SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    ---------

                                    FORM 10-Q

(Mark One)
[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the quarterly period ended              March 31, 2002
                                           -------------------------------------

                                       OR

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


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



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

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

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

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

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

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


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

As of May  13,  2002,  200,000  shares  of  Common  Stock,  $10 par  value,  are
authorized, issued and outstanding.
As of May 13,  2002,  6,000  shares of Preferred  Stock,  $5,000 par value,  are
authorized.


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 16                                             Page 1 of 18



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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 Income (Unaudited):


                                                                                        For the Three            For the Three
                                                                                         Months Ended             Months Ended
                                                                                       March 31, 2002           March 31, 2001
                                                                              -------------------------------------------------
                                                                                           (DOLLARS IN THOUSANDS)
<S>                                                                                             <C>                     <C>
       Revenues:
         Contract and other charges assessed against policyholders                              $191                    $233
         Management fee revenue                                                                   26                      22
         Net investment income                                                                   476                     384
         Net realized capital gains (losses)                                                      91                     (52)
                                                                              -------------------------------------------------
                                                                                                 784                     587
       Benefits and expenses:
         Benefits:
            Interest credited and other benefits to policyholders                                 71                     115
         Underwriting, acquisition, and insurance expenses:
            Commissions                                                                           25                     101
            General expenses                                                                     210                     235
            Policy acquisition costs deferred                                                    (30)                   (136)
            Amortization:
              Deferred policy acquisition costs                                                   79                     176
              Value of business acquired                                                           5                      (3)
              Goodwill (NOTE 2)                                                                   --                       1
                                                                              -------------------------------------------------
                                                                                                 360                     489
                                                                              -------------------------------------------------
       Income before income taxes                                                                424                      98

       Income taxes                                                                              148                      35
                                                                              -------------------------------------------------

       Net income                                                                               $276                     $63
                                                                              =================================================


SEE ACCOMPANYING NOTES.


                                                                 2
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Condensed Balance Sheets (Unaudited):

                                                                                     March 31, 2002     December 31, 2001
                                                                            -----------------------------------------------
                                                                                         (DOLLARS IN THOUSANDS,
                                                                                         EXCEPT PER SHARE DATA)
<S>                                                                                         <C>                   <C>
ASSETS
Investments:
  Fixed maturities, available for sale, at fair value
    (cost:  2002-$28,592; 2001-$28,708)                                                    $28,648               $29,365
Short-term investments                                                                       3,140                    --
                                                                            -----------------------------------------------
Total investments                                                                           31,788                29,365
Cash and cash equivalents                                                                    5,980                 5,751
Reinsurance recoverable                                                                         38                    --
Due from affiliates                                                                            437                 2,813
Accrued investment income                                                                      519                   400
Deferred policy acquisition costs                                                            4,250                 4,244
Value of business acquired                                                                      78                    73
Property and equipment, less allowances for
   depreciation of $0 in 2002 and $43 in 2001                                                   --                    23
Goodwill, less accumulated amortization of $9 in 2002
   and $9 in 2001                                                                               87                    87
Other assets                                                                                   166                   149
Separate account assets                                                                     49,993                50,832
                                                                            -----------------------------------------------

Total assets                                                                               $93,336               $93,737
                                                                            ===============================================

LIABILITIES AND STOCKHOLDER'S EQUITY
Policy liabilities and accruals:
  Contractholder funds                                                                      $9,592                $9,078
Current income tax liability                                                                   971                 1,011
Deferred income tax liability                                                                  962                 1,147
Due to affiliates                                                                                6                    --
Other liabilities                                                                              329                   113
Separate account liabilities                                                                49,993                50,832
                                                                            -----------------------------------------------
                                                                                            61,853                62,181
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                                                        72                   421
  Retained earnings                                                                          3,362                 3,086
                                                                            -----------------------------------------------

Total stockholder's equity                                                                  31,483                31,556
                                                                            -----------------------------------------------

Total liabilities and stockholder's equity                                                 $93,336               $93,737
                                                                            ===============================================


SEE ACCOMPANYING NOTES.


