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Jnlny Separate Account I, et al. – ‘N-4/A’ on 12/20/11

On:  Tuesday, 12/20/11, at 12:34pm ET   ·   Private-to-Public:  Document/Exhibit  –  Release Delayed   ·   Accession #:  927730-11-717   ·   File #s:  811-08401, 333-177298

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Pre-Effective Amendment to Registration Statement for a Separate Account (Unit Investment Trust)   —   Form N-4
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-4/A       Pre-Effective Amendment to Registration Statement   HTML   7.96M 
                for a Separate Account (Unit Investment Trust)                   
 5: CORRESP   ¶ Comment-Response or Other Letter to the SEC         HTML      7K 
 6: CORRESP   ¶ Comment-Response or Other Letter to the SEC         HTML     13K 
 2: EX-99       Miscellaneous Exhibit                               HTML      5K 
 3: EX-99       Miscellaneous Exhibit                               HTML     10K 
 4: EX-99       Miscellaneous Exhibit                               HTML      8K

‘N-4/A’   —   Pre-Effective Amendment to Registration Statement for a Separate Account (Unit Investment Trust)

This is an HTML Document rendered as filed.  [ Alternative Formats ]

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As filed with the Securities and Exchange Commission on December 20, 2011
Commission File Nos.  333-177298
811-08401

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-4


 
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
  
     
 
Pre-Effective Amendment No. 1
[X]
     
 
Post-Effective Amendment No.
[   ]
   
and/or
 


 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 
Amendment No. 243
[X]


JNLNY SEPARATE ACCOUNT I
(Exact Name of Registrant)


JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(Name of Depositor)


2900 Westchester Avenue, Purchase, New York 10577
 (Address of Depositor's Principal Executive Offices)

Depositor's Telephone Number, including Area Code: (517) 381-5500

Thomas J. Meyer, Esq., Senior Vice President, Secretary and General Counsel
Jackson National Life Insurance Company, 1 Corporate Way, Lansing, MI 48951
(Name and Address of Agent for Service)

Copy to:
Frank J. Julian, Esq., Associate General Counsel
Jackson National Life Insurance Company, 1 Corporate Way, Lansing, MI 48951
(Name and Address of Agent for Service)



Approximate Date of Proposed Public Offering:
 
Title of Securities Being Registered: the variable portion of Flexible Premium Fixed and Variable Deferred Annuity contracts.
 
The Registrant hereby agrees to amend this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
 


 
 
 

 
 
ELITE ACCESSSM

FLEXIBLE PREMIUM FIXED AND VARIABLE DEFERRED ANNUITY

Issued by
Jackson National Life Insurance Company of New York® and through
JNLNY Separate Account I

The date of this prospectus is December 30, 2011.  This prospectus states the information about the separate account, the Contract, and Jackson National Life Insurance Company of New York (“Jackson of NY®”) you should know before investing.  This prospectus is a disclosure document and describes all of the Contract’s material features, benefits, rights, and obligations.  The description of the Contract’s material provisions in this prospectus is current as of the date of this prospectus.  If certain material provisions under the Contract are changed after the date of this prospectus, in accordance with the Contract, those changes will be described in a supplemented prospectus.  You should carefully read this prospectus in conjunction with any applicable supplements.  It is important that you also read the Contract and endorsements, which may reflect non-material variations.  This information is meant to help you decide if the Contract will meet your needs.  Please carefully read this prospectus and any related documents and keep everything together for future reference.  Additional information about the separate account can be found in the statement of additional information (“SAI”) dated December 30, 2011 that is available upon request without charge.  To obtain a copy, contact us at our:


 
Jackson of NY Service Center
 
P.O. Box 30313
 
Lansing, Michigan 48909-7813
 
1-800-599-5651
 
www.jackson.com

We reserve the right to limit the number of Contracts that you may purchase.  We also reserve the right to refuse any premium payment.  Please confirm with us or your representative that you have the most current prospectus and supplements to the prospectus.

We offer other variable annuity products with different product features, benefits and charges.  You may purchase the Contract through an automated electronic transmission/order ticket verification procedure.  This may not be available through all broker-dealers.  Ask your representative about availability and the details.    

The SAI is incorporated by reference into this prospectus, and its table of contents appears on page 33.  The prospectus and SAI are part of the registration statement that we filed with the Securities and Exchange Commission (“SEC”) about this securities offering.  The registration statement, material incorporated by reference, and other information is available on the website the SEC maintains (http://www.sec.gov) regarding registrants that make electronic filings.

Jackson of NY is relying on SEC Rule 12h-7, which exempts insurance companies from filing periodic reports under the Securities Exchange Act of 1934 with respect to variable annuity contracts that are registered under the Securities Act of 1933 and regulated as insurance under state law.
 
Neither the SEC nor any state securities commission has approved or disapproved the se securities or passed upon the adequacy of this prospectus.   It is a criminal offense to represent otherwise.  We do not intend for this prospectus to be an offer to sell or a solicitation of an offer to buy these securities in any state where this is not permitted.
 

 
• Not FDIC/NCUA insured • Not Bank/CU guaranteed • May lose value • Not a deposit • Not insured by any federal agency 
 
 
 


 
 
 

The Contract makes available for investment fixed and variable options.  The fixed options are not available if you elect the Liquidity Option.  The variable options are Investment Divisions of the Separate Account, each of which invests in one of the following funds – all class A shares (the “Funds”):

JNL Series Trust
  
   
JNL/AQR Managed Futures Strategy Fund
 
JNL/BlackRock Global Allocation Fund
  
JNL/Brookfield Global Infrastructure Fund
 
JNL/Invesco Global Real Estate Fund
  
JNL/Invesco International Growth Fund
  
JNL/Invesco Small Cap Growth Fund
  
JNL/Ivy Asset Strategy Fund
  
JNL/JPMorgan MidCap Growth Fund
  
JNL/Lazard Emerging Markets Fund
  
JNL/Mellon Capital Management Global Alpha Fund
  
JNL/PIMCO Real Return Fund
  
JNL/PPM America Floating Rate Income Fund
  
JNL/PPM America High Yield Bond Fund
  
JNL/PPM America Mid Cap Value Fund
  
JNL/Red Rocks Listed Private Equity Fund
  
JNL/T. Rowe Price Established Growth Fund
  
JNL/T. Rowe Price Value Fund
  
JNL/WMC Money Market Fund
  
JNL/Franklin Templeton Global Multisector Bond Fund
 
JNL/Franklin Templeton International Small Cap Growth Fund
  
JNL/Franklin Templeton Small Cap Value Fund
  
JNL/Goldman Sachs Emerging Markets Debt Fund
  
   

The Funds are not the same mutual funds that you would buy directly from a retail mutual fund or through your stockbroker.  The prospectuses for the Funds are attached to this prospectus.

 
 
 


TABLE OF CONTENTS
GLOSSARY
1
KEY FACTS
3
FEES AND EXPENSES TABLES
4
Owner Transaction Expenses
4
Periodic Expenses
5
Total Annual Fund Operating Expenses
5
EXAMPLE
7
CONDENSED FINANCIAL INFORMATION
7
THE ANNUITY CONTRACT
7
JACKSON OF NY
8
THE FIXED ACCOUNT
8
Fixed Account Options
8
THE SEPARATE ACCOUNT
10
INVESTMENT DIVISIONS
11
JNL Series Trust
11
Voting Privileges
14
Substitution
14
CONTRACT CHARGES
14
Mortality and Expense Risk Charge
14
Annual Contract Maintenance Charge
14
Administration Charge
15
Transfer Charge
15
Withdrawal Charge
15
Liquidity Option Charge
16
Other Expenses
16
Premium Taxes
16
Income Taxes
16
DISTRIBUTION OF CONTRACTS
16
PURCHASES
18
Minimum Initial Premium
18
Minimum Additional Premiums
18
Maximum Premiums
18
Allocations of Premium
18
Capital Protection Program
19
Accumulation Units
19
TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS
19
Potential Limits and Conditions on Fixed Account Transfers
20
Restrictions on Transfers: Market Timing
21
TELEPHONE AND INTERNET TRANSACTIONS
22
The Basics
22
What You Can Do and How
22
What You Can Do and When
22
How to Cancel a Transaction
22
Our Procedures
22
ACCESS TO YOUR MONEY
22
Liquidity Option
23
Systematic Withdrawal Program
23
Suspension of Withdrawals or Transfers
23
INCOME PAYMENTS (THE INCOME PHASE)
24
Variable Income Payments
24
Income Options
25
DEATH BENEFIT
25
Payout Options
25
Pre-Selected Payout Options
26
Spousal Continuation Option
26
Death of Owner On or After the Income Date
26
Death of Annuitant
26
TAXES
26
Contract Owner Taxation
26
Tax-Qualified and Non-Qualified Contracts
26
Non-Qualified Contracts – General Taxation
27
Non-Qualified Contracts – Aggregation of Contracts
27
Non-Qualified Contracts – Withdrawals and Income Payments
27
Non-Qualified Contracts – Required Distributions
27
Tax-Qualified Contracts – Withdrawals and Income Payments
27
Withdrawals – Tax-Sheltered Annuities
28
Withdrawals – Roth IRAs
28
Constructive Withdrawals – Investment Adviser Fees
28
Death Benefits
28
IRS Approval
28
Assignment
28
Diversification
28
Owner Control
28
Withholding
29
Jackson of NY Taxation
29
OTHER INFORMATION
29
Dollar Cost Averaging
29
Dollar Cost Averaging Plus (DCA+)
30
Earnings Sweep
30
Rebalancing
30
Free Look
30
Advertising
31
Modification of Your Contract
31
Confirmation of Transactions
31
Legal Proceedings
31
PRIVACY POLICY
31
Collection of Nonpublic Personal Information
31
Disclosure of Current and Former Customer Nonpublic Personal Information
32
Security to Protect the Confidentiality of Nonpublic Personal Information
32
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION
33
APPENDIX A (Trademarks, Services Marks, and Related Disclosures) 
A-1
APPENDIX B (Broker-Dealer Support) 
B-1

 
 
 
 
 

 
 
GLOSSARY
 
These terms are capitalized when used throughout this prospectus because they have special meaning.  In reading this prospectus, please refer back to this glossary if you have any questions about these terms.
 
Accumulation Unit – a unit of measure we use to calculate the value in an Investment Division prior to the Income Date.
 
Annuitant – the natural person on whose life annuity payments for this Contract are based.  The Contract allows for the naming of joint Annuitants.  Any reference to the Annuitant includes any joint Annuitant.
 
Annuity Unit – a unit of measure we use in calculating the value of a variable annuity payment on and after the Income Date.
 
Beneficiary – the natural person or legal entity designated to receive any Contract benefits upon the Owner's death.  The Contract allows for the naming of multiple Beneficiaries.
 
Completed Year – the succeeding twelve months from the date on which we receive a premium payment.  Completed Years specify the years from the date of receipt of the premium and does not refer to Contract Years.  If the premium receipt date is on the Issue Date of the Contract then Completed Year 0-1 does not include the first Contract Anniversary.  The first Contract Anniversary begins Completed Year 1-2 and each successive Completed Year begins with the Contract Anniversary of the preceding Contract Year and ends the day before the next Contract Anniversary.
 
If the premium receipt date is other than the Issue Date or a subsequent Contract Anniversary, there is no correlation of the Contract Anniversary date and Completed Years.  For example, if the Issue Date is January 15, 2012 and a premium payment is received on February 28, 2012 then, although the first Contract Anniversary is January 15, 2013, Completed Year 0-1 for that premium payment would begin on February 28, 2012 and end on February 27, 2013.  Completed Year 1-2 for that premium payment would begin on February 28, 2013.
 
Contract – the individual deferred variable and fixed annuity contract, including any endorsements.
 
Contract Anniversary – each one-year anniversary of the Contract's Issue Date.
 
Contract Month – the period of time between consecutive monthly anniversaries of the Contract's Issue Date.
 
Contract Monthly Anniversary – each one-month anniversary of the Contract's Issue Date.
 
Contract Quarter – the period of time between consecutive three-month anniversaries of the Contract's Issue Date.
 
Contract Quarterly Anniversary – each three-month anniversary of the Contract's Issue Date.
 
Contract Value – the sum of the allocations between the Contract's Investment Divisions and Fixed Account.
 
Contract Year – the succeeding twelve months from a Contract's Issue Date and every anniversary.  The first Contract Year (Contract Year 0-1) starts on the Contract's Issue Date and extends to, but does not include, the first Contract Anniversary.  Subsequent Contract Years start on an anniversary date and extend to, but do not include, the next anniversary date.
 
For example, if the Issue Date is January 15, 2012, then the end of Contract Year 0-1 would be January 14, 2013, and January 15, 2013, which is the first Contract Anniversary, begins Contract Year 1-2.
 
Interest Rate Adjustment – an adjustment to the Contract Value allocated to the Fixed Account that is withdrawn, or transferred before the end of the period.
 
Fixed Account – part of our General Account to which the Contract Value you allocate is guaranteed to earn a stated rate of return over the specified period.  The Fixed Account consists of the Fixed Account Options.
 
Fixed Account Option – a Contract option within the Fixed Account for a specific period under which a stated rate of return will be credited.
 
Fund – a registered management investment company in which assets of an Investment Division of the Separate Account will invest.
 
General Account – the General Account includes all our assets, including any Contract Value allocated to the Fixed Account, which are available to our creditors.
 
Good Order – when our administrative requirements , including all information, documentation and instructions deemed necessary by us, in our sole discretion, are met in order to issue a Contract or execute any requested transaction pursuant to the terms of the Contract.
 
Income Date – the date on which you begin receiving annuity payments.
 
Issue Date – the date your Contract is issued.
 
Investment Division – one of multiple variable options of the Separate Account to allocate your Contract's value, each of which exclusively invests in a different available Fund.  The Investment Divisions are called variable because the return on investment is not guaranteed.
 
 

 
 
 
 

GLOSSARY
 
Jackson of NY, JNLNY, we, our, or us – Jackson National Life Insurance Company of New York.  (We do not capitalize “we,” “our,” or “us” in the prospectus.)
 
Owner, you or your – the natural person or legal entity entitled to exercise all rights and privileges under the Contract.  Usually, but not always, the Owner is the Annuitant.  The Contract allows for the naming of joint Owners.  (We do not capitalize “you” or “your” in the prospectus.)  Any reference to the Owner includes any joint Owner.
 
Separate Account – JNLNY Separate Account I.  The Separate Account is divided into sub-accounts generally referred to as Investment Divisions.
 
 
  

 
 
 

KEY FACTS
 
The immediately following two sections briefly introduce the Contract (and its benefits and features) and its costs; however, please carefully read the whole prospectus and any related documents before purchasing the Contract to be sure that it will meet your needs.

 
Allocation Options
The Contract makes available Investment Divisions and a Fixed Account for allocation of your premium payments and Contract Value.  For more information about the Fixed Account, please see “THE FIXED ACCOUNT” beginning on page 8.  For more information about the Investment Divisions, please see “INVESTMENT DIVISIONS” beginning on page 11.
     
 
Investment Purpose
The Contract is intended to help you save for retirement or another long-term investment purpose.  The Contract is designed to provide tax deferral on your earnings, if it is not issued under a qualified retirement plan.  Qualified plans confer their own tax deferral.  For more information, please see “TAXES” beginning on page 26.
     
 
Free Look
If you change your mind about having purchased the Contract, you may return it without penalty.  There are conditions and limitations, including time limitations.  For more information, please see “Free Look” beginning on page 30.
     
 
Optional Features
An optional Liquidity Option may be elected for an additional charge.  This option may not be available through all broker-dealers.
     
 
Purchases
There are minimum and maximum premium requirements.  The Contract also has a premium protection option, namely the Capital Protection Program.    For more information about this option, please see “PURCHASES” beginning on page 18.
     
 
Withdrawals
Before the Income Date, there are a number of ways to access your Contract Value, generally subject to a charge or adjustment, particularly during the early Contract Years.  The Contract has a free withdrawal provision or the optional Liquidity Option.  For more information, please see “ACCESS TO YOUR MONEY” beginning on page 22.
     
 
Income Payments
There are a number of income options available.  For more information, please see “INCOME PAYMENTS (THE INCOME PHASE)” beginning on page 24.
     
 
Death Benefit
The Contract has a death benefit that becomes payable if you die before the Income Date.  For more information, please see “DEATH BENEFIT” beginning on page 25.


 
 
 

FEES AND EXPENSES TABLES

The following tables describe the fees and expenses that you will pay when purchasing, owning and surrendering the Contract.  The first table (and footnotes) describes the fees and expenses that you will pay at the time that you purchase the Contract, surrender the Contract or transfer cash value between investment options.

