,000 and $17,000 for the second quarters of 1999 and 1998,
respectively, and $16,000 and $31,000 for the six months ended
June 30, 1999 and 1998, respectively.  Under the agreement with
Equitable Life, the Company incurred expenses of $58,000 and
$42,000 for the second quarters of 1999 and 1998, respectively,
and $98,000 and $82,000 for the six months ended June 30, 1999 and
1998, respectively.

The Company provides resources and services to DSI.  Revenues for
these services, which reduce general expenses incurred by the
Company, totaled $22,000 and $19,000 for the second quarters of 1999
and 1998, respectively.  For the six months ended June 30, 1999 and 1998,
these revenues were $54,000 and $38,000, respectively.

NOTE 4 -- COMMITMENTS AND CONTINGENCIES

REINSURANCE:  At June 30, 1999, First Golden had a reinsurance
treaty with an unaffiliated reinsurer covering a significant
portion of the mortality risks under its variable contracts.
First Golden remains liable to the extent its reinsurer does not
meet its obligations under the reinsurance agreement.  At June 30,
1999 and 1998, the Company had a payable of $2,000 and $1,000,
respectively, for reinsurance premiums.  Included in the
accompanying financial statements are net considerations to the
reinsurer of $6,000 in the second quarter of 1999 and $8,000 for
the first six months of 1999.  Also included are net
considerations to the reinsurer of $1,000 in the second quarter of
1998, and $3,000 for the first six months of 1998.

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. The Company's asset
growth, net investment income, and cash flow are primarily
generated from the sale of variable annuities and associated
future policy benefits.  Substantial changes in tax laws that
would make these products less attractive to consumers and extreme
fluctuations in interest rates or stock market returns, which may
result in higher lapse experience than assumed, could have a
severe impact to the Company's financial condition.  Three
broker/dealers, each having at least ten percent of total sales,
generated 86% of the Company's sales in the six months ended June
30, 1999 (84% by two broker/dealers during the same period in
1998).  During 1998, 62% of the Company's sales resulted from a
relationship with one distributor.  This relationship was
discontinued in 1999.

REVOLVING NOTE PAYABLE:  To enhance short-term liquidity, the
Company has established a revolving note payable effective July
27, 1998 and expiring July 31, 1999, with SunTrust Bank, Atlanta
(the "Bank").  The note was approved by the Company's Board of
Directors on September 29, 1998.  The total amount the Company may
have outstanding is $10,000,000.  The note accrues interest at an
annual rate equal to:  (1) the cost of funds for the Bank for the
period applicable for the advance plus 0.25% or (2) a rate quoted
by the Bank to the Company for the advance.  The terms of the
agreement require the Company to maintain the minimum level of
Company Action Level Risk Based Capital as established by
applicable state law or regulation.  At June 30, 1999, 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 also provided.  This analysis
should be read jointly with the condensed financial statements,
the related notes, and the Cautionary Statement Regarding Forward-
Looking Statements, which appear elsewhere in this report.

First Golden, a wholly owned subsidiary of Golden American Life
Insurance Company ("Golden American" or the "Parent"), was
incorporated on May 24, 1996.  Golden American is a wholly owned
subsidiary of Equitable of Iowa Companies, Inc.  First Golden's
primary purpose is to offer variable insurance products in the
states of New York and Delaware.  First Golden became licensed as
a life insurance company in New York on January 2, 1997 and
Delaware on December 23, 1997.

On October 24, 1997, PFHI Holdings, Inc. ("PFHI"), a Delaware
corporation, acquired all of the outstanding capital stock of
Equitable of Iowa Companies ("Equitable") according to the terms
of an Agreement and Plan of Merger dated July 7, 1997 among
Equitable, PFHI, and ING Groep N.V. ("ING").  PFHI is a wholly
owned subsidiary of ING, a global financial services holding
company based in The Netherlands. As a result of this transaction,
Equitable was merged into PFHI, which was simultaneously renamed
Equitable of Iowa Companies, Inc., a Delaware corporation.