                                                                 3
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Statements of Changes in Stockholder's Equity (Unaudited):
(DOLLARS IN THOUSANDS)





                                                                                  Accumulated
                                                             Additional                 Other                          Total
                                                  Common        Paid-in         Comprehensive        Retained  Stockholder's
                                                   Stock        Capital         Income (Loss)        Earnings         Equity
                                         ------------------------------------------------------------------------------------
<S>                                               <C>           <C>                  <C>              <C>            <C>
Balance at December 31, 2000                      $2,000        $26,049              $(457)           $1,785         $29,377
Comprehensive income:
   Net income                                         --             --                  --            1,301           1,301
   Change in net unrealized
    investment gains                                  --             --                878                --             878
                                                                                                             ---------------
   Comprehensive income                                                                                                2,179
                                         ------------------------------------------------------------------------------------
Balance at December 31, 2001                      $2,000        $26,049               $421           $3,086          $31,556
Comprehensive income:
   Net income                                         --             --                  --             276              276
   Change in net unrealized
    investment gains                                  --             --               (349)              --             (349)
                                                                                                              ---------------
   Comprehensive loss                                                                                                    (73)
                                         ------------------------------------------------------------------------------------
Balance at March 31, 2002                         $2,000        $26,049                $72            $3,362         $31,483
                                         ====================================================================================



SEE ACCOMPANYING NOTES.



                                                                 4
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Condensed Statements of Cash Flows (Unaudited):

                                                                                              For the Three          For the Three
                                                                                               Months Ended           Months Ended
                                                                                             March 31, 2002         March 31, 2001
                                                                                      ----------------------------------------------
                                                                                                 (DOLLARS IN THOUSANDS)

<S>                                                                                                  <C>                   <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES                                                            $2,743                $2,089

INVESTING ACTIVITIES
Sale of fixed maturities - available for sale                                                         2,963                 7,644
Maturities, repayment or collections of fixed maturities - available for sale                            63                   700
Acquisition of fixed maturities - available for sale                                                 (2,821)               (6,711)
Short-term investments - net                                                                         (3,140)                   --
Sale of property and equipment                                                                           23                    --
                                                                                      ----------------------------------------------
Net cash provided by (used in) investing activities                                                  (2,912)                1,633

FINANCING ACTIVITIES
Investment contract deposit                                                                             700                   146
Investment contract withdrawals                                                                        (140)                 (282)
Investment contract transfers                                                                          (162)                 (573)
                                                                                      ----------------------------------------------
Net cash provided by (used in) financing activities                                                     398                  (709)

Increase in cash and cash equivalents                                                                   229                 3,013
Cash and cash equivalents at beginning of period                                                      5,751                 8,655
                                                                                      ----------------------------------------------

Cash and cash equivalents at end of period                                                           $5,980               $11,668
                                                                                      ==============================================


SUPPLEMENTAL  DISCLOSURE  OF CASH FLOW  INFORMATION
Cash paid during the period for:
   Income taxes                                                                                         352                    --

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.
Accordingly,  the financial statements do not include all of the information and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  These  interim  financial  statements  necessarily  rely
heavily on estimates,  including  assumptions as to annualized tax rates. In the
opinion  of  management,   all  adjustments  considered  necessary  for  a  fair
presentation  have been included.  All  adjustments  were of a normal  recurring
nature,  unless otherwise noted in Management's  Discussion and Analysis and the
Notes to  Financial  Statements.  Operating  results for the three  months ended
March  31,  2002  are not  necessarily  indicative  of the  results  that may be
expected for the year ending December 31, 2002.

These  financial  statements  should be read in  conjunction  with the financial
statements and the related footnotes  included in the 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, 2001.

ORGANIZATION
First Golden was a wholly owned  subsidiary of Golden  American  Life  Insurance
Company  ("Golden  American"  or the  "Parent")  as of March  31,  2002.  Golden
American is a wholly owned  subsidiary of Equitable  Life  Insurance  Company of
Iowa  ("Equitable  Life"),  which is an indirect wholly owned  subsidiary of ING
Groep  N.V.,  a  global   financial   services  holding  company  based  in  the
Netherlands.