 
Owner Transaction Expenses
       
 
Front-end Sales Load
None
  
       
 
Maximum Withdrawal Charge 1
    
   
Percentage of premium withdrawn, if applicable
6.5%
  
       
 
Maximum Premium Taxes 2
    
   
Percentage of each premium
2%
  
     
 
Transfer Charge 3
    
   
Per transfer after 15 in a Contract Year
$25
  
       
 
Expedited Delivery Charge 4
$22.50
  
       

1
There may be a withdrawal charge on the following withdrawals of Contract Value:  withdrawals in excess of the free withdrawal amounts; withdrawals under a tax-qualified Contract that exceed the required minimum distributions of the Internal Revenue Code; withdrawals in excess of the free withdrawal amount to meet the required minimum distributions of a tax-qualified Contract purchased with contributions from a nontaxable transfer, after the Owner's death, of an Individual Retirement Annuity (IRA), or to meet the required minimum distributions of a Roth IRA annuity; a total withdrawal; and withdrawals on an Income Date that is within one year of the Issue Date.  The withdrawal charge is a schedule lasting five Completed Years following each premium , or there is an optional Liquidity Option available that provides for no withdrawal charges.

    Withdrawal Charge (as a percentage of premium payments)
 
 
Completed Years Since Receipt Of Premium
      
 
0-1
1-2
2-3
3-4
4-5
5+
 
6.5%
6.0%
5.0%
4.0%
3.0%
0%


2
Currently, premium taxes do not apply.

3
We do not count transfers in conjunction with dollar cost averaging, earnings sweep, automatic rebalancing, and periodic automatic transfers.

4
For overnight delivery on Saturday; otherwise, the overnight delivery charge is $10 for withdrawals.  We also charge $20 for wire transfers in connection with withdrawals.


 
 
 

The next table (and footnotes) describes the fees and expenses that you will pay periodically during the time that you own the Contract, not including the Funds' fees and expenses.

 
Periodic Expenses
 
 
Base Contract
  
     
 
Annual Contract Maintenance Charge 5
$30
  
     
 
Separate Account Annual Expenses
    
   
Annual percentage of average daily account value of Investment Divisions
    
     
 
Mortality And Expense Risk Charge
  
0.85%
  
         
 
Administration Charge 6
  
0.15%
  
       
       
 
Total Separate Account Annual Expenses for Base Contract
1.00%
  
       

     
 
Optional Benefit Charge – The following optional benefit is available for an additional charge.  The charge is based on average daily Contract Value in the Investment Divisions.
 
     
   
Liquidity Option
  
0.25%
  
     

5
This charge is waived on Contract Value of $50,000 or more.  This charge is deducted proportionally from allocations to the Investment Divisions and the Fixed Account either annually (on your Contract Anniversary) or in conjunction with a total withdrawal, as applicable.

6
This charge is waived if the Contract Value on the later of the Issue Date or the most recent Contract Quarterly Anniversary is greater than or equal to $1 million.  If your Contract Value subsequently drops below $1 million on the most recent Contract Quarterly Anniversary, the Administration Charge will be reinstated as of that date .







The next item shows the minimum and maximum total annual operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract.

Total Annual Fund Operating Expenses
 

(Expenses that are deducted from Fund assets, including management and administration fees, 12b-1 service fees and other expenses.)



 
Minimum:   0.57 %
 
Maximum:   2.45 %
 

More detail concerning each Fund's fees and expenses is below. But please refer to the Funds' prospectuses for even more information, including investment objectives, performance, and information about the Funds' Advisers, Administrators, and Sub-Advisers.

 
 
 

 
Fund Operating Expenses
 
(As an annual percentage of
each Fund's average
daily net assets)
 
Fund Name
 
Management
and Admin Fee
 
 
Distribution
and/or Service
(12b-1) Fees
 
Other Expenses
 
 
Acquired Fund
Fees and Expenses
 
Total
Annual Fund Operating Expenses
 
Contractual
Fee Waiver
and/or Expense Reimbursement
 
Net Total Annual  Fund Operating Expenses
 
JNL/WMC Money Market
0.37% A
0.20%
0.00%
0.00%
0.57% A
0.30%
0.27%


 
Fund Operating Expenses
 
(As an annual percentage of each Fund's average daily net assets)
 
Fund Name
 
Management and Admin Fee
 
Distribution and/or
Service
 (12b-1) Fees
 
Other Expenses
 
 
Acquired Fund
Fees and Expenses
 
Total Annual Fund Operating Expenses
 
JNL/AQR Managed Futures Strategy
1.15%
0.20%
0.01%
0.00%
1.36%
JNL/BlackRock Global Allocation
0.79%
0.20%
0.01%
0.01%
1.01%
JNL/Brookfield Global Infrastructure
0.95%
0.20%
0.01%
0.00%
1.16%
JNL/Franklin Templeton Global Multisector Bond
0.90%
0.20%
0.01%
0.00%
1.11%
JNL/Franklin Templeton International Small Cap Growth
1.10%
0.20%
0.00%
0.02%
1.32%
JNL/Franklin Templeton Small Cap Value
0.94%
0.20%
0.00%
0.02%
1.16%
JNL/Goldman Sachs Emerging Markets Debt
0.87%
0.20%
0.01%
0.03%
1.11%
JNL/Invesco Global Real Estate
0.86%
0.20%
0.00%
0.00%
1.06%
JNL/Invesco International Growth
0.81%
0.20%
0.01%
0.01%
1.03%
JNL/Invesco Small Cap Growth
0.95%
0.20%
0.00%
0.01%
1.16%
JNL/Ivy Asset Strategy
1.04%
0.20%
0.01%
0.02%
1.27%
JNL/JPMorgan MidCap Growth
0.80%
0.20%
0.01%
0.00%
1.01%
JNL/Lazard Emerging Markets
1.02%
0.20%
0.01%
0.01%
1.24%
JNL/Mellon Capital Management Global Alpha
1.15%
0.20%
0.01%
0.01%
1.37%
JNL/PIMCO Real Return
0.59%
0.20%
0.03%
0.00%
0.82%
JNL/PPM America Floating Rate Income
0.80%
0.20%
0.01%
0.00%
1.01%
JNL/PPM America High Yield Bond
0.55%
0.20%
0.01%
0.02%
0.78%
JNL/PPM America Mid Cap Value
0.85%
0.20%
0.01%
0.00%
1.06%
JNL/Red Rocks Listed Private Equity
0.98%
0.20%
0.00%
1.27%
2.45%
JNL/T. Rowe Price Established Growth
0.68%
0.20%
0.00%
0.00%
0.88%
JNL/T. Rowe Price Value
0.74%
0.20%
0.00%
0.00%
0.94%


A
 
JNAM has contractually agreed to waive fees and reimburse expenses of the Fund to the extent necessary to limit the total operating expenses of each class of shares of the Fund, exclusive of brokerage costs, interest, taxes and dividend and extraordinary expenses, to an annual rate (as a percentage of the average daily net assets of the Fund) equal to or less than the Fund’s investment income for the period.  The fee waiver will continue for at least one year from the date of this Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.


 
 
 

EXAMPLE

The example below is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include Contract owner transaction expenses, Contract fees, Separate Account annual expenses and Fund fees and expenses.

(The Annual Contract Maintenance Charge is determined by dividing the total amount of such charges collected during the calendar year by the total market value of the Investment Divisions and the Fixed Account, if applicable.)

The example assumes that you invest $10,000 in the Contract for the time periods indicated.  Neither transfer fees nor premium tax charges are reflected in the example.  The example also assumes that your investment has a 5% annual return on assets each year.

The following example includes maximum Fund fees and expenses and the cost of the optional Liquidity Option in years in which a Contract with the Liquidity Option would incur more costs than a Contract without the Liquidity Option .  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:


If you surrender your Contract at the end of the applicable time period:

1 year
3 years
5 years
10 years
$ 1,027
$ 1,646
$ 2,234
$ 4,206

If you annuitize at the end of the applicable time period:

1 year
3 years
5 years
10 years
$ 1,027
$ 1,218
$ 2,051
$ 4,206


If you do not surrender your Contract:

1 year
3 years
5 years
10 years
$ 402
$ 1,218
$ 2,051
$ 4,206

The example does not represent past or future expenses.  Your actual costs may be higher or lower.

CONDENSED FINANCIAL INFORMATION

The Contracts have not been previously offered so there is no condensed financial information relating to Accumulation Unit Values under the Contracts.  The value of an Accumulation Unit is determined on the basis of changes in the per share value of an underlying fund and Separate Account charges.  The financial statements of the Separate Account and Jackson of NY can be found in the Statement of Additional Information.  The financial statements of the Separate Account include information about all the contracts offered through the Separate Account.  The financial statements of Jackson of NY that are included should be considered only as bearing upon the company’s ability to meet its contractual obligations under the Contracts.  Jackson of NY's financial statements do not bear on the future investment experience of the assets held in the Separate Account.  For your copy of the Statement of Additional Information, please contact us at the Service Center.  Our contact information is on the cover page of this prospectus.

THE ANNUITY CONTRACT

Your Contract is a contract between you, the Owner, and us.  Your Contract is intended to help facilitate your retirement savings on a tax-deferred basis, or other long-term investment purposes, and provides for a death benefit.  Purchases under tax-qualified plans should be made for other than tax deferral reasons.  Tax-qualified plans provide tax deferral that does not rely on the purchase of an annuity contract.  We will not issue a Contract to someone older than age 85.

Your Contract Value may be allocated to

●
our Fixed Account, as may be made available by us, or as may be otherwise limited by us, and
 
●
Investment Divisions of the Separate Account that invest in underlying Funds.


 
 
 

Your Contract, like all deferred annuity contracts, has two phases:

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the accumulation phase, when you make premium payments to us, and
 
●
the income phase, when we make income payments to you.

As the Owner, you can exercise all the rights under your Contract.  You can assign your Contract at any time during your lifetime, but we will not be bound until we receive written notice of the assignment (there is an assignment form).  We reserve the right to refuse an assignment, and an assignment may be a taxable event.  Please contact our Service Center for help and more information.

The Contracts are flexible premium fixed and variable deferred annuities and may be issued as either an individual or a group contract.  This prospectus provides a description of the material rights and obligations under the Contract.  Your Contract and any endorsements are the formal contractual agreement between you and the Company.

JACKSON OF NY
 
We are a stock life insurance company organized under the laws of the state of New York in July 1995.  Our legal domicile and principal business address is 2900 Westchester Avenue, Purchase, New York  10577.  We are admitted to conduct life insurance and annuity business in the states of Delaware, New York and Michigan.  We are ultimately a wholly owned subsidiary of Prudential plc (London, England).

We issue and administer the Contracts and the Separate Account.  We maintain records of the name, address, taxpayer identification number and other pertinent information for each Owner, the number and type of Contracts issued to each Owner and records with respect to the value of each Contract.

We are working to provide documentation electronically.  When this program is available, we will, as permitted, forward documentation electronically.  Please contact us at our Service Center for more information.

THE FIXED ACCOUNT

Contract Value allocated to the Fixed Account will be placed with other assets in our General Account.  Unlike the Separate Account, the General Account is not segregated or insulated from the claims of the insurance company's creditors.  Investors are looking to the financial strength of the insurance company for its obligations under the Contract.  The Fixed Account is not registered with the SEC, and the SEC does not review the information we provide to you about it.  Disclosures regarding the Fixed Account, however, may be subject to the general provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses.  Both the availability of, and transfers into and out of, the Fixed Account (which consists of the Fixed Account Options) may be subject to contractual and administrative requirements.  For more information, please see the application, check with the registered representative helping you to purchase the Contract, or contact us at our Service Center.

The Fixed Account Options are not available on Contracts with the optional Liquidity Option.

Fixed Account Options.  Each Fixed Account Option credits interest to your Contract Value in the Fixed Account for a specified period that you select, subject to availability (currently, five and seven year periods are available, but we also may make available one and three year periods), so long as the Contract Value in that Fixed Account Option is not withdrawn, transferred, or annuitized until the end of the specified period.  We reserve the right, in our sole discretion, to limit or suspend availability of the Fixed Account Options. You may not elect any Fixed Account Option that extends beyond the Income Date, other than the one-year option except as described herein under “End of Fixed Account Option Periods”; and election of any option will not extend the Income Date.  Rather, commencing on the Income Date, we will cease to credit interest under any Fixed Account Option that has not yet reached the end of its term.

Rates of Interest We Credit.  These Contracts guarantee a Fixed Account minimum interest rate that applies to every Fixed Account Option under any Contract, regardless of the term of that option.  The Fixed Account minimum interest rate guaranteed by the Contracts at least equals the minimum rate prescribed by the applicable non-forfeiture law.  In addition, we establish a declared rate of interest (“base interest rate”) at the time you allocate any premium payment or other Contract Value to a Fixed Account Option, and that base interest rate will remain in effect for the entire term of the Fixed Account Option that you select for that allocation.  To the extent that the base interest rate that we establish for any allocation is higher than the Fixed Account minimum interest rate, we will credit that allocation with the higher base interest rate.  Thus, the declared base interest rate could be greater than the guaranteed Fixed Account minimum interest rate specified in your Contract, but will never cause you to be credited with less than the currently applicable Fixed Account minimum interest rate.  Subject to the Fixed Account minimum interest rate, we may declare different base interest rates at different times, although any new base interest rate Jackson of NY declares for a Fixed Account Option will apply only to premiums or other amounts allocated to that Fixed Account Option after the new rate goes into effect.

The Fixed Account minimum interest rate will be a rate, credited daily, that will be reset every January pursuant to a formula that is prescribed under applicable state nonforfeiture laws and that is set forth in the Contracts.  Specifically, the Fixed Account minimum interest rate will be reset each January to equal the average of the daily five-year Constant Maturity Treasury Rates reported by the Federal Reserve for the preceding October (rounded to the nearest 1/20 of a percent), less 1.25%, provided further that the Fixed Account minimum interest rate will never be less than 1% or more than 3%.  As noted above, these limits are prescribed by state non-forfeiture laws and set forth in the Contracts.  This means that the Fixed Account minimum interest rate applicable to your Contract will in no case ever exceed a maximum of 3%. Your Contract’s initial Fixed Account minimum interest rate will be stated in your Contract, and will be the rate that is in effect on the Contract’s Issue Date pursuant to the foregoing formula.  Thereafter, on the Contract Monthly Anniversary for each January, the Fixed Account minimum interest rate will be reset in accordance with the above formula. (The Contract Monthly Anniversary for any January is the Contract Monthly Anniversary that falls within that month).   If you allocate a premium payment or other Contract Value to a Fixed Account Option, the Fixed Account minimum interest rate in effect at the time of the allocation would initially apply to that allocation.  Subsequent resets of the Fixed Account minimum interest rate on each January Contract Monthly Anniversary could change the amount of interest you would thereafter earn on that allocation.  Thus, if the new Fixed Account minimum interest rate is higher than the rate previously being credited to your allocation to a Fixed Account Option, the interest rate being credited would increase to that new higher rate.  On the other hand, if the new Fixed Account minimum interest rate is lower than the rate being credited to your allocation, the interest rate being credited would decrease to that lower rate, but never below the base interest rate, defined below.  We will advise you of any new Fixed Account minimum interest rate in the fourth quarter report for the calendar year preceding the January Contract Monthly Anniversary on which the change occurs.

For the most current information about applicable interest rates, you may contact your registered representative or (at the address and phone number on the cover page of this prospectus) our Service Center.

Interest Rate Adjustment.  An Interest Rate Adjustment may apply to amounts withdrawn, or transferred from a Fixed Account Option prior to the end of the specified period.  The Interest Rate Adjustment reflects changes in the level of interest rates since the beginning of the Fixed Account Option period.  In order to determine whether there will be an Interest Rate Adjustment, we first consider the base interest rate of the Fixed Account Option from which you are taking an amount as a withdrawal or transfer.  As discussed above under ‘Rates of Interest we Credit,’ the ‘base interest rate’ is a rate which we declare at the time you allocate any amount to a Fixed Account Option and which we credit to that Fixed Account Option if and when such base interest rate is higher than the Fixed Account minimum interest rate.  The Interest Rate Adjustment is based on the relationship of the base interest rate on your Fixed Account Option to the ‘current new business interest rate,’ which is a rate that we use solely for purposes of calculating the amount of any Interest Rate Adjustment.  The ‘current new business interest rate’ is .25% per annum greater than the base interest rate we are then offering on a new Fixed Account Option with the same duration as your Fixed Account Option.  If we are not then offering that duration, we will estimate a base interest rate for that duration based on the closest durations that we are then offering.