RESULTS OF OPERATIONS
_____________________

PREMIUMS

The Company reported $5.1 million in variable annuity premiums
during the first six months of 1999 compared to $12.6 million for
the first six months of 1998.  This decrease was mainly due to the
discontinuance of a sales relationship with a distributor that
sold 62% of the Company's products during 1998. For the Company's
variable contracts, premiums collected are not reported as
revenues, but as deposits to insurance liabilities.  Revenues for
these products are recognized over time in the form of investment
income and product charges.

Premiums, net of reinsurance, for variable products from three
significant broker/dealers for the six months ended June 30, 1999
totaled $4.4 million, or 86% of total premiums ($10.7 million, or
84%, from two significant broker/dealers for the six months ended
June 30, 1998).

REVENUES

During the first six months of 1999 and 1998, product charges
totaled $231,000 and $77,000, respectively. This increase is due
to higher account balances associated with the Company's fixed
account option.  Net investment income was $1.0 million for the
first six months of 1999.  This is an increase of 20.7% compared
to net investment income of $867,000 for the first six months of
1998 due to growth in invested assets from June 30, 1998.  The
Company recognized realized losses of $30,000 during the first six
months of 1999 compared to $24,000 of realized gains recognized
during the first six months of 1998.

EXPENSES

The Company reported total insurance benefits and expenses of
$704,000 during the first six months of 1999 compared to $332,000
for first six months of 1998.  Interest credited to account
balances totaled $318,000 during the first six months of 1999 and
$128,000 for the same period in 1998.  This increase is partially
due to the bonus interest on the fixed account increasing $95,000
to $114,000 at June 30, 1999.  The remaining increase in interest
credited relates to higher account balances associated with the
Company's fixed account option within the variable product.

Commissions decreased $455,000 in the first six months of 1999
from $764,000 during the first six months of 1998.  Changes in
commissions are generally related to changes in the level of
variable product sales.  General expenses were $342,000 and
$264,000 for the first six months of 1999 and 1998, respectively.
Most costs incurred as the result of sales have been deferred,
thus having very little impact on current earnings.

The Company's deferred policy acquisition costs ("DPAC") was
eliminated and an asset of $132,000 representing value of
purchased insurance in force ("VPIF") was established for policies
in force at the merger date.  First Golden deferred $546,000 of
expenses associated with the sale of variable annuity contracts
for the six months ended June 30, 1999.  Expenses of $953,000 were
deferred for the six months ended June 30, 1998. These acquisition
costs are amortized in proportion to the expected gross profits.
Amortization of DPAC was $123,000 for the six months ended June
30, 1999 and $26,000 for the six months ended June 30, 1998.  The
amortization of VPIF was $4,000 and $8,000 for the six months
ended June 30, 1999 and 1998, respectively. During the first six
months of 1999, VPIF was adjusted to reduce amortization by $1,000
to reflect changes in the assumptions related to the timing of
future gross profits.  Based on current conditions and assumptions
as to the impact of future events on acquired policies in force,
the expected approximate net amortization relating to VPIF as of
June 30, 1999 is $6,000 for the remainder of 1999, $11,000 in
2000, $13,000 in 2001, $13,000 in 2002, $13,000 in 2003, and
$11,000 in 2004.  Actual amortization may vary based upon changes
in assumptions and experience.

Amortization of goodwill totaled $1,000 for the six months ended
June 30, 1999, unchanged from the same period in 1998.  Goodwill
is being amortized on a straight-line basis over 40 years.

INCOME

Net income was $363,000 for the first six months of 1999, a
decrease of $50,000, or 12.1%, from the same period in 1998.

Comprehensive loss for the first six months of 1999 was $244,000,
a decrease of $817,000 from comprehensive income of $573,000
during the first six months of 1998.