As of April 1, 2002,  First  Golden was merged  into  Reliastar  Life  Insurance
Company of New York ("RLNY"). Refer to NOTE 5 for further detail.

RECLASSIFICATIONS
Certain  reclassifications  have been made to the 2001 information to conform to
the 2002 financial statement presentation.

NOTE 2 -- NEW 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 are still amortized over their estimated useful lives.

The Company adopted the new standards effective January 1, 2002.  Application of
the  nonamortization  provisions of the new standards resulted in an increase in
net income of $1,000 for the three  months ended March 31,  2002;  however,  the
Company is still evaluating the impact of the adoption of these  standards.  The
Company is performing the first of the required impairment tests for goodwill as
of January 1, 2002 and will  complete this  calculation  as required by June 30,
2002.  The  Company  has not yet  determined  the  effect of  adoption  on their
financial position and results of operations.

Had the Company been  accounting for goodwill under SFAS No. 142 for all periods
presented, the Company's net income (in thousands) would have been as follows:

Three Months Ended March 31,                                       2001
--------------------------------------------------------------- ------------
Reported net income                                                 $63

Add back goodwill amortization                                        1
                                                                ------------

Adjusted net income                                                 $64
                                                                ============


                                       6
<PAGE>


NOTE 3 -- RELATED PARTY TRANSACTIONS

Directed Services, Inc. ("DSI"), an affiliate, acts as the principal underwriter
(as  defined in the  Securities  Act of 1933 and the  Investment  Company Act of
1940, as amended) and distributor of the variable  insurance  products issued by
the Company.  DSI is authorized to enter into agreements with  broker/dealers to
distribute the Company's variable insurance products and appoint representatives
of the  broker/dealers  as agents.  The Company paid commissions to DSI totaling
$5,000  in the  first  quarter  of 2002.  For the  first  quarter  of 2001,  the
commissions were $65,000.

First Golden provides  certain  managerial and supervisory  services to DSI. The
fee paid to First Golden for these services, which is calculated as a percentage
of average  assets in the  variable  separate  accounts was $21,000 in the first
quarter of 2002 and $24,000 in the first quarter of 2001.

The Company has an asset management agreement with ING Investment Management LLC
("IIM"),  an affiliate,  in which IIM provides  asset  management and accounting
services.  Under the agreement,  the Company records a fee based on the value of
the assets managed by IIM. The fee is payable quarterly.  For the first quarters
of  2002  and  2001,   the  Company   incurred  fees  of  $18,000  and  $75,000,
respectively, under this agreement.

The Company had a  receivable  from  affiliates  of $437,000 at March 31,  2002,
mainly due to the timing of cash  settlements with Golden American and Equitable
Life.

NOTE 4 -- COMMITMENTS AND CONTINGENCIES

REINSURANCE:  At March 31, 2002, 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.

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

VULNERABILITY FROM CONCENTRATIONS: The Company has various concentrations in its
investment  portfolio.  As of March 31,  2002,  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.  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.

NOTE 5 -- SUBSEQUENT EVENT: MERGER OF FIRST GOLDEN WITH RLNY

On April 1, 2002,  First Golden was merged into RLNY.  ReliaStar  Life Insurance
Company ("ReliaStar"), the parent of Security-Connecticut Life Insurance Company
("Security-Connecticut"),  who in turn is the  parent  of RLNY,  paid to  Golden
American the preliminary  merger  consideration of $27.7 million in exchange for
100% of the  shares  of First  Golden.  ReliaStar  contributed  First  Golden to
Security-Connecticut  who in turn  contributed  First  Golden to RLNY.  The fair
market  value of First  Golden  as  determined  by the first  quarter  statutory
financial  statement  will be the final merger  consideration.  Approval for the
merger was obtained from the Insurance Departments of the States of New York and
Delaware.