Generally, the Interest Rate Adjustment will (a) increase the amount withdrawn, or transferred, when the current new business rate is lower than the base interest rate being credited for the Fixed Account Option from which the amount is being taken and will (b) decrease the amount withdrawn, or transferred, when the current new business rate is higher than the base interest rate for the Fixed Account Option from which the amount is being taken. There will be no Interest Rate Adjustment if these rates are the same. Any adjustment resulting from the Interest Rate Adjustment is applied to the amount that is being withdrawn, or transferred, from the Fixed Account Option.  However, an Interest Rate Adjustment will not otherwise affect the values under your Contract.

Moreover, even if the current new business interest rate is greater than the base interest rate for the Fixed Account Option from which the amount is being taken, there will be no Interest Rate Adjustment if the difference between the two is less than 0.25%.   This limitation avoids decreases in the amount withdrawn, or transferred, in situations where the general level of interest rates has declined but the current new business interest rate nevertheless exceeds the base interest rate for your Fixed Account Option because of the additional .25% that (as described above) is added when determining the current new business rate.

Also, there is no Interest Rate Adjustment on: amounts taken from the one-year Fixed Account Option; death benefit proceed payments; annuitizations; amounts withdrawn on the latest income date (the Contract Anniversary on or next following your 95th birthday under a non-qualified Contract, or such earlier date as required by the applicable qualified plan, law, or regulation); amounts withdrawn for Contract charges; and free withdrawals.  In no event will a total withdrawal, or transfer from the Fixed Account Options be less than the Fixed Account minimum value.  The Fixed Account minimum value at least equals the minimum value prescribed by the applicable non-forfeiture law.  The Fixed Amount minimum value for any Fixed Account Option is the amount that would result from (1) accumulating the following amounts at the Fixed Account minimum interest rate: (a) any premium payments (net of any associated premium taxes) or transfers that you allocate to that Fixed Account Option less (b) any withdrawals, transfers, or charges that are taken out of that Fixed Account Option; and (2) deducting any withdrawal charges, or charge for taxes due in connection with the withdrawal.  In the case of a partial withdrawal or transfer from a Fixed Account Option, you will have been credited with interest on the amount withdrawn or transferred at a rate at least equal to the Fixed Account minimum interest rate, even if subject to an Interest Rate Adjustment that otherwise would have reduced it below that rate.

The following example illustrates how the Fixed Account minimum value may affect an Interest Rate Adjustment on a partial withdrawal.  If you allocated your initial premium of $10,000 to the Fixed Account and your declared rate of interest was 3%, after one year (assuming no other transactions or withdrawal charges) your Contract Value in the Fixed Account would be $10,300. If the Fixed Account minimum interest rate was 1%, your Fixed Account minimum value would be $10,100. In this case, an Interest Rate Adjustment could not reduce the withdrawal by more than $200 (the difference between your Contract Value in the Fixed Account and the Fixed Account minimum value).  For example, if you request an $8,000 withdrawal and it is subject to a $200 negative Interest Rate Adjustment, the withdrawal would be adjusted to $7,800. However, if it were subject to a negative $400 Interest Rate Adjustment, the $8,000 withdrawal still would only be adjusted to $7,800, so that it does not invade the Fixed Account minimum value. Immediately after either of these withdrawals, there will be no difference between your Contract Value in the Fixed Account and Fixed Account minimum value, and no negative Interest Rate Adjustments will apply on subsequent withdrawals until the Contract Value in the Fixed Account again grows to be larger than the Fixed Account minimum value.

End of Fixed Account Option Periods.  Whenever a specified period ends, you will have 30 days to transfer or withdraw the Contract Value in the Fixed Account Option, and there will not be an Interest Rate Adjustment , if otherwise applicable. (There is no Interest Rate Adjustment on amounts taken from the one-year Fixed Account Option at any time . )   If you do nothing, then after 30 days, the Contract Value that remains in that Fixed Account Option will be subject to another specified period of the same duration, subject to availability, and provided that that specified period will not extend beyond the Income Date.  If the specified period of the same duration that has ended is no longer available, we will use the short est period that is then available.  If such new Fixed Account Option would extend beyond the Income Date, we will use the longest available Fixed Account Option that does not extend beyond the Income Date; or (if no such period is available) we will credit interest at the current interest rate under the shortest available Fixed Account Option up to the Income Date.

Additional Information Concerning the One-Year Fixed Account Option. The one-year Fixed Account Option is not   currently available. If we make it available in the future, the following provisions will apply. Transfer restrictions may be imposed limiting your ability to make transfers out of this option for at least three years, as further described below.
 
 If you allocate premiums to the one-year Fixed Account Option, we may require that the amount in the one-year Fixed Account Option be automatically transferred on a monthly basis in installments to your choice of Investment Division within 12 months of the date we received the premium, so that at the end of the period, all amounts in the one-year Fixed Account Option will have been transferred.  The amount will be determined based on the amount allocated to the one-year Fixed Account Option and the base interest rate.  Charges, withdrawals and additional transfers taken from the one-year Fixed Account Option will shorten the length of time it takes to deplete the account balance.  These automatic transfers will not count against the 15 free transfers in a Contract year or any maximum on amounts transferable from the one-year Fixed Account Option that we may impose as described in numbered paragraphs 1-4 under “Transfers and Frequent Transfer Restrictions” later in this prospectus.

Interest will continue to be credited daily on the account balance remaining in the one-year Fixed Account Option as funds are automatically transferred into your choice of Investment Divisions.  However, the effective yield over the 12-month automatic transfer period will be less than the base interest rate (or, if applicable, the Fixed Account minimum interest rate), as the applicable rate will be applied to a declining balance in the one-year Fixed Account Option.

Please also refer to “Transfers and Frequent Transfer Restrictions” beginning on page 19 for information about certain restrictions, limits and requirements that may apply (or may in the future apply) to transfers to or from the Fixed Account Options.  In particular, we describe certain additional restrictions that may apply with respect to transfers from the one-year Fixed Account Option, including the possibility that you might not be able to transfer all of your Contract Value out of the one-year Fixed Account Option for at least three years.   Please note, the interest rate that is in effect when these restrictions are imposed will only apply for the remainder of the one–year Fixed Account Option period, and the interest rates credited thereafter for the remainder of the period the restrictions are in effect may be lower or higher. Accordingly, before allocating any premium payments or other Contract Value to the one year Fixed Account Option, you should consider carefully the conditions we may impose upon your use of that option.

The DCA+ Fixed Account Option, if available, offers a fixed interest rate that we guarantee for a period of up to one year in connection with dollar-cost-averaging transfers to one or more of the Investment Divisions or systematic transfers to other Fixed Account Options.  From time to time, we will offer special interest rates on the DCA+ Fixed Account Option.  DCA+ Fixed Account Option is only available for new premiums.  The DCA+ Fixed Account Option is not available if you select the Liquidity Option.  We provide more information about Dollar Cost Averaging, including DCA+, under “Other Information” later in this prospectus.

THE SEPARATE ACCOUNT

We established the Separate Account on September 12, 1997, pursuant to the provisions of New York law.  The Separate Account is a separate account under state insurance law and a unit investment trust under federal securities law and is registered as an investment company with the SEC.

The assets of the Separate Account legally belong to us and the obligations under the Contracts are our obligations.  However, we are not allowed to use the Contract assets in the Separate Account to pay our liabilities arising out of any other business we may conduct.  All of the income, gains and losses resulting from these assets (whether or not realized) are credited to or charged against the Contracts and not against any other Contracts we may issue.

The Separate Account is divided into Investment Divisions.  We do not guarantee the investment performance of the Separate Account or any of its Investment Divisions.

INVESTMENT DIVISIONS

Your Contract Value may be allocated to no more than 18 Investment Divisions and the Fixed Account at any one time.  Each Investment Division purchases the shares of one underlying fund (mutual fund portfolio) that has its own investment objective.  The Investment Divisions are designed to offer the potential for a higher return than the Fixed Account Options.  However, this is not guaranteed.  It is possible for you to lose your Contract Value allocated to any of the Investment Divisions.  If you allocate Contract Values to the Investment Divisions, the amounts you are able to accumulate in your Contract during the accumulation phase depend upon the performance of the Investment Divisions you select.  The amount of the income payments you receive during the income phase also will depend, in part, on the performance of the Investment Divisions you choose for the income phase.

The following Funds in which the Investment Divisions invest are each known as a Fund of Funds.  Funds offered in a Fund of Funds structure may have higher expenses than direct investments in the underlying Funds.  You should read the prospectus for the JNL Series Trust for more information.


The names of the Funds that are available, along with the names of the advisers and sub-advisers and a brief statement of each investment objective, are below:

JNL Series Trust
JNL/AQR Managed Futures Strategy Fund
Jackson National Asset Management, LLC (and AQR Capital Management, LLC)
 
Seeks positive absolute returns by investing primarily in a portfolio of futures contracts and futures-related instruments including, but not limited to, global developed and emerging market equity index futures, global developed and emerging market currency forwards, global developed fixed income futures, bond futures and swaps on bond futures, and commodity futures and swaps on commodity futures (collectively, “Instruments”), either by investing directly or indirectly in those Instruments.  The Fund may also invest in fixed-income securities, money market instruments, cash, exchange-traded funds, or exchange-traded notes.  The Fund uses proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity Instruments.  Once a trend is determined, the Fund will take either a long or short position in the given Instrument.
 
JNL/BlackRock Global Allocation Fund
Jackson National Asset Management, LLC (and BlackRock Investment Management, LLC)
 
Seeks high total investment return by investing in a portfolio of equity, debt, money market securities and other short-term securities or instruments, of issuers located around the world.  Generally, the Fund will invest in both equity and debt securities. Equity securities include common stock, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock.  The Fund uses derivatives as a means of managing exposure to foreign currencies and other adverse market movements, as well as to increase returns.
 
JNL/Brookfield Global Infrastructure Fund
Jackson National Asset Management, LLC (and Brookfield Investment Management Inc. and sub-sub-adviser:  AMP Capital Brookfield (US) LLC)
 
Seeks   total return through growth of capital and current income by investing at least 80% of its net assets in securities of publicly traded equity securities of infrastructure companies listed on a domestic or foreign exchange, throughout the world, including the United States.  Securities in which the Fund may invest include, but are not limited to, common, convertible and preferred stock, stapled securities, income trusts, limited partnerships, and limited partnership interests in the general partners of master limited partnerships, issued by infrastructure and infrastructure-related companies. 
 

 
 
 

JNL/Franklin Templeton Global Multisector Bond Fund
Jackson National Asset Management, LLC (and Franklin Advisers, Inc.)
 
Seeks total investment return consisting of a combination of interest income, capital appreciation, and currency gains by actively investing primarily in fixed and floating rate debt securities and debt obligations issued by governments, government-related issuers, or corporate issuers worldwide (collectively, “fixed-income securities”) which may result in high portfolio turnover.  Fixed-income securities include debt securities of any maturity, such as bonds, notes, bills and debentures.  Investments in debt securities may include, but are not limited to, debt securities of any maturity of governments and government agencies throughout the world (including the U.S.), their agencies and instrumentalities and supranational organizations, municipal and local/provincial debt, debt securities of corporations, commercial paper, preferred stock, bank loans, convertible securities, mortgage- or asset-backed securities, inflation-linked securities, equipment trusts and other securitized or collateralized debt securities.
 
JNL/Franklin Templeton International Small Cap Growth Fund
Jackson National Asset Management, LLC (and Franklin Templeton Institutional, LLC)
 
Seeks long-term capital appreciation by investing at least 80% of its assets in a diversified portfolio of marketable equity and equity-related securities of smaller international companies with a market capitalization of less than $5 billion (under normal market conditions).  The Fund invests predominately in securities listed or traded on recognized international markets in developed countries included in MSCI EAFE Small Cap Index.  The Fund may invest in emerging market countries.
 
JNL/Franklin Templeton Small Cap Value Fund
Jackson National Asset Management, LLC (and Franklin Advisory Services, LLC)
 
Seeks long-term total return by investing, normally, at least 80% of its assets in investments of small-capitalization companies.
 
JNL/Goldman Sachs Emerging Markets Debt Fund
Jackson National Asset Management, LLC (and Goldman Sachs Asset Management, L.P. and sub-sub-adviser: Goldman Sachs Asset Management International)
 
Seeks a high level of total return consisting of income and capital appreciation by investing, under normal circumstances, at least 80% of its assets in sovereign and corporate debt of issuers located in emerging countries denominated in the local currency of such emerging countries, sovereign and corporate debt of issuers located in emerging countries denominated in U.S. dollars, and/or in currencies of such emerging countries, which may be represented by forwards or other derivatives that may have interest rate exposure.
 
JNL/Invesco Global Real Estate Fund
Jackson National Asset Management, LLC (and Invesco Advisers, Inc. and sub-sub-adviser: Invesco Asset Management Ltd.)
 
Seeks high total return by investing, normally, at least 80% of its assets in the equity and debt securities of real estate and real estate-related companies located in at least three different countries, including the United States.
 
JNL/Invesco International Growth Fund
Jackson National Asset Management, LLC (and Invesco Advisers, Inc.)
 
Seeks long-term growth of capital by investing in a diversified portfolio of reasonably priced, quality international equity securities of companies located in at least three countries outside of the U.S., emphasizing investment in companies in the developed markets of Western Europe and the Pacific Basin.
 
JNL/Invesco Small Cap Growth Fund
Jackson National Asset Management, LLC (and Invesco Advisers, Inc.)
 
Seeks long-term growth of capital by investing, normally, at least 80% of its assets in equity securities of small-capitalization companies.
 
JNL/Ivy Asset Strategy Fund
Jackson National Asset Management, LLC (and Ivy Investment Management Company)
 
Seeks high total return over the long term by allocating its assets among primarily stocks, bonds, commodities, and short-term instruments of issuers located around the world.  
 
JNL/JPMorgan MidCap Growth Fund
Jackson National Asset Management, LLC (and J.P. Morgan Investment Management Inc.)
 
Seeks capital growth over the long-term by investing, under normal market circumstances, at least 80% of its assets in a broad portfolio of common stocks of companies with market capitalizations equal to those within the universe of Russell Midcap Growth Index stocks at the time of purchase.
 
JNL/Lazard Emerging Markets Fund
Jackson National Asset Management, LLC (and Lazard Asset Management LLC)
 
Seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries .
 
The Fund may engage, to a limited extent, in various investment techniques, such as foreign currency transactions and the use of derivative instruments to gain exposure to foreign currencies and emerging securities, and to hedge the Fund’s investments.
 

 
 
 

JNL/Mellon Capital Management Global Alpha Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
 
Seeks total return by investing in instruments that provide investment exposure to global equity, bond and currency markets, and in fixed-income securities.  The Fund ordinarily invests in at least three countries, focusing on the major developed capital markets of the world, such as the United States, Canada, Japan, Australia, and Western Europe.
 
JNL/PIMCO Real Return Fund
Jackson National Asset Management, LLC (and Pacific Investment Management Company LLC)
 
Seeks maximum real return, consistent with preservation of real capital and prudent investment management by investing under normal circumstances at least 80% of its assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.  Assets not invested in inflation-indexed bonds may be invested in other types of Fixed Income Instruments, which include bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.
 
JNL/PPM America Floating Rate Income Fund
Jackson National Asset Management, LLC (and PPM America, Inc.)
 
Seeks to provide a high level of current income, by investing under normal circumstances at least 80% of its assets in floating rate loans and other investments, defined as floating rate loans, floating rate notes, other floating rate debt securities, structured products (including, commercial mortgage-backed securities, asset-backed securities, and collateralized loan obligations which are debt securities typically issued by special purpose vehicles and secured by loans), money market securities of all types, repurchase agreements, shares of money market funds, short-term bond funds and floating rate funds.  For purposes of satisfying the 80% requirement, the Fund may also invest in derivative or other synthetic instruments that have economic characteristics similar to the floating rate investments mentioned above.
 
JNL/PPM America High Yield Bond Fund
Jackson National Asset Management, LLC (and PPM America, Inc.)
 
Seeks to maximize current income, with capital appreciation as a secondary objective, by investing under normal circumstances at least 80% of its assets in high-yield, high-risk debt securities, commonly referred to as “junk bonds” and related investments. The Fund may also invest in derivative instruments that have economic characteristics similar to the fixed income instruments, and in derivative instruments (such as options, futures contracts or swap agreements, including credit default swaps), and the Fund may also invest in securities of foreign issuers.
 