FINANCIAL CONDITION
___________________

INVESTMENTS

The Company's total investment portfolio remained stable during
the first six months of 1999 compared to December 31, 1998.  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 included 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, 1999, the Company had fixed
maturities with an amortized cost of $29.1 million and an
estimated fair value of $28.6 million.  The Company classifies
100% of its securities as available for sale.  Net unrealized
depreciation on fixed maturities of $491,000 was comprised of
gross appreciation of $13,000 and gross depreciation of $504,000.
Net unrealized holding losses on these securities, net of
adjustments for VPIF, DPAC, and deferred income taxes of $271,000,
was included in stockholder's equity at June 30, 1999.

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") ($16.9 million or 58.2%),
that are rated BBB+ to BBB- by Standard & Poor's ($9.2 million or
31.5%), and below investment grade securities, which are
securities issued by corporations that are rated BB+ to BB- by
Standard & Poor's ($1.0 million or 3.5%).  Securities not rated by
Standard & Poor's had a National Association of Insurance
Commissioners ("NAIC") rating of 1 ($2.0 million or 6.8%).

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.

At June 30, 1999, the amortized cost value of the Company's total
investment in below investment grade securities was $1.04 million,
or 3.6%, of the Company's investment portfolio.  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, 1999, the yield at amortized cost on the Company's below
investment grade portfolio was 8.1% compared to 6.2% for the
Company's investment grade corporate bond portfolio. The Company
estimates the fair value of its below investment grade portfolio
was $1.03 million, or 98.6% of amortized cost value, at June 30,
1999.

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 that 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, 1999, the amortized cost
basis of the Company's fixed maturities portfolio was reduced by
$1.1 million as a result of scheduled principal repayments.  In
total, net pre-tax losses from sales, calls, and repayments of
fixed maturity investments amounted to $30,000 in the first six
months of 1999.

At June 30, 1999, no fixed maturities were deemed to have
impairments in value that are other than temporary. At June 30,
1999, the Company had no investment in default. The Company's
fixed maturities portfolio had a combined yield at amortized cost
of 6.3% at June 30, 1999.

OTHER ASSETS

DPAC represents certain deferred costs of acquiring insurance
business, principally first year commissions and interest bonuses
and other expenses related to the production of new business after
the merger.  The Company's DPAC was eliminated as of the merger
date and an asset of $132,000 representing VPIF was established
for all policies in force at the 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, 1999, the
Company had VPIF and DPAC balances of $123,000 and $2.9 million,
respectively.

Goodwill totaling $96,000, representing the excess of the
acquisition cost over the fair value of net assets acquired, was
established at the merger date.  Accumulated amortization of
goodwill as of June 30, 1999 was approximately $4,000.


At June 30, 1999, the Company had $34.9 million of separate
account assets compared to $26.7 million at December 31, 1998.
The increase in separate account assets resulted from market
appreciation, increased transfer activity, and sales of the
Company's variable products, net of redemptions.

At June 30, 1999, the Company had total assets of $72.4 million,
an increase of 9.7% from December 31, 1998.

LIABILITIES

Future policy benefits decreased $1.3 million in the first six
months of 1999 to $9.6 million due mainly to net reallocations to
the Company's separate account.  Policy reserves represent the
premiums received plus accumulated interest less mortality and
administration charges.  At June 30, 1999, the Company had $34.9
million of separate account liabilities.  This is an increase of
30.6% over separate account liabilities as of December 31, 1998,
and is primarily related to market appreciation, increased
transfer activity, and sales of the Company's variable products,
net of redemptions.

The Company's total liabilities increased $6.6 million, or 17.0%,
during the first six months of 1999 and totaled $45.5 million at
June 30, 1999.  The increase is primarily the result of an
increase in separate account liabilities.

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

LIQUIDITY AND CAPITAL RESOURCES
_______________________________

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

Net cash provided by operating activities was $427,000 in the
first six months of 1999 compared to net cash used in operations
of $109,000 in the same period of 1998. The operating cash flows
result primarily from an increase in annuity product charges and
net investment income.