                                       7
<PAGE>



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 are 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 was a wholly owned  subsidiary of Golden  American  Life  Insurance
Company  ("Golden  American"  or the  "Parent")  as of March  31,  2002.  Golden
American is a wholly owned  subsidiary of Equitable  Life  Insurance  Company of
Iowa  ("Equitable  Life").  Equitable  Life  is a  wholly  owned  subsidiary  of
Equitable of Iowa  Companies,  Inc.  ("EIC"),  which is an indirect wholly owned
subsidiary  of ING Groep  N.V.  ("ING"),  a global  financial  services  holding
company based in The Netherlands.

On April 1, 2002, First Golden was merged into Reliastar Life Insurance  Company
of New York ("RLNY"). RLNY is also an indirect wholly owned subsidiary of ING.

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

PREMIUMS

The Company reported $332,000 in variable annuity premiums and $687,000 of fixed
annuity  premiums during the first three months of 2002 compared to $1.5 million
of variable  annuity  premiums and $0.4 million of fixed annuity premiums during
the first three months of 2001.  This decline in variable  annuity  premiums and
increase in fixed annuity premiums are primarily due to a downturn in the equity
markets.

For the  Company's  variable and fixed  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.

REVENUES

Management  fee revenue  increased  by $4,000 for the first three months of 2002
from  $22,000 for the first three  months of 2001.  During  2002,  First  Golden
provided certain managerial and supervisory services to Directed Services,  Inc.
("DSI").  The fee paid to First Golden for these services,  which is calculated,
as a percentage of average assets in the variable  separate accounts was $21,000
for the first three months of 2002.

During the first three months of 2002 and 2001, product charges totaled $191,000
and  $233,000,  respectively.  This  decrease  is due to lower  average  account
balances associated with the Company's variable account options.

Net investment  income was $476,000 for the first three months of 2002.  This is
an increase of 24.0% compared to net investment income of $384,000 for the first
three months of 2001, due to the higher average total investments in the general
account due to increased sales of fixed annuity products.

EXPENSES

The Company  reported total  benefits and expenses of $360,000  during the first
three months of 2002  compared to $489,000 for first three months of 2001.  This
was  partly  due to  decreases  in  interest  credited  and  other  benefits  to
policyholders.  Further,  lower premiums contributed to declines in commissions,
policy   acquisition   costs  deferred  and   amortization  of  deferred  policy
acquisition costs.

Interest credited and other benefits to policyholders totaled $71,000 during the
first  three  months  of 2002 and  $115,000  for the same  period  in 2001.  The
decrease in interest  credited and other benefits to policyholders is mainly due
to an increase in ceded death benefits.


                                       8
<PAGE>



Commissions  decreased  $76,000 in the first three months of 2002 from  $101,000
during the first three  months of 2001.  Changes in  commissions  are  generally
related to changes in the level of variable and fixed product sales.

The Company deferred  $30,000 of expenses  associated with the sale of fixed and
variable  annuity  contracts for the first three months ended 2002.  Expenses of
$136,000  were  deferred  for the  three  months  ended  March 31,  2001.  These
acquisition  costs are amortized in proportion to the expected  gross profits of
the underlying  business.  Amortization  of deferred  policy  acquisition  costs
("DPAC")  was $79,000 for the three months ended March 31, 2002 and $176,000 for
the three  months ended March 31, 2001.  The  decrease in the  amortization  was
mainly due to the lower net amount of deferred costs.  The amortization of value
of business acquired ("VOBA") was $5,000 and $(3,000) for the three months ended
March 31, 2002 and 2001,  respectively.  During 2001 and 2000, VOBA was adjusted
for the effect of realized gains (losses) by $4,000 and $(6,000),  respectively.
During the first three months of 2002 and 2001, respectively,  VOBA was adjusted
to increase  amortization by $1,000 and $0 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 VOBA as of March 31, 2002 is
$7,000 for the  remainder  of 2002,  $9,000 in 2003,  $6,000 in 2004,  $6,000 in
2005,  $4,000 in 2006, and $4,000 in 2007.  Actual  amortization  may vary based
upon changes in assumptions and experience.

INCOME

Net income was  $276,000  for the first  three  months of 2002,  an  increase of
$213,000, from the same period in 2001.