JNL/PPM America Mid Cap Value Fund
Jackson National Asset Management, LLC (and PPM America, Inc.)
 
Seeks long-term growth of capital by investing, primarily, at least 80% of its assets in a diversified portfolio of equity securities of U.S. companies with market capitalizations within the range of companies constituting the Russell Midcap Index at the time of the initial purchase.  If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities.
 
JNL/Red Rocks Listed Private Equity Fund
Jackson National Asset Management, LLC (and Red Rocks Capital LLC)
 
Seeks maximum total return by investing at least 80% of its assets in (i) securities of U.S. and non-U.S. companies listed on a national securities exchange, or foreign equivalent, that have a majority of their assets invested in or exposed to private companies or have as its stated intention to have a majority of its assets invested in or exposed to private companies  (“Listed Private Equity Companies”), and (ii) derivatives that otherwise have the economic characteristics of Listed Private Equity Companies.
 
JNL/T. Rowe Price Established Growth Fund
Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)
 
Seeks long-term growth of capital and increasing dividend income by investing primarily in common stocks, concentrating its investments in well-established growth companies.  The sub-adviser seeks investments in companies that have the ability to pay increasing dividends through strong cash flow.  While the Fund invests principally in U.S. common stocks, other securities may also be purchased, including foreign stocks, futures and options. The Fund may invest up to 30% of its total assets (excluding reserves) in foreign securities, including emerging markets.
 
JNL/T. Rowe Price Value Fund
Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)
 
Seeks long-term capital appreciation by investing, via a value approach investment selection process, at least 65% of total assets in common stocks believed to be undervalued.  Stock holdings are expected to consist primarily of large-company issues, but may also include mid-cap and small-cap companies. The Fund may invest up to 25% of its total assets (excluding reserves) in foreign securities. Income is a secondary objective.
 
JNL/WMC Money Market Fund
Jackson National Asset Management, LLC (and Wellington Management Company, LLP)
 
Seeks a high level of current income as is consistent with the preservation of capital and maintenance of liquidity by investing in high quality, U.S. dollar-denominated short-term money market instruments.
 

The investment objectives and policies of certain Funds are similar to the investment objectives and policies of other mutual funds that the Fund's investment sub-advisers also manage.  Although the objectives and policies may be similar, the investment results of the Funds may be higher or lower than the results of those other mutual funds.  We cannot guarantee, and make no representation, that the investment results of similar funds will be comparable even though the funds have the same investment sub-advisers.  The Funds described are available only through variable annuity contracts issued by Jackson of NY.  They are NOT offered or made available to the general public directly.

A Fund's performance may be affected by risks specific to certain types of investments, such as foreign securities, derivative investments, non-investment grade debt securities, initial public offerings (IPOs) or companies with relatively small market capitalizations.  IPOs and other investment techniques may have a magnified performance impact on a Fund with a small asset base.  A Fund may not experience similar performance as its assets grow.

You should read the prospectus for the JNL Series Trust carefully before investing.  Additional Funds and Investment Divisions may be available in the future.  The prospectus for the JNL Series Trust is attached to this prospectus.  However, that prospectus may also be obtained at no charge by calling 1-800-599-5651 (NY Annuity and Life Service Center) or 1-800-777-7779 (for NY contracts purchased through a bank or financial institution), by writing P.O. Box 30313, Lansing, Michigan 48909-7813, or by visiting www.jackson.com.

Voting Privileges. To the extent required by law, we will obtain instructions from you and other Owners about how to vote our shares of a Fund when there is a vote of shareholders of a Fund.  We will vote all the shares we own in proportion to those instructions from Owners.  An effect of this proportional voting is that a relatively small number of Owners may determine the outcome of a vote.

Substitution. We reserve the right to substitute a different Fund or a different mutual fund for the one in which any Investment Division is currently invested, or transfer money to the General Account.  We will not do this without any required approval of the SEC.  We will give you notice of any substitution.

CONTRACT CHARGES

There are charges associated with your Contract, the deduction of which will reduce the investment return of your Contract.  Charges are deducted proportionally from your Contract Value.  These charges may be a lesser amount where required by state law or as described below, but will not be increased.  Charges for an optional endorsement are deducted only if you elect the optional endorsement.  We expect to profit from certain charges assessed under the Contract.  These charges (and certain other expenses) are as follows:

Mortality and Expense Risk Charge. Each day, as part of our calculation of the value of the Accumulation Units and Annuity Units, we make a deduction for the Mortality and Expense Risk Charge.  On an annual basis, this charge equals 0.85% of the average daily net asset value of your allocations to the Investment Divisions.    This charge does not apply to the Fixed Account.

This charge compensates us for the risks we assume in connection with all the Contracts, not just your Contract.  Our mortality risks under the Contracts arise from our obligations:

●
to make income payments for the life of the Annuitant during the income phase; and
 
●
to waive the withdrawal charge in the event of the Owner's death.

Our expense risks under the Contracts include the risk that our actual cost of administering the Contracts and the Investment Divisions may exceed the amount that we receive from the administration charge and the annual contract maintenance charge.
If your Contract Value were ever to become insufficient to pay this charge, your Contract would terminate without value.

Annual Contract Maintenance Charge. During the accumulation phase, we deduct a $30 annual contract maintenance charge on the Contract Anniversary of the Issue Date.  We will also deduct the annual contract maintenance charge if you make a total withdrawal.  This charge is for administrative expenses.  The annual contract maintenance charge will be assessed on the Contract Anniversary or upon full withdrawal and generally is taken from the Investment Divisions and the Fixed Account based on the proportion their respective value bears to the Contract Value.  We will not deduct this charge if, when the deduction is to be made, the value of your Contract is $50,000 or more.


 
 
 

Administration Charge. Each day, as part of our calculation of the value of the Accumulation Units and Annuity Units, we make a deduction for administration charges.  On an annual basis, these charges equal 0.15% of the average daily net asset value of your allocations to the Investment Divisions.  This charge does not apply to the Fixed Account.  This charge compensates us for our expenses incurred in administering the Contracts and the Separate Account.

This charge is waived if the Contract Value on the later of the Issue Date or the most recent Contract Quarterly Anniversary is greater than or equal to $1 million.  If your Contract Value subsequently drops below $1 million on the most recent Contract Quarterly Anniversary, the Administration Charge will be reinstated.

Transfer Charge. You must pay $25 for each transfer in excess of 15 in a Contract Year.  This charge is deducted from the amount that is transferred prior to the allocation to a different Investment Division or the Fixed Account, as applicable.  We waive the transfer charge in connection with Dollar Cost Averaging, Earnings Sweep, Rebalancing transfers and any transfers we require, and we may charge a lesser fee where required by state law.

Withdrawal Charge (not applicable for Contracts with the Liquidity Option). At any time during the accumulation phase (if and to the extent that Contract Value is sufficient to pay any remaining withdrawal charges that remain after a withdrawal), you may withdraw the following with no withdrawal charge:

●
premiums that are no longer subject to a withdrawal charge (premiums in your annuity for at least five years without being withdrawn), plus
 
●
earnings (excess of your Contract Value allocated to the Investment Divisions and the Fixed Account over your remaining premiums allocated to those accounts)
 
●
during each Contract Year 10% of premium (subject to certain exclusions) that would otherwise incur a withdrawal charge, or be reduced by an Interest Rate Adjustment, and that has not been previously withdrawn (this can be withdrawn at once or in segments throughout the Contract Year), minus earnings (required minimum distributions will be counted as part of the free withdrawal amount).

We will deduct a withdrawal charge on:

●
withdrawals in excess of the free withdrawal amount (the withdrawal charge is imposed only on the excess amount above the free withdrawal amount), or
 
●
withdrawals under a tax-qualified Contract that exceed its required minimum distribution (the entire withdrawal will be subject to the withdrawal charge), or
 
●
withdrawals in excess of the free withdrawal amounts to meet the required minimum distribution of a tax-qualified Contract purchased with contributions from a nontaxable transfer, after the Owner's death, of an Individual Retirement Annuity (IRA), or to meet the required minimum distribution of a Roth IRA annuity (the withdrawal charge is imposed only on the excess amount above the free withdrawal amount), or
 
●
amounts withdrawn in a total withdrawal.

The amount of the withdrawal charge deducted varies according to the following schedule and is based on Completed Years following each premium :

Withdrawal Charge (as a percentage of premium payments):

Completed Years since Receipt of Premium
0-1
1-2
2-3
3-4
4-5
5+
    
                 
 
6.5%
6.0%
5.0%
4.0%
3.0%
0%
    

For purposes of the withdrawal charge, we treat withdrawals as coming first from earnings and then from the oldest remaining premium.  If you make a full withdrawal, or elect to commence income payments within one year of the date your Contract was issued, the withdrawal charge is based on premiums remaining in the Contract and no free withdrawal amount applies.  If you withdraw only part of the value of your Contract, we deduct the withdrawal charge from the remaining value in your Contract.  The withdrawal charge compensates us for costs associated with selling the Contracts.

Note:  Withdrawals under a non-qualified Contract will be taxable on an “income first” basis.  This means that any withdrawal from a non-qualified Contract that does not exceed the accumulated income under the Contract will be taxable in full.  Any withdrawals under a tax-qualified Contract will be taxable except to the extent that they are allocable to an investment in the Contract (any after-tax contributions).  In most cases, there will be little or no investment in the Contract for a tax-qualified Contract because contributions will have been made on a pre-tax or tax-deductible basis.

We do not assess the withdrawal charge on any amounts paid out as:

●
income payments during your Contract's income phase;
 
●
death benefits; or
 
●
withdrawals necessary to satisfy the required minimum distribution of the Internal Revenue Code (but if the withdrawal requested exceeds the required minimum distribution; if the Contract was purchased with contributions from a nontaxable transfer, after the Owner's death, of an Individual Retirement Annuity (IRA); or is a Roth IRA annuity, then the entire withdrawal will be subject to the withdrawal charge).

We may reduce or waive the withdrawal charge when the Contract is purchased by employees, agents and financial representatives of the Company or its affiliates.  These transactions will be conducted in a non-discriminatory manner and under circumstances that reduce our sales expenses.

Liquidity Option Charge. If you select the Liquidity Option, which provides for no withdrawal charges, you will pay 0.25% on an annual basis of the average daily Contract Value in the Investment Divisions regardless of whether you take any withdrawals .  Charges are deducted daily as part of the calculation of the value of the Accumulation Units. We stop deducting this charge on the date you annuitize.

Other Expenses.  We pay the operating expenses of the Separate Account, including those not covered by the mortality and expense and administrative charges.  There are deductions from and expenses paid out of the assets of the Funds.  These expenses are described in the attached prospectus for the JNL Series Trust.  For more information, please see the “Fund Operating Expenses” table beginning on page 6.

Premium Taxes.  Your state charges premium taxes or other similar taxes.  We pay these taxes and may make a deduction from your Contract Values for them.  Currently, the deduction would be 2% of a premium payment, but we are not required to pay premium taxes.

Income Taxes.  We reserve the right, when calculating unit values, to deduct a credit or charge with respect to any taxes we have paid or reserved for during the valuation period that we determine to be attributable to the operation of the Separate Account, or to a particular Investment Division.  No federal income taxes are applicable under present law and we are not presently making any such deduction.

DISTRIBUTION OF CONTRACTS

Jackson National Life Distributors LLC (“JNLD”), located at 7601 Technology Way, Denver, Colorado 80237, serves as the distributor of the Contracts.  JNLD is a wholly owned subsidiary of Jackson National Life Insurance Company (“Jackson®”), Jackson of NY's parent.

The Contract is offered to customers of various financial institutions, brokerage firms and their affiliate insurance agencies. No financial institution, brokerage firm or insurance agency has any legal responsibility to pay amounts that are owed under the Contract. The obligations and guarantees under the Contract are the sole responsibility of Jackson of NY.  The financial institution, brokerage firm or insurance agency is responsible for delivery of various related disclosure documents and the accuracy of their oral description and recommendation of the purchase of the Contract.

Commissions are paid to broker-dealers who sell the Contracts.  While commissions may vary, they are not expected to exceed 6% of any premium payment.  Where lower commissions are paid up front, we may also pay trail commissions.  We may also pay commissions on the Income Date if the annuity option selected involves a life contingency or a payout over a period of ten or more years.

Under certain circumstances, JNLD out of its own resources may pay bonuses, overrides, and marketing allowances, in addition to the standard commissions.  These payments and/or reimbursements to broker-dealers are in recognition of their marketing and distribution and/or administrative services support.  They may not be offered to all broker-dealers, and the terms of any particular agreement may vary among broker-dealers depending on, among other things, the level and type of marketing and distribution support provided assets under management, and the volume and size of the sales of our insurance products.  They may provide us greater access to the registered representatives of the broker-dealers receiving such compensation or may otherwise influence the broker-dealer and/or registered representative to present the Contracts more favorably than other investment alternatives.  Such compensation is subject to applicable state insurance law and regulation and the NASD rules of conduct.  While such compensation may be significant, it will not cause any additional direct charge by us to you.

The two primary forms of such compensation paid by JNLD are overrides and marketing support payments.  Overrides are payments that are designed as consideration for product placement, assets under management and sales volume.  Overrides are generally based on a fixed percentage of product sales and generally range from 10 to 50 basis points (0.10% to 0.50%).  Marketing support payments may be in the form of cash and/or non-cash compensation and allow us to, among other things, participate in sales conferences and educational seminars.  Examples of such payments include, but are not limited to, reimbursements for representative training or “due diligence” meetings (including travel and lodging expenses), client events, and business development and educational enhancement items, including payments to third party vendors for such items.  Payments or reimbursements for meetings and seminars are generally based on the anticipated level of participation and/or accessibility and the size of the audience.  Subject to NASD rules of conduct, we may also provide cash and/or non-cash compensation to registered representatives in the form of gifts, promotional items and occasional meals and entertainment.

Below is an alphabetical listing of the 20 broker-dealers that received the largest amounts of marketing and distribution and/or administrative support in 2010 from the Distributor in relation to the sale of our variable insurance products:

 
Commonwealth Financial Network
 
First Allied Securities, Inc.
 
Invest Financial Corporation
 
Investment Centers of America, Inc.
 
Lincoln Financial Advisors
 
LPL Financial Corporation
 
Merrill Lynch, Pierce, Fenner & Smith, Inc.
 
MML Investors Services Inc.
 
Morgan Keegan & Company
 
National Planning Corporation
 
NEXT Financial Group, Inc
 
Raymond James
 
RBC Capital Markets Corp.
 
Securities America, Inc.
 
Signator Investors, Inc.
 
SII Investments, Inc.
 
Transamerica Financial Advisors, Inc.
 
UBS Financial Services, Inc.
 
Wells Fargo Advisors LLC
 
Woodbury Financial Services, Inc.

Please see Appendix B for a complete list of broker-dealers that received amounts of marketing and distribution and/or administrative support in 2010 from the Distributor in relation to the sale of our variable insurance products.  While we endeavor to update this list on an annual basis, please note that interim changes or new arrangements may not be listed.

We may use any of our corporate assets to cover the cost of distribution, including any profit from the Contract's mortality and expense risk charge and other charges.  Besides Jackson National Life Distributors LLC, we are affiliated with the following broker-dealers:

●
National Planning Corporation,
 
●
SII Investments, Inc.,
 
●
IFC Holdings, Inc. d/b/a Invest Financial Corporation,
 
●
Investment Centers of America, Inc., and
 
●
Curian Clearing LLC

The Distributor also has the following relationships with the sub-advisers and their affiliates.  The Distributor receives payments from certain sub-advisers to assist in defraying the costs of certain promotional and marketing meetings in which they participate.  The amounts paid depend on the nature of the meetings, the number of meetings attended, the costs expected to be incurred and the level of the sub-adviser's participation.  Our affiliated broker-dealers may also sell the retail mutual funds of certain sub-advisers.  In addition, the Distributor acts as distributor of variable annuity contracts and variable life insurance policies (the “Other Contracts”) issued by Jackson of NY and Jackson National Life Insurance Company, its parent.  Raymond James Financial Services, a brokerage affiliate of the sub-adviser to the JNL/Eagle Funds, participates in the sale of Contracts and is compensated by JNLD for its activities at the standard rates of compensation.  Unaffiliated broker-dealers are also compensated at the standard rates of compensation.  The compensation consists of commissions, trail commissions and other compensation or promotional incentives as described above and in the prospectus or statement of additional information for the Other Contracts.