Net cash provided by investing activities was $4.5 million during
the first six months of 1999 compared to net cash provided by
investing activities of $1.5 million in the same period of 1998.
This increase is primarily due to greater redemptions of fixed
maturities and increased net sales of short-term investments
during the first six months of 1999. Redemptions of fixed
maturities reached $2.3 million in the first six months of 1999


versus net purchases of $836,000 in the same period of 1998.  Net
sales of short-term investments were $3.2 million in the first six
months of 1999 versus $684,000 in the first six months of 1998.

Net cash used in financing activities was $1.6 million during the
first six months of 1999 compared to cash provided by financing
activities of $2.1 million during the same period in the prior
year, a decrease of $3.6 million.  In the first six months of
1999, net fixed account deposits were $416,000 compared to $2.3
million in the first six months of 1998.  In addition, net
reallocations to the Company's separate account increased to $1.9
million from $170,000 during the same period in 1998.

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.  As of July 31, 1999, the SunTrust Bank,
Atlanta revolving note facility was extended to July 31, 2000.
Management believes these sources of liquidity are adequate to
meet the Company's short-term cash obligations.

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

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

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 1999 or 1998.

First Golden is required to maintain a minimum capital and surplus
of not less than $4 million under the provisions of the insurance
laws of the State of New York in which it became licensed to sell
insurance products on January 2, 1997.

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 1999.

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

VULNERABILITY FROM CONCENTRATIONS:  First Golden's operations
consist of one business segment, the sale of insurance products.
First Golden is not dependent upon any single customer, however,
three broker/dealers accounted for a significant portion of its
sales volume in the first six months of 1999.  All premiums are
generated from consumers and corporations in the states of New
York and Delaware.

REINSURANCE:  At June 30, 1999, First Golden had a reinsurance
treaty with an unaffiliated reinsurer covering a significant
portion of the mortality risks under its variable contracts.
First Golden remains liable to the extent its reinsurer does not
meet its obligations under the reinsurance agreement.

YEAR 2000 READINESS DISCLOSURE: Based on and in conjunction with a
1997 study and an ongoing analysis of computer software and
hardware, Golden American has assessed the Company's exposure to
the Year 2000 change of the century date issue. Some of the
Company's computer programs were originally written using two
digits rather than four to define a particular year. As a result,
these computer programs contain "time sensitive" software that may
recognize "00" as the year 1900 rather than the year 2000, which
could cause system failure or miscalculations resulting in
disruptions to operations. These disruptions could include, but
are not limited to, a temporary inability to process transactions.
To a lesser extent, the Company depends on various non-information
technology systems, which could also fail or malfunction as a
result of the Year 2000.

Golden American has developed a plan for the Company to address
the Year 2000 issue in a timely manner. The following schedule
details the plan's phases, progress towards completion, and
estimated completion dates as of July 31, 1999:












<TABLE>
<CAPTION>



                                        % Complete as of      Actual/Estimated
                Phases                    July 31, 1999       Completion Dates
______________________________________________________________________________
<S>                                            <C>               <C>
ASSESSMENT AND DEVELOPMENT of the steps to
 be taken to address Year 2000 systems
 issues                                        100%              12/31/1997
REMEDIATION of business critical systems
 to address Year 2000 issues                   100%               2/28/1999
REMEDIATION of non-critical systems
 to address Year 2000 issues                    98%               9/01/1999
TESTING of business critical systems           100%               3/05/1999
TESTING of non-critical systems and
 integrated testing of hardware and
 infrastructure                                 98%               9/01/1999
POINT-TO-POINT TESTING of external
 interfaces with third party computer
 systems that communicate with
 Company systems                                98%               9/01/1999
IMPLEMENTATION of tested business
 critical software addressing Year 2000
 systems issues                                100%               3/05/1999
IMPLEMENTATION of tested non-critical
 software addressing Year 2000
 systems issues                                 98%               9/01/1999
CONTINGENCY PLAN                               100%               6/30/1999
</TABLE>

The Company's operations could be adversely affected if
significant customers, suppliers, and other third parties,
including underlying mutual funds available through the Company's
variable products, would be unable to transact business in the
Year 2000 and thereafter as a result of the Year 2000 issue. To
mitigate the effect of outside influences and other dependencies
relative to the Year 2000, Golden American has identified and
contacted these third parties on behalf of the Company to obtain
assurances that necessary steps are being taken to prepare for the
Year 2000. Golden American will continue these communications and
establish compliance checkpoints through the Year 2000 transition.