The  comprehensive  loss for the  first  three  months  of 2002 was  $73,000,  a
decrease of $1,006,000  from  comprehensive  income of $933,000 during the first
three months of 2001.  The 2002  comprehensive  loss  included a decrease in net
unrealized gains of $349,000, compared to an increase in net unrealized gains of
$870,000 for the three months ended of March 31, 2001.

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

INVESTMENTS

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

FIXED  MATURITIES:  At March 31, 2002, the value of fixed  maturities on both an
amortized cost and estimated fair value basis was $28.6 million.  The unrealized
gain of $470,000 was offset by the  unrealized  losses of $414,000.  The Company
classifies 100% of its securities as available for sale. Net unrealized  holding
gains on these  securities,  net of  adjustments  for VOBA,  DPAC,  and deferred
income taxes,  of $72,000,  were included in  stockholder's  equity at March 31,
2002.

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")  ($19.3
million  or  67.4%),  that are rated  BBB+ to BBB- by  Standard  & Poor's  ($6.1
million or 21.1%),  and below investment grade securities,  which are securities
issued by  corporations  that are rated BB+ to BB- by  Standard  & Poor's  ($1.0
million or 3.6%).  Securities  not rated by  Standard  and Poor's had a National
Association  of Insurance  Commissioners  ("NAIC")  rating of 1 ($2.2 million or
7.9%).

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.



                                       9
<PAGE>



The Company does not expect the  percentage of its  portfolio  invested in below
investment grade securities,  excluding mortgage-backed securities to exceed 10%
of its investment  portfolio.  At March 31, 2002, the yield at amortized cost on
the Company's below investment grade portfolio was 8.1% compared to 6.3% 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 101.8%
of amortized cost value, at March 31, 2002.

Below investment grade securities have different characteristics than investment
grade  corporate debt  securities.  Risk of loss upon default by the borrower is
significantly  greater with respect to below  investment  grade  securities than
with other corporate debt  securities.  Below  investment  grade  securities are
generally unsecured and are often subordinated to other creditors of the issuer.
Also, issuers of below investment grade securities usually have higher levels of
debt and are more sensitive to adverse economic conditions, such as recession or
increasing interest rates, than are issuers of investment grade securities.  The
Company  attempts  to reduce  the  overall  risk in its below  investment  grade
portfolio, as in all of its investments, through careful credit analysis, strict
investment policy guidelines, and diversification by company and by industry.

The Company analyzes its investment portfolio,  including below investment grade
securities,  at least  quarterly in order to determine if its ability to realize
its carrying value on any investment has been impaired. For debt securities,  if
impairment  in value is determined to be other than  temporary  (i.e.,  if it is
probable the Company will be unable to collect all amounts due  according to the
contractual  terms of the security),  the cost basis of the impaired security is
written down to fair value,  which becomes the new cost basis. The amount of the
write-down is included in earnings as a realized loss.  Future events may occur,
or  additional or updated  information  may be received,  which may  necessitate
future  write-downs  of  securities  in  the  Company's  portfolio.  Significant
write-downs  in the carrying  value of investments  could  materially  adversely
affect the Company's net income in future periods.

During the three months ended March 31, 2002,  the  amortized  cost basis of the
Company's fixed maturities  portfolio was reduced by $2.9 million as a result of
sales,  maturities,  and scheduled principal  repayments.  In total, net pre-tax
gains from sales of fixed maturity  investments amounted to $91,000 in the first
three months of 2002.

At March 31, 2002, no fixed  maturities were deemed to have impairments in value
that are other than temporary. At March 31, 2002, the Company had no investments
in default.  The Company's  fixed  maturities  portfolio had a combined yield at
amortized cost of 6.4% at March 31, 2002.

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 of new  business.  Any expenses,  which vary directly with
the  sales of the  Company's  products,  are  deferred  and  amortized.  VOBA is
amortized  into income in proportion  to the expected  gross profits of in force
acquired  in a manner  similar  to DPAC  amortization.  At March 31,  2002,  the
Company had DPAC and VOBA balances of $4.3 million and $78,000, respectively.

Due from  affiliates  decreased  by $2.4 million from $2.8 million due mainly to
the timing of cash settlement for a receivable from Golden at December 31, 2001.