All of the compensation described here, and other compensation or benefits provided by Jackson of NY or our affiliates, may be greater or less than the total compensation on similar or other products.  The amount and/or structure of the compensation can possibly create a potential conflict of interest as it may influence your registered representative, broker-dealer or selling institution to present this Contract over other investment alternatives.  The variations in compensation, however, may also reflect differences in sales effort or ongoing customer services expected of the registered representative or the broker-dealer.  You may ask your registered representative about any variations and how he or she and his or her broker-dealer are compensated for selling the Contract.

PURCHASES

Minimum Initial Premium:

●
$5,000 under most circumstances
 
  
●
$2,000 for a qualified plan Contract

Minimum Additional Premiums:

●
$500 for a qualified or non-qualified plan
 
●
$50 for an automatic payment plan
 
●
You can pay additional premiums at any time during the accumulation phase.

These minimums apply to purchases, but do not preclude subsequent partial withdrawals that would reduce Contract Values below the minimum initial purchase amounts, as long as the amount left in the account is sufficient to pay the withdrawal charge.  We reserve the right to limit the number of Contracts that you may purchase.  We also reserve the right to refuse any premium payment.  There is a $100 minimum balance requirement for each Investment Division and Fixed Account.  We reserve the right to restrict availability or impose restrictions on the Fixed Account.

Maximum Premiums:

●
The maximum aggregate premiums you may make without our prior approval is $2.5 million.

The payment of subsequent premiums relative to market conditions at the time they are made may or may not contribute to the various benefits under your Contract.

Allocations of Premium.  You may allocate your premiums to one or more of the Investment Divisions and Fixed Account, if available.  The minimum amount you may allocate to the Investment Division or a Fixed Account is $100.  We will allocate any additional premiums you pay in the same way unless you instruct us otherwise.  

Although more than 18 Investment Divisions and the Fixed Account may be available under your Contract, you may not allocate your Contract Values among more than 18 at any one time.

We will issue your Contract and allocate your first premium within two business days (days when the New York Stock Exchange is open) after we receive your first premium and all information that we require for the purchase of a Contract.  If we do not receive all of the information that we require, we will contact you to get the necessary information.  If for some reason we are unable to complete this process within five business days, we will return your money. Each business day ends when the New York Stock Exchange closes (usually 4:00 p.m. Eastern time).

Capital Protection Program. If you select our Capital Protection Program at issue, we will allocate enough of your premium to the available Fixed Account Option you select to assure that the amount so allocated will equal, at the end of a selected periods, your total original premium paid.  You may allocate the rest of your premium to any Investment Division(s).  If any part of the Fixed Account value is surrendered or transferred before the end of the selected guaranteed period, the value at the end of that period will not equal the original premium.  This program is available only if Fixed Account Options are available.  There is no charge for the Capital Protection Program.  You should consult your Jackson of NY representative with respect to the current availability of Fixed Account Options, their limitations, and the availability of the Capital Protection Program.

The Capital Protection Program is not available on Contracts with the Liquidity Option.

For an example of capital protection, assume you made a premium payment of $10,000 when the interest rate for the three-year guaranteed period was 3% per year.  We would allocate $9,152 to that Guarantee Period because $9,152 would increase at that interest rate to $10,000 after three years, assuming no withdrawals are taken.  The remaining $848 of the payment would be allocated to the Investment Division(s) you selected.

Alternatively, assume Jackson of NY receives a premium payment of $10,000 when the interest rate for the 7-year period is 6.75% per year.  Jackson of NY will allocate $6,331 to that Guarantee Period because $6,331 will increase at that interest rate to $10,000 after 7 years.  The remaining $3,669 of the payment will be allocated to the Investment Division(s) you selected.

Thus, as these examples demonstrate, the shorter Guarantee Periods require allocation of substantially all your premium to achieve the intended result.  In each case, the results will depend on the interest rate declared for the Guarantee Period.

Accumulation Units. Your Contract Value allocated to the Investment Divisions will go up or down depending on the performance of the Investment Divisions you select.  In order to keep track of the value of your Contract during the accumulation phase, we use a unit of measure called an “Accumulation Unit.”  During the income phase we use a measure called an “Annuity Unit.”

Every business day, we determine the value of an Accumulation Unit for each of the Investment Divisions by:

●
determining the total amount of assets held in the particular Investment Division;
 
●
subtracting any asset-based charges and taxes chargeable under the Contract; and
 
●
dividing this amount by the number of outstanding Accumulation Units.

Charges deducted through the cancellation of units are not reflected in this computation.

The value of an Accumulation Unit may go up or down from day to day.  The base Contract has a different Accumulation Unit value than a Contract with the Liquidity Option, based on the differing amount of charges applied in calculating that Accumulation Unit value.

When you make a premium payment, we credit your Contract with Accumulation Units.  The number of Accumulation Units we credit is determined at the close of that business day by dividing the amount of the premium allocated to any Investment Division by the value of the Accumulation Unit for that Investment Division that reflects the respective charges under your Contract.

In connection with arrangements we have to transact business electronically, we may have agreements in place whereby the time when certain broker-dealers receive your initial Purchase Payment and all required information in good order will be used for initial pricing of your Contract values.  However, if we do not have an agreement with a broker-dealer providing for these pricing procedures, initial Purchase Payments received by the broker-dealer will not be priced until they are received by us. As of the date of this prospectus, we have such an agreement with Morgan Stanley Smith Barney LLC and SBHU Life Agency.  Please check with your financial representative to determine if his/her broker-dealer has an agreement with the Company that provides for these pricing procedures.

TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS

You may transfer your Contract Value between and among the Investment Divisions at any time, unless transfers are subject to other limitations, but transfers between an Investment Division and the Fixed Account must occur prior to the Income Date.

You can make 15 transfers every Contract Year during the accumulation phase without charge.

A transfer will be effective as of the end of the business day when we receive your transfer request in Good Order, and we will disclaim all liability for transfers made based on your transfer instructions, or the instructions of a third party authorized to submit transfer requests on your behalf.

Transfers from the Fixed Account generally will be subject to any applicable Interest Rate Adjustment.

Potential Limits and Conditions on Fixed Account Transfers. We can prohibit or impose limitations or other requirements on transfers to or from the Fixed Account as permitted by applicable law.

In addition, we also specifically reserve the right to impose the limitations and conditions set forth in 1-4 below with respect to the one-year Fixed Account Option.  Although we are not imposing these restrictions as of the date of this prospectus, if we do decide to impose them, they could provide as follows with respect to both new and already outstanding Contracts:

1.  During any Contract Year, the aggregate dollar amount of all transfers from the one-year Fixed Account Option (including transfers at the end of the one-year period) could not exceed whichever of the following three maximums apply to you for that year:
 
·  
Maximum transfers during the first Contract Year in which you have Contract Value in the one-year Fixed Account Option subject to these restrictions: 1/3 of your Contract Value in the one-year Fixed Account Option as of the most recent Contract Anniversary;
·  
Maximum transfers during any subsequent Contract Year, if you had Contract Value subject to these restrictions during the preceding Contract year:
i.  
1/3 of your Contract Value in the one-year Fixed Account Option as of the most recent Contract Anniversary if you did not make a 1/3 transfer in the preceding year as mentioned above or
ii.  
1/2 of your Contract Value in the one-year Fixed Account Option as of the most recent Contract Anniversary if you did make such a 1/3 transfer in the preceding year; or
·  
Maximum transfers during any Contract Year, if you had Contract Value subject to these restrictions during both of the preceding two Contract Years and, in those years, you made the 1/3 maximum transfer in the first year and 1/2 maximum transfer in the second year as mentioned above: all of your remaining Contract Value in the one-year Fixed Account Option.

2.  We could require that any transfer from the one-year Fixed Account Option in a Contract Year occur at least twelve months after the most recent such transfer in the previous Contract Year.

3.  We could restrict or prohibit your transfers into or allocations of any additional premiums to the one-year Fixed Account Option in any Contract Year in which you make a transfer from the one-year Fixed Account Option.

4.  We could restrict or prohibit your transfers from the one-year Fixed Account Option in any Contract Year in which you make a transfer into or allocate any additional premiums to the one-year Fixed Account Option.

We may impose restrictions 1-4 separately or in combination but we expect that they would be imposed as a group, so that you would be subject to all of these restrictions if you are subject to any of them.

Certain systematic investment programs could be excluded from the restrictions listed in 1-4 above, such that transfers under those programs would not count against the maximum amounts that may be transferred out of the one-year Fixed Account Option and the Contract Value under such programs would be excluded from the computation of such maximum amounts.

We also could permit or require that a systematic transfer program be used to make transfers from any Fixed Account Options. For example, you could be permitted to have the three transfers that are referred to in restriction 1 above automated through a systematic transfer out (“STO”) on each of your next three Contract Anniversaries.  The amount automatically transferred on each of such three Contract Anniversaries would be the maximum amount that would be permitted to be transferred on that date under restriction 1, such that following the automatic STO transfer on the third such Contract Anniversary you would no longer have any Contract Value in the one-year Fixed Account Option.   If we establish such an STO for you, however, we would (pursuant to restrictions 3 and 4 above) prohibit you from making any other transfer from, or any premium payments or transfers into, the one-year Fixed Account Option during any Contract Year in which an automatic STO transfer is made for you.  Also (pursuant to restriction 2 above) you could elect such an STO only if (i) at least twelve calendar months have passed since your last STO program (if any) had ended and (ii) during the Contract Year in which you make the election, you have not made any transfers from, or any premium payments or transfers into the one-year Fixed Account Option (unless you made the transfer or premium payment before the time we had instituted restrictions 1-4). Transfers pursuant to any STO would not count toward your 15 free transfer limit.

If we require you to commence an STO at a time when, due to any of the foregoing restrictions, you would not be eligible to elect such a program, the three annual STO transfers will be delayed.  In that case, the first such STO transfer would occur on the first Contract Anniversary after you are eligible to elect an STO.

If we impose the restrictions described in 1-4 above, we would provide you prompt written notice of that fact, as well as any requirement or option to commence an STO.  In that case, the restrictions would be effective immediately and we would not expect to provide you with an opportunity to make transfers from the one-year Fixed Account Option, other than in compliance with and subject to the limitations in such restrictions.  Accordingly, you should consider whether you are willing to be subject to those limitations before you allocate any premiums or transfers to the one-year Fixed Account Option.

We also may restrict your participation in any systematic investment program if you allocate any amounts to a Fixed Account Option.

Restrictions on Transfers: Market Timing.  The Contract is not designed for frequent transfers by anyone.  Frequent transfers between and among Investment Divisions may disrupt the underlying Funds and could negatively impact performance, by interfering with efficient management and reducing long-term returns, and increasing administrative costs. Frequent transfers may also dilute the value of shares of an underlying Fund.  Neither the Contracts nor the underlying Funds are meant to promote any active trading strategy, like market timing.  Allowing frequent transfers by one or some Owners could be at the expense of other Owners of the Contract.  To protect Owners and the underlying Funds, we have policies and procedures to deter frequent transfers between and among the Investment Divisions.

Under these policies and procedures, there is a $25 charge per transfer after 15 in a Contract Year, and no round trip transfers are allowed within 15 calendar days.  Also, we could restrict your ability to make transfers to or from one or more of the Investment Divisions, which possible restrictions may include, but are not limited to:

●
limiting the number of transfers over a period of time;
 
●
requiring a minimum time period between each transfer;
 
●
limiting transfer requests from an agent acting on behalf of one or more Owners or under a power of attorney on behalf of one or more Owners; or
 
●
limiting the dollar amount that you may transfer at any one time.

To the extent permitted by applicable law, we reserve the right to restrict the number of transfers per year that you can request and to restrict you from making transfers on consecutive business days.  In addition, your right to make transfers between and among Investment Divisions may be modified if we determine that the exercise by one or more Owners is, or would be, to the disadvantage of other Owners.

We continuously monitor transfers under the Contract for disruptive activity based on frequency, pattern and size.  We will more closely monitor Contracts with disruptive activity, placing them on a watch list, and if the disruptive activity continues, we will restrict the availability of electronic or telephonic means to make a transfer, instead requiring that transfer instructions be mailed through regular U.S. postal service, and/or terminate the ability to make transfers completely, as necessary.  If we terminate your ability to make transfers, you may need to make a partial withdrawal to access the Contract Value in the Investment Division(s) from which you sought a transfer.  We will notify you and your representative in writing within five days of placing the Contract on a watch list.

Regarding round trip transfers, we will allow redemptions from an Investment Division; however, once a complete or partial redemption has been made from an Investment Division through an Investment Division transfer, you will not be permitted to transfer any value back into that Investment Division within 15 calendar days of the redemption.  We will treat as short-term trading activity any transfer that is requested into an Investment Division that was previously redeemed within the previous 15 calendar days, whether the transfer was requested by you or a third party.

Our policies and procedures do not apply to the money market Investment Division and the Fixed Account, Dollar Cost Averaging, Earnings Sweep or the Automatic Rebalancing program.  We may also make exceptions that involve an administrative error, or a personal unanticipated financial emergency of an Owner resulting from an identified health, employment, or other financial or personal event that makes the existing allocation imprudent or a hardship.  These limited exceptions will be granted by an oversight team pursuant to procedures designed to result in their consistent application.  Please contact our Service Center if you believe your transfer request entails a financial emergency.

Otherwise, we do not exempt any person or class of persons from our policies and procedures.  We have agreements allowing for asset allocation and investment advisory services that are not only subject to our policies and procedures, but also to additional conditions and limitations, intended to limit the potential adverse impact of these activities on other Owners of the Contract.  We expect to apply our policies and procedures uniformly, but because detection and deterrence involves judgments that are inherently subjective, we cannot guarantee that we will detect and deter every Contract engaging in frequent transfers every time.  If these policies and procedures are ineffective, the adverse consequences described above could occur.  We also expect to apply our policies and procedures in a manner reasonably designed to prevent transfers that we consider to be to the disadvantage of other Owners, and we may take whatever action we deem appropriate, without prior notice, to comply with or take advantage of any state or federal regulatory requirement.

TELEPHONE AND INTERNET TRANSACTIONS

The Basics. You can request certain transactions by telephone or at www.jackson.com, our Internet website, subject to our right to terminate electronic or telephonic transfer privileges described above.  Our Service Center representatives are available during business hours to provide you with information about your account.  We require that you provide proper identification before performing transactions over the telephone or through our Internet website.  For Internet transactions, this will include a Personal Identification Number (PIN).  You may establish or change your PIN at www.jackson.com.

What You Can Do and How. You may make transfers by telephone or through the Internet if you elect to have this privilege.  Any authorization you provide to us in an application, at our website, or through other means will authorize us to accept transaction instructions, including Investment Division transfers/allocations, by you and your financial representative unless you notify us to the contrary.  To notify us, please call us at the Service Center.  Our contact information is on the cover page of this prospectus and the number is referenced in your Contract or on your quarterly statement.

What You Can Do and When. When authorizing a transfer, you must complete your telephone call by the close of the New York Stock Exchange (usually 4:00 p.m. Eastern time) in order to receive that day's Accumulation Unit value for an Investment Division.

Transfer instructions you send electronically are considered to be received by us at the time and date stated on the electronic acknowledgement we return to you.  If the time and date indicated on the acknowledgement is before the close of the New York Stock Exchange, the instructions will be carried out that day.  Otherwise the instructions will be carried out the next business day.  We will retain permanent records of all web-based transactions by confirmation number.  If you do not receive an electronic acknowledgement, you should telephone our Service Center immediately.

How to Cancel a Transaction. You may only cancel an earlier telephonic or electronic transfer request made on the same day by calling the Service Center before the New York Stock Exchange closes.  Otherwise, your cancellation instruction will not be allowed because of the round trip transfer restriction.

Our Procedures. Our procedures are designed to provide reasonable assurance that telephone or any other electronic authorizations are genuine.  Our procedures include requesting identifying information and tape-recording telephone communications and other specific details.  We and our affiliates disclaim all liability for any claim, loss or expense resulting from any alleged error or mistake in connection with a transaction requested by telephone or other electronic means that you did not authorize.  However, if we fail to employ reasonable procedures to ensure that all requested transactions are properly authorized, we may be held liable for such losses.

We do not guarantee access to telephonic and electronic information or that we will be able to accept transaction instructions via the telephone or electronic means at all times.  We also reserve the right to modify, limit, restrict, or discontinue at any time and without notice the acceptance of instruction from someone other than you and/or this telephonic and electronic transaction privilege.  Elections of any optional benefit or program must be in writing and will be effective upon receipt of the request in Good Order.