Management believes the Company's systems are or will be
substantially compliant by Year 2000. Golden American will bear
all systems upgrade costs to make the Company's system Year 2000
compliant. Management expects some of Golden American's resources
to be utilized in 1999 to complete system upgrades.

Despite Golden American's efforts on behalf of the Company to
modify or replace "time sensitive" computer and information
systems, the Company could experience a disruption to its
operations as a result of the Year 2000. Golden American has
developed a contingency plan for the Company to address any
systems that may malfunction despite the testing being performed.
The contingency plan was completed on June 30, 1999.


The Year 2000 project's progress is based on management's best
estimates. These estimates were derived using numerous assumptions
of future events, including the continued availability of
resources, third party Year 2000 compliance, and other factors.
There is no guarantee these estimates will be achieved and actual
results could materially differ from those anticipated. Specific
factors that might cause such material differences include, but
are not limited to, the availability and cost of trained
personnel, the ability to locate and correct all relevant computer
codes, and other uncertainties.

It is the Company's intention to make every reasonable effort to
achieve business continuity through appropriate planning, testing,
and establishing contingency scenarios; however, the Company does
not make any representations because of many unknown factors
beyond the control of the Company.












































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, 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.

6.    To the extent third parties would be unable to transact
      business in the Year 2000 and thereafter, the Company's operations
      could be adversely affected.























PART II.  OTHER INFORMATION

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

(a)  Exhibits

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

(b)  Reports on Form 8-K

None















































                                  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 13, 1999    FIRST GOLDEN AMERICAN LIFE INSURANCE
                         COMPANY OF NEW YORK





                                        By/s/  Mary Bea Wilkinson
                                        __________________________________
                                        Mary Bea Wilkinson
                                        Senior Vice President and
                                         Treasurer

                                        (Principal Financial
                                         Officer)



                                        By/s/  Michellen A. Wildin
                                        __________________________________
                                        Michellen A. Wildin
                                        Assistant Vice President
                                         and Chief Accounting Officer
                                        (Principal Accounting
                                         Officer)



























                                    INDEX

                            Exhibits to Form 10-Q
                      Six Months ended June 30, 1999
          FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK

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))

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

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

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

   (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))



                                    INDEX

                            Exhibits to Form 10-Q
                      Six Months ended June 30, 1999
          FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK




   (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 23, 1999 (File No. 333-77385))

   (f)  Participation Agreement between First Golden and Greenwich Street
        Series Fund Inc., (incorporated by reference from Exhibit 10(f) to
        a Registration Statement for First Golden on Form S-1 filed with the
        SEC on or about April 23, 1999 (File No. 333-77385))

   (g)  Participation Agreement between First Golden and the Smith Barney
        Concert Allocation Series Inc. (incorporated by reference from
        Exhibit 10(g) to a Registration Statement for First Golden on Form S-1
        filed with the SEC on or about April 23, 1999 (File No. 333-77385))

   (h)  Form of Participation Agreement between First Golden and PIMCO Variable
        Insurance Trust (incorporated by reference from Exhibit 10(h) to a
        Registration Statement for First Golden on Form S-1 filed with the SEC
        on or about April 23, 1999 (File No. 333-77385))

   (i)  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. 333-77385))

   (j)  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))

   (k)  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))

   (l)  Revolving Note Payable, dated July 31, 1999, between First Golden and
        SunTrust Bank, Atlanta

27 FINANCIAL DATA SCHEDULE (ELECTRONIC FILING ONLY)