At March 31, 2002, the Company had total assets of $93.3 million,  a decrease of
$401,000 from December 31, 2001.

LIABILITIES

Contractholder  funds  increased  $514,000 in the first three  months of 2002 to
$9.6 million mainly  reflecting  growth in the Company's  general account option
for fixed annuity  products.  Policy  liabilities  represent the general account
premiums  received  plus  accumulated   interest  credited  less  mortality  and
administration charges net of reallocations to the separate accounts.



                                       10
<PAGE>



Other  liabilities  increased  $216,000  from  December 31,  2001.  The increase
results primarily from the timing of the settlement of account transfers.

The  Company's  total  liabilities  decreased  $328,000,  during the first three
months of 2002 and totaled $61.9 million at March 31, 2002.

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 and product charges,  investment income,  maturing investments,
and  capital  contributions.  Primary  uses  of  these  funds  are  payments  of
commissions and operating expenses, investment purchases,  repayment of debt, as
well as withdrawals and surrenders.

Net cash  provided  by  operating  activities  was $2.7  million the first three
months of 2002  compared to net cash  provided by  operations of $2.1 million in
the same period of 2001. The increase in operating  cash flows  resulted  partly
from an increase in net income of the first three  months of 2002 as compared to
the same period in 2001.  Further,  there was a decrease in other assets.  These
were partially offset by a decrease in policy liabilities and accruals.

Net cash used in investing  activities  was $2.9 million  during the first three
months of 2002  compared to net cash  provided by investing  activities  of $1.6
million in the same period of 2001.  The  decrease  results  primarily  from net
purchases of short-term investments of $3.1 million in the first three months of
2002. This was mainly related to growth in the Company's  general account option
for fixed annuity products.

Net cash provided by financing  activities  was $398,000  during the first three
months of 2002 compared to cash used in financing  activities of $709,000 during
the same  period  in the  prior  year,  an  increase  of $1.1  million.  This is
primarily  due to an increase in net receipts  from general  account  investment
contracts  credited  to account  balances.  In  addition,  net  transfer  to the
separate  accounts  decreased  by $411,000 as compared to the same period in the
prior year. 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'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 was to
expire 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.

At March 31, 2002, First Golden's principal office was located in Woodbury,  New
York, where certain of the Company's records were maintained.

Golden  American  was the parent of First  Golden  until April 1, 2002,  and the
Golden  American  Board of Directors  agreed by  resolution  to provide funds as
needed for the Company to maintain  policyholders' surplus that meets or exceeds
the greater of: (1) the minimum capital  adequacy  standards to maintain a level
of capitalization  necessary to meet A.M. Best Company's guidelines for a rating
one level less than the one originally given to First Golden or (2) the New York
State Insurance Department risk-based capital minimum requirements as determined
in  accordance  with New York  statutory  accounting  principles.  No funds were
transferred from Golden American during the first three months of 2002.

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.



                                       11
<PAGE>



Under the  provisions  of the  insurance  laws of the  State of New York,  First
Golden cannot  distribute any dividends to its  stockholder,  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
did not pay any dividends to its Parent in the first three months of 2002.

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

VULNERABILITY FROM CONCENTRATIONS: The Company has various concentrations in the
investment  portfolio.  As of March 31,  2002,  the Company had two  investments
(other than bonds issued by agencies of the United States government)  exceeding
ten percent of stockholder's  equity.  First Golden's  operations consist of one
business segment, the sale of variable and fixed annuity products.

REINSURANCE:  At March 31, 2002, 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 in the modeling  process include
anticipated contractowner behavior, and variable separate account performance.

Contractowners  bear the majority of the  investment  risks  related to variable
annuity  products.  The Company's  products also provide  certain  minimum death
benefit;  which  depend  in part 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 under a fixed  account or product 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
risk,  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  currently  no
material  solvency  risk to the  Company.  With  respect to a 10% drop in equity
values  from  year end 2001  levels,  variable  separate  account  funds,  which
represent  84% of the Company's in force  business,  pass the risk in underlying
fund  performance  to the  contractowner  (except  for certain  minimum  benefit
guarantees). With respect to interest rate movements up or down 100 basis points
from March 31, 2002 levels, the remaining 16% of the Company's in force business
are fixed account funds, and most of these have market value  adjustments  which
provide significant protection to the Company against changes in interest rates.