Upon notification of the Owner's death, any telephone transfer authorization, other than by the surviving joint Owners, designated by the Owner ceases and we will not allow such transactions unless the executor/representative provides written authorization for a person or persons to act on the executor's/representative's behalf.

ACCESS TO YOUR MONEY
 
You can have access to the money in your Contract:

●
by making either a partial or complete withdrawal,
 
●
by electing the Systematic Withdrawal Program,
 
●
by electing to receive income payments.

Your Beneficiary can have access to the money in your Contract when a death benefit is paid.

Withdrawals under the Contract may be subject to a withdrawal charge.  For purposes of the withdrawal charge, we treat withdrawals as coming first from earnings and then from the oldest remaining premium.  When you make a complete withdrawal you will receive the value of your Contract as of the end of the business day your request is received by us in Good Order, minus any applicable taxes, the annual contract maintenance charge, and all applicable withdrawal charges, adjusted for any applicable Interest Rate Adjustment.  For more information about withdrawal charges, please see “Withdrawal Charge” beginning on page 15.

Your withdrawal request must be in writing.  We will accept withdrawal requests submitted via facsimile.  There are risks associated with not requiring original signatures in order to disburse the money.  To minimize the risks, the proceeds will be sent to your last recorded address in our records, so be sure to notify us, in writing, with an original signature of any address change.  We do not assume responsibility for improper disbursements if you have failed to provide us with the current address to which the proceeds should be sent.

Except in connection with the Systematic Withdrawal Program, you must withdraw at least $500 or, if less, the entire amount in the Fixed Account Option or Investment Division from which you are making the withdrawal.  If you are not specific in your withdrawal request, your withdrawal will be taken from your allocations to the Investment Divisions and Fixed Account Options based on the proportion their respective values bear to the Contract Value.

With the Systematic Withdrawal Program, you may withdraw a specified dollar amount (of at least $50 per withdrawal) or a specified percentage.  After your withdrawal, at least $100 must remain in each Fixed Account Option or Investment Division from which the withdrawal was taken.  A withdrawal request that would reduce the remaining Contract Value to less than $100 will be treated as a request for a complete withdrawal.

If you have an investment adviser who, for a fee, manages your Contract Value, you may authorize payment of the fee from the Contract by requesting a partial withdrawal.  There are conditions and limitations, so please contact our Service Center for more information.  Our contact information is on the cover page of this prospectus.  We neither endorse any investment advisers, nor make any representations as to their qualifications.  The fee for this service would be covered in a separate agreement between the two of you, and would be in addition to the fees and expenses described in this prospectus.

Income taxes, tax penalties and certain restrictions may apply to any withdrawal you make.  There are limitations on withdrawals from qualified plans.  For more information, please see “TAXES” beginning on page 26.

Liquidity Option.  If you elect the Liquidity Option, you will not pay a withdrawal charge when you make a partial or full withdrawal.  This option must be selected at issue.  This option removes the five year withdrawal charge schedule that would otherwise apply.  You will pay a charge of 0.25% on an annual basis of the average net asset value of your allocations to the Investment Divisions for this option.  The decision to elect the Liquidity Option should consider whether you anticipate taking or needing to take a large withdrawal that would otherwise be subject to charges under the five year withdrawal charge schedule imposed on each premium payment.  The charge for the Liquidity Option applies until the date you annuitize whether or not you take any withdrawals.

Systematic Withdrawal Program. You can arrange to have money automatically sent to you periodically while your Contract is still in the accumulation phase.  You may withdraw a specified dollar amount (of at least $50 per withdrawal), a specified percentage or earnings.  Your withdrawals may be on a monthly, quarterly, semi-annual or annual basis.  There is no charge for the Systematic Withdrawal Program; however, you will have to pay taxes on the money you receive.  You may also be subject to a withdrawal charge and an Interest Rate Adjustment.

Suspension of Withdrawals or Transfers. We may be required to suspend or delay withdrawals or transfers to or from an Investment Division when:

●
the New York Stock Exchange is closed (other than customary weekend and holiday closings);
 
●
under applicable SEC rules, trading on the New York Stock Exchange is restricted;
 
●
under applicable SEC rules, an emergency exists so that it is not reasonably practicable to dispose of securities in an Investment Division or determine the value of its assets; or
 
●
the SEC, by order, may permit for the protection of Contract Owners.

We have reserved the right to defer payment for a withdrawal or transfer from the Fixed Account for up to six months or the period permitted by law.

INCOME PAYMENTS (THE INCOME PHASE)

The income phase of your Contract occurs when you begin receiving regular income payments from us.  The Income Date is the day those payments begin.  Once income payments begin, the Contract cannot be returned to the accumulation phase.  You can choose the Income Date and an income option, but the Income Date must be at least 13 months after the Contract’s Issue Date.  All of the Contract Value must be annuitized.  The income options are described below.

If you do not choose an income option, we will assume that you selected option 3, which provides a life annuity with 120 months of guaranteed payments.

You can change the Income Date or income option at least seven days before the Income Date, but changes to the Income Date may only be to a later date.  You must give us written notice at least seven days before the scheduled Income Date.  Income payments must begin by the Contract Anniversary on or next following your 95th birthday under a non-qualified Contract, or by such earlier date as required by the applicable qualified plan, law or regulation.

Under a traditional Individual Retirement Annuity, required minimum distributions must begin in the calendar year in which you attain age 70 1/2 (or such other age as required by law).  Distributions under qualified plans and Tax-Sheltered Annuities must begin by the later of the calendar year in which you attain age 70 1/2 or the calendar year in which you retire.  You do not necessarily have to annuitize your Contract to meet the minimum distribution requirements for Individual Retirement Annuities, qualified plans, and Tax-Sheltered Annuities.  Distributions from Roth IRAs are not required prior to your death.

At the Income Date, you can choose to receive fixed payments or variable payments based on the Investment Divisions.  Unless you tell us otherwise, your income payments will be based on the fixed and variable options allocations that were in place on the Income Date.

You can choose to have income payments made monthly, quarterly, semi-annually or annually.  Or you can choose a single lump sum payment.  If you have less than $5,000 to apply toward an income option and state law permits, we may provide your payment in a single lump sum, part of which may be taxable as Federal Income.  Likewise, if your first income payment would be less than $50 and state law permits, we may set the frequency of payments so that the first payment would be at least $50.

Fixed Income Payments. If you choose to receive fixed payments, the amount of each income payment will be determined by applying the portion of your Contract Value allocated to fixed payments, less any applicable premium taxes and charges, to the rates in the annuity tables contained in the Contract applicable to the income option chosen. If the current annuity rates provided by us on contracts of this type would be more favorable, the current rates will be used.

Variable Income Payments. If you choose to have any portion of your income payments based upon one or more Investment Divisions, the dollar amount of your initial annuity payment will depend primarily upon the following:

●
the amount of your Contract Value you allocate to the Investment Division(s) on the Income Date;
 
●
the amount of any applicable premium taxes, or withdrawal charges and any Interest Rate Adjustment deducted from your Contract Value on the Income Date;
 
●
which income option you select; and
 
●
the investment factors listed in your Contract that translate the amount of your Contract Value (as adjusted for applicable charges, frequency of payment and commencement date) into initial payment amounts that are measured by the number of Annuity Units of the Investment Division(s) you select credited to your Contract.

The investment factors in your Contract are calculated based upon a variety of factors, including an assumed net investment rate of 1.0% for all options and, if you select an income option with a life contingency, the age and gender of the Annuitant.

If the actual net investment rate experienced by an Investment Division exceeds the assumed net investment rate, variable annuity payments will increase over time. Conversely, if the actual net investment rate is less than the assumed net investment rate, variable annuity payments will decrease over time. If the actual net investment rate equals the assumed net investment rate, the variable annuity payments will remain constant.

We calculate the dollar amount of subsequent income payments that you receive based upon the performance of the Investment Divisions you select.  If that performance (measured by changes in the value of Annuity Units) exceeds the assumed net investment rate, then your income payments will increase; if that performance is less than the assumed net investment rate, then your income payments will decrease.  Neither expenses actually incurred (other than taxes on investment return), nor mortality actually experienced, will adversely affect the dollar amount of subsequent income payments.

Income Options. The Annuitant is the person whose life we look to when we make income payments (each description assumes that you are the Owner and Annuitant).

Option 1 - Life Income.  This income option provides monthly payments for your life.  No further payments are payable after your death.  If the Annuitant dies after the Income Date but prior to the first income payment being paid, the amount applied to this income option will be paid to the Owner or the Owner’s Beneficiaries.

Option 2 - Joint and Survivor.  This income option provides monthly payments for your life and for the life of another person (usually your spouse) selected by you.  Upon the death of either person, the monthly payments will continue during the lifetime of the survivor.  No further payments are payable after the death of the survivor.  If both Annuitants die after the Income Date but prior to the first payment being paid, the amount applied to this income option will be paid to the Owner or the Owner’s Beneficiaries.

Option 3 - Life Annuity With at Least 120 or 240 Monthly Payments.  This income option provides monthly payments for the Annuitant's life, but with payments continuing to the Beneficiary for the remainder of 10 or 20 years (as you select) if the Annuitant dies before the end of the selected period.  If the Beneficiary does not want to receive the remaining scheduled payments, a single lump sum may be requested, which will be equal to the present value of the remaining payments (as of the date of calculation) discounted at an interest rate no higher than the rate used to calculate the initial payment.

Option 4 - Income for a Specified Period.  This income option provides monthly payments for any number of years from 5 to 30.  If the Beneficiary does not want to receive the remaining scheduled payments, a single lump sum may be requested, which will be equal to the present value of the remaining payments (as of the date of calculation) discounted at an interest rate no higher than the rate used to calculate the initial payment.

Additional Options - We may make other income options available.

No withdrawals are permitted during the income phase under an income option that is life contingent.

DEATH BENEFIT

The Contract has a death benefit, which is payable during the accumulation phase.  The death benefit equals your Contract Value on the date we receive all required documentation from your Beneficiary.

The death benefit paid to your Beneficiary upon your death is calculated as of the date we receive all required documentation in Good Order which includes, but is not limited to, due proof of death and a completed claim form from the Beneficiary of record (if there are multiple beneficiaries, we will calculate the death benefit when we receive this documentation from the first Beneficiary).  Payment will include interest to the extent required by law.

If you die before moving to the income phase, the person you have chosen as your Beneficiary will receive the death benefit.  If you have a joint Owner, the death benefit will be paid when the first joint Owner dies.  The surviving joint Owner will be treated as the Beneficiary.  Any other Beneficiary designated will be treated as a contingent Beneficiary.  Only a spousal Beneficiary has the right to continue the Contract in force upon your death.

Payout Options. The death benefit can be paid under one of the following payout options:

●
single lump sum payment; or
 
●
payment of entire death benefit within 5 years of the date of death; or
 
●
payment of the entire death benefit under an income option over the Beneficiary's lifetime or for a period not extending beyond the Beneficiary's life expectancy; or payment of a portion of the death benefit under an income option over the Beneficiary's lifetime or for a period not extending beyond the Beneficiary's life expectancy, with the balance of the death benefit payable to the Beneficiary.  Any portion of the death benefit not applied under an income option within one year of the Owner's death, however, must be paid within five years of the date of the Owner's death.

Under these payout options, the Beneficiary may also elect to receive additional lump sums at any time.  The receipt of any additional lump sums will reduce the future income payments to the Beneficiary.

Unless the Beneficiary chooses to receive the entire death benefit in a single sum, the Beneficiary must elect a payout option within the 60-day period beginning with the date we receive proof of death and payments must begin within one year of the date of death.  If the Beneficiary chooses to receive some or all of the death benefit in a single sum and all the necessary requirements are met, we will pay the death benefit within seven days. If your Beneficiary is your spouse, he/she may elect to continue the Contract, at the current Contract Value, in his/her own name.  For more information, please see “Spousal Continuation Option” below.

Pre-Selected Payout Options. As Owner, you may also make a predetermined selection of the death benefit payout option if your death occurs before the Income Date.  However, at the time of your death, we may modify the death benefit option if the death benefit you selected exceeds the life expectancy of the Beneficiary.  If this Pre-selected Death Benefit Option Election is in force at the time of your death, the payment of the death benefit may not be postponed, nor can the Contract be continued under any other provisions of this Contract.  This restriction applies even if the Beneficiary is your spouse, unless such restriction is prohibited by the Internal Revenue Code.  If the Beneficiary does not submit the required documentation for the death benefit to us within one year of your death, however, the death benefit must be paid, in a single lump sum, within five years of your death.

Spousal Continuation Option. If your spouse is the Beneficiary and elects to continue the Contract in his or her own name after your death, pursuant to the Spousal Continuation Option, no death benefit will be paid at that time.  See your financial advisor for information regarding the availability of the Spousal Continuation Option.

The Spousal Continuation Option is available to elect one time on the Contract.  However, if you have elected the Pre-Selected Death Benefit Option the Contract cannot be continued under the Spousal Continuation Option, unless preventing continuation would be prohibited by the Internal Revenue Code.

Death of Owner On or After the Income Date. If you or a joint Owner dies, and is not the Annuitant, on or after the Income Date, any remaining payments under the income option elected will continue at least as rapidly as under the method of distribution in effect at the date of death.  If you die, the Beneficiary becomes the Owner.  If the joint Owner dies, the surviving joint Owner, if any, will be the designated Beneficiary.  Any other Beneficiary designation on record at the time of death will be treated as a contingent Beneficiary.  A contingent Beneficiary is entitled to receive payment only after the Beneficiary dies.

Death of Annuitant. If the Annuitant is not an Owner or joint Owner and dies before the Income Date, you can name a new Annuitant, subject to our underwriting rules.  If you do not name a new Annuitant within 30 days of the death of the Annuitant, you will become the Annuitant.  However, if the Owner is a non-natural person (for example, a corporation), then the death of the Annuitant will be treated as the death of the Owner, and a new Annuitant may not be named.

If the Annuitant dies on or after the Income Date, any remaining guaranteed payment will be paid to the Beneficiary as provided for in the income option selected.  Any remaining guaranteed payment will be paid at least as rapidly as under the method of distribution in effect at the Annuitant's death.

TAXES

The following is only general information and is not intended as tax advice to any individual.  Additional tax information is included in the SAI.  You should consult your own tax adviser as to how these general rules will apply to you if you purchase a Contract.

CONTRACT OWNER TAXATION
 

Tax-Qualified and Non-Qualified Contracts. If you purchase your Contract as a part of a tax-qualified plan such as an Individual Retirement Annuity (IRA), Tax-Sheltered Annuity (sometimes referred to as a 403(b) Contract), or pension or profit-sharing plan (including a 401(k) Plan or H.R. 10 Plan) your Contract will be what is referred to as a tax-qualified contract.  Tax deferral under a tax-qualified contract arises under the specific provisions of the Internal Revenue Code (Code) governing the tax-qualified plan, so a tax-qualified contract should be purchased only for the features and benefits other than tax deferral that are available under a tax-qualified contract, and not for the purpose of obtaining tax deferral.  You should consult your own adviser regarding these features and benefits of the Contract prior to purchasing a tax-qualified contract.

If you do not purchase your Contract as a part of any tax-qualified pension plan, specially sponsored program or an individual retirement annuity, your Contract will be what is referred to as a non-qualified contract.

The amount of your tax liability on the earnings under and the amounts received from either a tax-qualified or a non-qualified Contract will vary depending on the specific tax rules applicable to your Contract and your particular circumstances.

Non-Qualified Contracts – General Taxation. Increases in the value of a non-qualified Contract attributable to undistributed earnings are generally not taxable to the Contract Owner or the Annuitant until a distribution (either a withdrawal or an income payment) is made from the Contract.  This tax deferral is generally not available under a non-qualified Contract owned by a non-natural person (e.g., a corporation or certain other entities other than a trust holding the Contract as an agent for a natural person).  Loans based on a non-qualified Contract are treated as distributions.

Non-Qualified Contracts – Aggregation of Contracts. For purposes of determining the taxability of a distribution, the Code provides that all non-qualified contracts issued by us (or an affiliate) to you during any calendar year must be treated as one annuity contract.  Additional rules may be promulgated under this Code provision to prevent avoidance of its effect through the ownership of serial contracts or otherwise.

Non-Qualified Contracts – Withdrawals and Income Payments. Any withdrawal from a non-qualified Contract is taxable as ordinary income to the extent it does not exceed the accumulated earnings under the Contract.  In contrast, a part of each income payment under a non-qualified Contract is generally treated as a non-taxable return of premium.  The balance of each income payment is taxable as ordinary income.  The amounts of the taxable and non-taxable portions of each income payment are determined based on the amount of the investment in the Contract and the length of the period over which income payments are to be made.  Income payments received after all of your investment in the Contract is recovered are fully taxable as ordinary income.  Additional information is provided in the SAI.

The Code also imposes a 10% penalty on certain taxable amounts received under a non-qualified Contract.  This penalty tax will not apply to any amounts:

●
paid on or after the date you reach age 59 1/2;
 
●
paid to your Beneficiary after you die;
 
●
paid if you become totally disabled (as that term is defined in the Code);
 
●
paid in a series of substantially equal periodic payments made annually (or more frequently) for your life (or life expectancy) or for a period not exceeding the joint lives (or joint life expectancies) of you and your Beneficiary;
 
●
paid under an immediate annuity; or
 
●
which come from premiums made prior to August 14, 1982.

Non-Qualified Contracts – Required Distributions. In order to be treated as an annuity contract for federal income tax purposes, the Code requires any nonqualified contract issued after January 18, 1985 to provide that (a) if an owner dies on or after the annuity starting date but prior to the time the entire interest in the contract has been distributed, the remaining portion of such interest will be distributed at least as rapidly as under the method of distribution being used as of the date of that owner's death; and (b) if an owner dies prior to the annuity starting date, the entire interest in the contract must be distributed within five years after the date of the owner's death.

The requirements of (b) above can be considered satisfied if any portion of the Owner's interest which is payable to or for the benefit of a “designated beneficiary” is distributed over the life of such beneficiary or over a period not extending beyond the life expectancy of that beneficiary and such distributions begin within one year of that Owner's death.  The Owner's “designated beneficiary,” who must be a natural person, is the person designated by such Owner as a Beneficiary and to whom ownership of the Contract passes by reason of death.  However, if the Owner's “designated beneficiary” is the surviving spouse of the Owner, the contract may be continued with the surviving spouse as the new Owner.

Tax-Qualified Contracts – Withdrawals and Income Payments. The Code imposes limits on loans, withdrawals, and income payments under tax-qualified Contracts.  The Code also imposes required minimum distributions for tax-qualified Contracts and a 10% penalty on certain taxable amounts received prematurely under a tax-qualified Contract.  These limits, required minimum distributions, tax penalties and the tax computation rules are summarized in the SAI.  Any withdrawals under a tax-qualified Contract will be taxable except to the extent they are allocable to an investment in the Contract (any after-tax contributions).  In most cases, there will be little or no investment in the Contract for a tax-qualified Contract because contributions will have been made on a pre-tax or tax-deductible basis.


 
 
 

Withdrawals – Tax-Sheltered Annuities. The Code limits the withdrawal of amounts attributable to purchase payments made under a salary reduction agreement from Tax-Sheltered Annuities.  Withdrawals can only be made when an Owner:

●
reaches age 59 1/2;
 
●
leaves his/her job;
 
●
dies;
 
●
becomes disabled (as that term is defined in the Code); or
 
●
experiences hardship.  However, in the case of hardship, the Owner can only withdraw the premium and not any earnings.

Withdrawals – Roth IRAs. Subject to certain limitations, individuals may also purchase a type of non-deductible IRA annuity known as a Roth IRA annuity.  Qualified distributions from Roth IRA annuities are entirely federal income tax free.  A qualified distribution requires that the individual has held the Roth IRA annuity for at least five years and, in addition, that the distribution is made either after the individual reaches age 59 1/2, on account of the individual's death or disability, or as a qualified first-time home purchase, subject to $10,000 lifetime maximum, for the individual, or for a spouse, child, grandchild or ancestor.

Constructive Withdrawals – Investment Adviser Fees. Withdrawals from non-qualified Contracts for the payment of investment adviser fees will be considered taxable distributions from the Contract.  In a series of Private Letter Rulings, however, the Internal Revenue Service has held that the payment of investment adviser fees from a tax-qualified Contract need not be considered a distribution for income tax purposes.  Under the facts in these Rulings:

●
there was a written agreement providing for payments of the fees solely from the annuity Contract,
 
●
the Contract Owner had no liability for the fees, and
 
●
the fees were paid solely from the annuity Contract to the adviser.

Death Benefits. None of the death benefits paid under the Contract to the Beneficiary will be tax-exempt life insurance benefits.  The rules governing the taxation of payments from an annuity Contract, as discussed above, generally apply to the payment of death benefits and depend on whether the death benefits are paid as a lump sum or as annuity payments.  Estate or gift taxes may also apply.

IRS Approval.  The Contract has been approved by the IRS for use as an Individual Retirement Annuity prototype.

Assignment. An assignment of your Contract will generally be a taxable event.  Assignments of a tax-qualified Contract may also be limited by the Code and the Employee Retirement Income Security Act of 1974, as amended.  These limits are summarized in the SAI.  You should consult your tax adviser prior to making any assignment of your Contract.

Diversification. The Code provides that the underlying investments for a non-qualified variable annuity must satisfy certain diversification requirements in order to be treated as an annuity Contract.  We believe that the underlying investments are being managed so as to comply with these requirements.  A fuller discussion of the diversification requirements is contained in the SAI.

Owner Control. In a Revenue Ruling issued in 2003, the Internal Revenue Service (IRS) considered certain variable annuity and variable life insurance contracts and held that the types of actual and potential control that the contract owners could exercise over the investment assets held by the insurance company under these variable contracts was not sufficient to cause the contract owners to be treated as the owners of those assets and thus to be subject to current income tax on the income and gains produced by those assets.  Under the Contract, like the contracts described in the Revenue Ruling, there will be no arrangement, plan, contract or agreement between the contract owner and Jackson of NY regarding the availability of a particular investment option and other than the contract owner's right to allocate premiums and transfer funds among the available sub-accounts, all investment decisions concerning the sub-accounts will be made by the insurance company or an advisor in its sole and absolute discretion.

The Contract will differ from the contracts described in the Revenue Ruling, in two respects.  The first difference is that the contract in the Revenue Ruling provided only 12 investment options with the insurance company having the ability to add an additional 8 options whereas a Contract offers  22 Investment Divisions and at least one Fixed Account Option, although a Contract Owner's Contract Value can be allocated to no more than 18 fixed and variable options at any one time.  The second difference is that the owner of a contract in the Revenue Ruling could only make one transfer per 30-day period without a fee whereas during the accumulation phase, a Contract owner will be permitted to make up to 15 transfers in any one year without a charge.

The Revenue Ruling states that whether the owner of a variable contract is to be treated as the owner of the assets held by the insurance company under the contract will depend on all of the facts and circumstances.  Jackson of NY does not believe that the differences between the Contract and the contracts described in the Revenue Ruling with respect to the number of investment choices and the number of investment transfers that can be made under the contract without an additional charge should prevent the holding in the Revenue Ruling from applying to the Owner of a Contract.  At this time, however, it cannot be determined whether additional guidance will be provided by the IRS on this issue and what standards may be contained in such guidance. We reserve the right to modify the Contract to the extent required to maintain favorable tax treatment.

Withholding. In general, the income portion of distributions from a Contract are subject to 10% federal income tax withholding and the income portion of income payments are subject to withholding at the same rate as wages unless you elect not to have tax withheld. Some states have enacted similar rules.  Different rules may apply to payments delivered outside the United States.

Eligible rollover distributions from a Contract issued under certain types of tax-qualified plans will be subject to federal tax withholding at a mandatory 20% rate unless the distribution is made as a direct rollover to a tax-qualified plan or to an individual retirement account or annuity.

The Code generally allows the rollover of most distributions to and from tax-qualified plans, tax-sheltered annuities, Individual Retirement Annuities and eligible deferred compensation plans of state or local governments.  Distributions which may not be rolled over are those which are:

(a)
one of a series of substantially equal annual (or more frequent) payments made (a) over the life or life expectancy of the employee, (b) the joint lives or joint life expectancies of the employee and the employee's beneficiary, or (c) for a specified period of ten years or more;
 
(b)
a required minimum distribution;
 
(c)
a hardship withdrawal; or
 
(d)
the non-taxable portion of a distribution.

JACKSON OF NY TAXATION
 

We will pay company income taxes on the taxable corporate earnings created by this separate account product adjusted for various permissible deductions and certain tax benefits discussed below.  While we may consider company income tax liabilities and tax benefits when pricing our products, we do not currently include our income tax liabilities in the charges you pay under the Contract.  We will periodically review the issue of charging for these taxes and may impose a charge in the future.  (We do impose a so-called “Federal (DAC) Tax Charge” under variable life insurance policies, but the “Federal (DAC) Tax Charge” merely compensates us for the required deferral of acquisition cost and does not constitute company income taxes.)

In calculating our corporate income tax liability, we derive certain corporate income tax benefits associated with the investment of company assets, including separate account assets that are treated as company assets under applicable income tax law.  These benefits reduce our overall corporate income tax liability.  Under current law, such benefits may include dividends received deductions and foreign tax credits which can be material.  We do not pass these benefits through to the separate accounts, principally because:  (i) the great bulk of the benefits results from the dividends received deduction, which involves no reduction in the dollar amount of dividends that the separate account receives; (ii) product owners are not the owners of the assets generating the benefits under applicable income tax law; and (iii) while we impose a so-called “Federal (DAC) Tax Charge” under variable life insurance policies, we do not currently include company income taxes in the charges owners pay under the products.

OTHER INFORMATION

Dollar Cost Averaging. If the amount allocated to the Investment Divisions plus the amount allocated to a Fixed Account Option is at least $15,000, you can arrange to have a dollar amount or percentage of money periodically transferred automatically into the Investment Divisions and other Fixed Account Options (if currently available) (each a "Designated Option") from the one-year Fixed Account Option (if currently available) or any of the Investment Divisions (each a “Source Option”).  If we impose any transfer restrictions on the one-year Fixed Account Option as discussed in numbered paragraphs 1-4 under “Transfers and Frequent Transfer Restrictions,” then (i) the one-year Fixed Account Option can be used as a Source Option for Dollar Cost Averaging only with respect to new premiums that are allocated to that Source Option, (ii) only a twelve-month Dollar Cost Averaging period may be selected, (iii) transfers out of the one-year Fixed Account Option pursuant to such Dollar Cost Averaging will not count against the maximum amount limitations we have imposed on transfers out of the one-year Fixed Account Option and (iv) transfers from that Source Option other than such scheduled transfers will not be permitted.

To the extent that Fixed Account Options are not available or are otherwise restricted from being a Dollar Cost Averaging Source Option or Designated Option, Dollar Cost Averaging will be exclusively from or to the Investment Divisions.  In the case of transfers from the one-year Fixed Account Option or Investment Divisions with a less volatile unit value to the Investment Divisions, Dollar Cost Averaging can let you pay a lower average cost per unit over time than you would receive if you made a one-time purchase.  Transfers from the more volatile Investment Divisions may not result in lower average costs and such Investment Divisions may not be an appropriate source of dollar cost averaging transfers in volatile markets.  There is no charge for Dollar Cost Averaging.  Certain restrictions may apply.

Dollar Cost Averaging Plus (DCA+). The DCA+ Fixed Account Option is a “source account” designed for dollar cost averaging transfers to Investment Divisions or systematic transfers to other Fixed Account Options.  DCA+  is subject to current availability.  A Contract Value of $15,000 is required to participate.  The DCA+ Fixed Account Option is credited with a special  interest rate.  If a DCA+ Fixed Account Option is selected, monies in the DCA+ Fixed Account Option will be systematically transferred to the Investment Divisions or other Fixed Account Options chosen over a DCA+ term of either twelve months or six months, as you select.

The DCA+ is not available on Contracts with the Liquidity Option.

Transfers out of the DCA+ Fixed Account Option other than the automatic DCA+ transfers can be made only if you discontinue use of the DCA+ Fixed Account Option.  If we impose any transfer restrictions on the one-year Fixed Account Option as discussed in numbered paragraphs 1-4 under “Transfers and Frequent Transfer Restrictions,” then (i) you may not discontinue the DCA+ Fixed Account Option or otherwise transfer or withdraw any amounts from the DCA+ Fixed Account Option, but (ii) automatic transfers pursuant to DCA+ will not count against any maximum amount limitations we have imposed on transfers out of the one-year Fixed Account Option.

There is no charge for DCA+.  You should consult your Jackson of NY representative with respect to the current availability of the Fixed Account Options and the availability of DCA+.

Earnings Sweep. You can choose to move your earnings from the source accounts (only applicable from the one-year Fixed Account Option, if currently available, and the Money Market Investment Division).  There is no charge for Earnings Sweep.

Rebalancing. You can arrange to have us automatically reallocate your Contract Value among Investment Divisions and the one-year Fixed Account Option (if currently available) periodically to maintain your selected allocation percentages.  Rebalancing will terminate if your rebalancing program includes the one-year Fixed Account Option and (i) we impose any transfer restrictions on the one-year Fixed Account Option as discussed in numbered paragraphs 1-4 under “Transfers and Frequent Transfer Restrictions” or (ii) we exercise our right to require that any premiums allocated to the one-year Fixed Account Option be automatically transferred out of that option over a period of time that we specify.  In that case, however, you could re-elect automatic rebalancing without the one-year Fixed Account Option.  Rebalancing is consistent with maintaining your allocation of investments among market segments, although it is accomplished by reducing your Contract Value allocated to the better performing Investment Divisions.  There is no charge for Rebalancing.

You may cancel a Dollar Cost Averaging, Earnings Sweep or Rebalancing program using whatever methods you use to change your allocation instructions.

Free Look. You may return your Contract to the selling agent or us within twenty days after receiving it.  We will return

●
the Contract Value in the Investment Divisions, plus
 
●
the full amount of premium you allocated to the Fixed Account (minus any withdrawals) , including any fees or other charges .

We will determine the Contract Value in the Investment Divisions as of the date the request for refund is mailed to us, or the date you return it to the selling agent.  We will return premium payments where required by law.


 
 
 

Advertising. From time to time, we may advertise several types of performance of the Investment Divisions.

●
Total return is the overall change in the value of an investment in an Investment Division over a given period of time.
 
●
Standardized average annual total return is calculated in accordance with SEC guidelines.
 
●
Non-standardized total return may be for periods other than those required by, or may otherwise differ from, standardized average annual total return.  For example, if a Fund has been in existence longer than the Investment Division, we may show non-standardized performance for periods that begin on the inception date of the Fund, rather than the inception date of the Investment Division.
 
●
Yield refers to the income generated by an investment over a given period of time.

Performance will be calculated by determining the percentage change in the value of an Accumulation Unit by dividing the increase (decrease) for that unit by the value of the Accumulation Unit at the beginning of the period.  Performance will reflect the deduction of the mortality and expense risk and administration charges and may reflect the deduction of the annual contract maintenance and withdrawal charges.

Modification of Your Contract. Only our President, Vice President, Secretary or Assistant Secretary may approve a change to or waive a provision of your Contract.  Any change or waiver must be in writing.  We may change the terms of your Contract without your consent in order to comply with changes in applicable law, or otherwise as we deem necessary.

Confirmation of Transactions.  We will send you a written statement confirming that a financial transaction, such as a premium payment, withdrawal, or transfer has been completed.  This confirmation statement will provide details about the transaction.  Certain transactions which are made on a periodic or systematic basis will be confirmed in a quarterly statement only.

It is important that you carefully review the information contained in the statements that confirm your transactions.  If you believe an error has occurred you must notify us in writing within 30 days of receipt of the statement so we can make any appropriate adjustments.  If we do not receive notice of any such potential error, we may not be responsible for correcting the error.

Legal Proceedings.  There are no material legal proceedings, other than the ordinary routine litigation incidental to the business to which Jackson of NY is a party. Jackson, Jackson of NY’s parent, is a defendant in a number of civil proceedings similar to other litigation brought against many life insurers alleging misconduct in the sale or administration of insurance products. The litigation currently pending against Jackson asserts various theories of liability and purports to be filed on behalf of individuals or differing classes of persons in the United States who purchased either life insurance or annuity products, or were assigned interests in those products, from Jackson during periods ranging from 1981 to present. Jackson has retained national and local counsel experienced in the handling of such litigation.  To date, such litigation has either been resolved by Jackson on a non-material basis, or is being vigorously defended.  Jackson accrues for legal contingencies once the contingency is deemed to be probable and estimable.  Please see the Jackson National Life Insurance Company and Subsidiaries Consolidated Financial Statements for the year ending December 31, 2010, for information concerning such amounts that have been accrued.  At this time, it is not feasible to make a meaningful estimate of the amount or range of any additional losses that could result from an unfavorable outcome in such actions.