                                       12
<PAGE>


CRITICAL ACCOUNTING POLICIES
----------------------------

The preparation of financial statement in conformity with accounting  principles
generally  accepted  in the United  States  requires  the use of  estimates  and
assumptions  in  certain  circumstances  that  affect  amounts  reported  in the
accompanying  condensed  financial  statements  and  related  footnotes.   These
estimates and assumptions are evaluated on an on-going basis based on historical
developments,  market  conditions,  industry  trends  and other  information  we
believe to be reasonable under the circumstances. There can be no assurance that
actual results will conform to our estimates and assumptions,  and that reported
results of operations will not be materially  adversely  affected by the need to
make   accounting   adjustments  to  reflect  changes  in  these  estimates  and
assumptions  from time to time.  Item 7 of First Golden's  Annual Report on Form
10-K discusses several critical accounting  policies,  which we believe are most
sensitive to estimates and judgments and involve a higher degree of judgment and
complexity.  There have been no material changes to that information  during the
first quarter of 2002.

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 equity 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  products,  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 benefit
       the tax treatment of  investments  that compete with annuity  product for
       retirement saving may adversely affect the tax treatment of the Company's
       products and benefit thereunder.

3.     Changes in the  regulation  of financial  services,  including  potential
       federal  regulation of insurance bank sales and underwriting of insurance
       products,  which may affect the competitive environment for the Company's
       products.

4.     Increasing  competition from other market participants for the sale of
       annuity products.

5.     Other  factors  that  could  affect  the   performance  of  the  Company,
       including,  but not limited to, market conduct claims against the Company
       and/or  firms  selling  the  Company's  products,  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.



                                       13
<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.

SUBSEQUENT EVENTS - 8K

A filing was made on April 16, 2002, under the Reliastar Life Insurance  Company
of New York ("RLNY") registration,  in accordance with Item 5 of Form 8-K: Other
Events and  Regulation  FD  Disclosure.  The purpose of the filing was to report
that on April 1,  2002,  First  Golden was merged  into RLNY.  Approval  for the
merger was obtained from the Insurance Departments of the States of New York and
Delaware.

ReliaStar    Life    Insurance    Company    ("ReliaStar"),    the   parent   of
Security-Connecticut  Life Insurance  Company  ("Security-Connecticut"),  who in
turn is the  parent of RLNY,  paid to Golden  American  the  preliminary  merger
consideration  of $27.7  million  in  exchange  for 100% of the  shares of First
Golden.  ReliaStar contributed First Golden to Security-Connecticut  who in turn
contributed First Golden to RLNY. The final merger consideration of First Golden
will be the fair  market  value as  determined  by the first  quarter  statutory
financial statement and will be recorded in the second quarter of 2002.

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 during the first quarter ended March 31, 2002.



                                       14
<PAGE>


                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



DATE: May 13, 2002      FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK





                                    By/s/ Wayne R. Huneke
                                      ----------------------------------------
                                    Wayne R. Huneke
                                    Vice President
                                    Chief Financial Officer and
                                    Assistant Treasurer
                                    (Principal Financial Officer)



                                    By/s/ David Pendergrass
                                      -----------------------------------------
                                    David Pendergrass
                                    Vice President and Treasurer
                                    (Duly Authorized Company Officer)



                                       15
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Three Months Ended March 31, 2002
                                      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))..............................................................................
                                                                                                                       ------




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


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Three Months Ended March 31, 2002
                                      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))............................................................
                                                                                                                       ------



                                                                 17
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                  Three Months Ended March 31, 2002
                                      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 (incorporated by reference from Exhibit 10(s) to First Golden's form 10-Q filed
                  with the SEC on August 14, 2001 (File No. 333-16279)...............................................
                                                                                                                       ------




                                                                 18
</TABLE>