PRIVACY POLICY

Collection of Nonpublic Personal Information. We collect nonpublic personal information (financial and health) about you from some or all of the following sources:

●
Information we receive from you on applications or other forms;
 
●
Information about your transactions with us;
 
●
Information we receive from a consumer reporting agency;
 
●
Information we obtain from others in the process of verifying information you provide us; and
 
●
Individually identifiable health information, such as your medical history, when you have applied for a life insurance policy.

Disclosure of Current and Former Customer Nonpublic Personal Information. We will not disclose our current and former customers' nonpublic personal information to affiliated or nonaffiliated third parties, except as permitted by law.  To the extent permitted by law, we may disclose to either affiliated or nonaffiliated third parties all of the nonpublic personal financial information that we collect about our customers, as described above.

In general, any disclosures to affiliated or nonaffiliated parties will be for the purpose of them providing services for us so that we may more efficiently administer your Contract and process the transactions and services you request.  We do not sell information to either affiliated or non-affiliated parties.

We also share customer name and address information with unaffiliated mailers to assist in the mailing of company newsletters and other Contract Owner communications.  Our agreements with these third parties require them to use this information responsibly and restrict their ability to share this information with other parties.

We do not internally or externally share nonpublic personal health information other than, as permitted by law, to process transactions or to provide services that you have requested.  These transactions or services include, but are not limited to, underwriting life insurance policies, obtaining reinsurance of life policies and processing claims for waiver of premium, accelerated death benefits, terminal illness benefits or death benefits.

You should know that your representative is independent of Jackson of NY.  He or she is responsible for the use and security of information you provide him or her.  Please contact your representative if you have questions about his or her privacy policy.

Security to Protect the Confidentiality of Nonpublic Personal Information.  We have security practices and procedures in place to prevent unauthorized access to your nonpublic personal information.  Our practices of safeguarding your information help protect against the criminal use of the information.  Our employees are bound by a Code of Conduct requiring that all information be kept in strict confidence, and they are subject to disciplinary action for violation of the Code.

We restrict access to nonpublic personal information about you to our employees, agents and contractors.  We maintain physical, electronic and procedural safeguards that comply with federal and state regulations to guard your nonpublic personal information.

 

 
 
 


 
TABLE OF CONTENTS OF
THE STATEMENT OF ADDITIONAL INFORMATION
 
General Information and History
  
Services
  
Purchase of Securities Being Offered
  
Underwriters
  
Calculation of Performance
  
Additional Tax Information
  
Annuity Provisions
  
Net Investment Factor
  
Financial Statements of the Separate Account
 
Financial Statements of Jackson of NY
 

 
 
 
 

APPENDIX A

 
TRADEMARKS, SERVICE MARKS, AND RELATED DISCLOSURES

“JNL®,” “Jackson National®” and “Jackson®” are trademarks or service marks of Jackson National Life Insurance Company.

Goldman Sachs is a registered service mark of Goldman, Sachs & Co.
 

 




 
 
 

APPENDIX B
 
BROKER-DEALER SUPPORT
 

Below is a complete list of broker-dealers that received marketing and distribution and/or administrative support in 2010 from the Distributor in relation to the sale of our variable insurance products.

1st Global Capital Corporation
CFD Investments, Inc.
G.A. Repple & Company
Kenai Investments Inc.
Allen & Company
Coastal Equities
G.W. Sherwood Associates, Inc.
Key Investments
American Equity Investment Crp
Commonwealth Financial Network
Geneos Wealth Management, Inc.
KMS Financial Services Inc.
American Funds
Community Bankers Securities
Genworth Financial Securities
Koehler Financial, LLC
American Independent Securities Group
Comprehensive Asset Mgmt and Servicing, Inc.
Girard Securities, Inc.
Kovack Securities, Inc.
American Investors Company
Coordinated Capital Securities
Great American Advisors, Inc.
Labrunerie Financial, Inc.
American Portfolios Financial Services, Inc.
Cornerstone Wealth Advisor Inc.
GWN Securities, Inc.
Lasalle St Securities LLC
Ameriprise Advisor Services
Crowell, Weedon & Company
H. Beck, Inc.
Legend Equities Corp.
Ameritas Investment Corp.
Crown Capital Securities L.P.
H.D. Vest Investment Securities
Leonard & Company
Arvest Asset Management
Cuna Brokerage Services
Hantz Financial Services, Inc.
Liberty Partners Financial
Askar Corp
CUSO Financial Services
Harbor Financial Services
Lincoln Financial Advisors
Aurora Capital LLC
D.A. Davidson & Co.
Harbour Investment, Inc.
Lincoln Financial Securities
Ausdal Financial Partners Inc.
D H Hill Securities LLP
Harger & Company
Lincoln Investment Planning
AXA Advisors LLC
Davenport & Company, LLC
Harris Investors Services
Lowell & Company Inc.
BancWest Investment Services Inc.
David A. Noyes & Company
Harvest Capital LLC
LPL Financial Corporation
BB&T Investment Services Inc.
Delta Equity Services
Hazard & Siegel, Inc.
M & T Securities
BCG Securities
Dewaay Financial Network, LLC
HBW Securities
M&I Financial Advisors, Inc.
Beneficial Investment Services
Eagle One Investments, LLC
Hilliard Lyons
M. Griffith, Inc.
Benjamin F. Edwards & Co. Inc.
Equable Securities Corp
Hornor Townsend & Kent, Inc.
Madison Avenue Securities
Berthel Fisher & Company Financial Services
Equitas America
HSBC Securities
Main Street Securities
Bestvest Investments LTD
Equity Services, Inc.
Huntington Investment Company
Merrill Lynch, Pierce, Fenner
BFT Financial Group
Essex National Securities, Inc.
IBN Financial Services
     & Smith, Inc.
BOSC, Inc.
Fifth Third Securities
IMS Securities
Metlife Securities
Brewer Financial Services
Financial Advisers of America
Independence Capital Company
Michigan Securities Inc.
Bristol Financial Services Inc.
Financial Network Investment
Independent Financial Group
Mid Atlantic Securities Inc.
Broker Dealer Financial
Financial Telesis Inc.
Infinex Investments Inc.
MidAmerica Financial Services
BrokersXpress, LLC
Financial West Investment Group
ING Financial Advisers
Milkie/Ferguson Investments
Brookstone Securities
Fintegra Financial Solutions
ING Financial Partners Inc.
MML Investors Services Inc.
Cadaret, Grant & Company
First Allied Securities, Inc.
Institutional Securities Corp.
Moloney Securities Co., Inc.
Cambridge Investment Research
First Citizens Investor Services
InterCarolina Financial Services
Money Concepts Capital Corp.
Cantella & Co, Inc.
First Citizens Securities Corp.
Invest Financial Corporation
Money Management Advisory, Inc.
Cape Securities Inc.
First Financial Equity
Investacorp, Inc.
Morgan Keegan & Company
Capital Financial Services
First Heartland Capital, Inc.
Investment Centers of America, Inc.
Multi-Financial Securities Corp.
Capital Financial Solutions
First Independent Financial
Investment Professionals, Inc.
Mutual of Omaha Investor Services, Inc.
Capital Growth Resources
First Liberties Financial
Investors Capital Corp.
Mutual Trust Company
Capital Guardian LLC
First Merit Financial Services
Investors Security Co Inc.
National Planning Corporation
Capital Investment Group
Foothill Securities, Inc.
J P Turner & Company, LLC
Navy Federal Brokerage Services
Capitol Securities Management
Foresters Equity Services Inc.
J W Cole Financial Inc.
Neidiger Tucker Bruner, Inc.
Capwest Securities, Inc.
Fortune Financial Services
Janney Montgomery Scott LLC
Newbridge Securities Corporation
Centaurus Financial, Inc.
Founders Financial Securities
J.J.B. Hilliard, W.L. Lyons, Inc.
Newport Coast Securities, Inc.
Center Street Securities
FSC Securities Corporation
JRL Capital Corporation
NEXT Financial Group, Inc.
 
 
 
 
 
 
NFP Securities, Inc.
RBC Capital Markets Corp.
St. Bernard Financial Services
United Planners
Northeast Securities, Inc.
Regal Securities Inc.
Sterne Agee Financial Services
USA Financial Securities Corp.
Northridge Securities Corp.
Resource Horizons Group
Stifel Nicolaus & Company
UVEST
NPB Financial Group
Ridgeway & Conger Inc.
Stonehurst Securities, Inc.
Valic Financial Advisors, Inc.
NRP Financial, Inc.
Robert W Baird & Company, Inc.
Strategic Financial Alliance
Valley National Investments
OneAmerica Securities
Rogan & Associates, Inc.
Summit Brokerage Services, Inc.
Valmark Securities, Inc.
Oppenheimer & Co., Inc.
Royal Alliance Associates, Inc.
Summit Equities Inc.
Vanderbilt Securities LLC
Pacific West
Royal Securities
Sunset Financial Services, Inc.
VSR Financial Services, Inc.
Packerland Brokerage Services
Sagepoint Financial, Inc.
SWBC Investment Services, LLC
Wall Street Financial Inc.
Park Avenue Securities
Sammons Securities Company, LLC
Symetra Investment Services
Walnut Street Securities
Paulson Investment Company
Sanders Morris Harris, Inc.
Synergy Investment Group
Waterford Investor Services
People’s Securities, Inc.
Securian Financial Services
The Investment Center, Inc.
Wayne Hummer Investments
Planmember Securities
Securities America, Inc.
The Leaders Group, Inc.
Wedbush Morgan Securities
Presidential Brokerage, Inc.
Securities Service Network
The O.N. Equity Sales Company
Wells Fargo Advisors LLC
Prime Capital Services Inc.
Sigma Financial Corporation
Thrivent Investment Management
Western Equity Group
Primevest Financial Services, Inc.
Signator Investors, Inc.
Tower Square Securities, Inc.
Westminster Financial
Pro Equities, Inc.
SII Investments, Inc.
Transamerica Financial Advisors, Inc.
WFG Investments, Inc.
Professional Asset Management
Silver Oak Securities
Triad Advisors, Inc.
Williams Financial Group
Prospera Financial Services, Inc.
SMH Capital, Inc.
Triune Capital Advisors
Woodbury Financial Services, Inc.
Purshe Kaplan Sterling
Sorrento Pacific Financial, LLC
Trustmont Financial Group
Workman Securities
QA3 Financial Corporation
Southeast Investments
U.S. Bancorp Investments, Inc.
World Equity Group, Inc.
Quest Securities
Southwest Securities Financial Services
UBS Financial Services, Inc.
World Group Securities Inc.
Questar Capital Corp
Spectrum Capital
UnionBanc Investment Services LLC
WRP Investments Inc.
Raymond James
Spire Securities, LLC
United Equity Securities
Wunderlich Securities
       
       
       


 
 
 



Questions: If you have any questions about your Contract, you may contact us at:
Jackson of NY Service Center:
1 (800) 599-5651 (8 a.m. - 8 p.m. ET)
 
Mail Address:
P.O. Box 30313, Lansing, Michigan 48909-7813
 
Delivery Address:
1 Corporate Way, Lansing, Michigan 48951
Jackson of NY IMG Service Center:
1 (888) 464-7779 (8 a.m. - 8 p.m. ET)
(for Contracts purchased through a bank
or another financial institution)
  
 
Mail Address:
P.O. Box 30313, Lansing, Michigan 48909-7813
 
Delivery Address:
1 Corporate Way, Lansing, Michigan 48951
Home Office:
2900 Westchester Avenue, Purchase, New York 10577


 
 
 


 
 
STATEMENT OF ADDITIONAL INFORMATION

December 30, 2011


INDIVIDUAL AND GROUP FLEXIBLE PREMIUM FIXED AND
VARIABLE DEFERRED ANNUITY CONTRACTS

ISSUED BY THE JNLNY SEPARATE ACCOUNT I
OF JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK®



This Statement of Additional Information (SAI) is not a prospectus.  It contains information in addition to and more detailed than set forth in the Prospectus and should be read in conjunction with the Prospectus dated December 30, 2011.  The Prospectus may be obtained from Jackson National Life Insurance Company of New York (Jackson of NY®) by writing P.O. Box 30902, Lansing, Michigan 48909-8402, or calling 1-800-599-5651.




TABLE OF CONTENTS
 
Page
General Information and History
2
Services
2
Purchase of Securities Being Offered
2
Underwriters
2
Calculation of Performance
2
Additional Tax Information
4
Annuity Provision
14
Net Investment Factor
15
Financial Statements of the Separate Account
16
Financial Statements of Jackson of NY
95


 
-1-
 

General Information and History


JNLNY Separate Account I (Separate Account) is a separate investment account of Jackson of NY.  In September 1997, the company changed its name from First Jackson National Life Insurance Company to its present name.  Jackson of NY is a wholly owned subsidiary of Jackson National Life Insurance Company® (Jackson®), and is ultimately a wholly owned subsidiary of Prudential plc, London, England, a life insurance company in the United Kingdom.
 
Services

Jackson of NY is the custodian of the assets of the Separate Account. Jackson of NY holds all cash of the Separate Account and attends to the collection of proceeds of shares of the underlying Fund bought and sold by the Separate Account.

The financial statements of JNLNY Separate Account I and Jackson National Life Insurance Company of New York for the periods indicated have been included herein in reliance upon the reports of KPMG LLP, an independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.   KPMG LLP is located at 303 East Wacker Drive, Chicago, Illinois 60601 .
 
Purchase of Securities Being Offered

The Contracts will be sold by licensed insurance agents.  The agents will be registered representatives of broker-dealers that are registered under the Securities Exchange Act of 1934 and members of the Financial Industry Regulatory Authority (FINRA).

Underwriters

The Contracts are offered continuously and are distributed by Jackson National Life Distributors LLC (JNLD), 7601 Technology Way, Denver, Colorado 80237.  JNLD is a subsidiary of Jackson.
 
We expect to compensate broker/dealers selling the Contracts.

Calculation of Performance

When Jackson of NY advertises performance for an Investment Division (except the JNL/WMC Money Market Division), we will include quotations of standardized average annual total return to facilitate comparison with standardized average annual total return advertised by other variable annuity separate accounts.  Standardized average annual total return for an Investment Division will be shown for periods beginning on the date the Investment Division first invested in the corresponding Fund.  We will calculate standardized average annual total return according to the standard methods prescribed by rules of the Securities and Exchange Commission.

Standardized average annual total return for a specific period is calculated by taking a hypothetical $1,000 investment in an Investment Division at the offering on the first day of the period ("initial investment"), and computing the average annual compounded rate of return for the period that would equate the initial investment with the ending redeemable value ("redeemable value") of that investment at the end of the period, carried to at least the nearest hundredth of a percent.  Standardized average annual total return reflects the deduction of all recurring charges that are charged to all Contracts.  The redeemable value also reflects the effect of any applicable withdrawal charge or other charge that may be imposed at the end of the period.  No deduction is made for premium taxes that may be assessed by certain states.

Jackson of NY may also advertise non-standardized total return on an annualized and cumulative basis.  Non-standardized total return may be for periods other than those required to be presented or may otherwise differ from standardized average annual total return.  The Contract is designed for long-term investment; therefore, Jackson of NY believes that non-standardized total return that does not reflect the deduction of any applicable withdrawal charge may be useful to investors.  Reflecting the deduction of the withdrawal charge decreases the level of performance advertised.  Non-standardized total return may also assume a larger initial investment that more closely approximates the size of a typical Contract.

Standardized average annual total return quotations will be current to the last day of the calendar quarter preceding the date on which an advertisement is submitted for publication.  Both standardized average annual total return quotations and non-standardized total return quotations will be based on rolling calendar quarters and will cover at least periods of one, five, and ten years, or a period covering the time the Investment Division has been in existence, if it has not been in existence for one of the prescribed periods.

 
-2-
 
Quotations of standardized average annual total return and non-standardized total return are based upon historical earnings and will fluctuate.  Any quotation of performance should not be considered a guarantee of future performance.  Factors affecting the performance of an Investment Division and its corresponding Fund include general market conditions, operating expenses and investment management.  An owner's withdrawal value upon surrender of a Contract may be more or less than its original cost.

Jackson of NY may advertise the current annualized yield for a 30-day period for an Investment Division. The annualized yield of an Investment Division refers to the income generated by the Investment Division over a specified 30-day period.  Because this yield is annualized, the yield generated by an Investment Division during the 30-day period is assumed to be generated each 30-day period.  The yield is computed by dividing the net investment income per accumulation unit earned during the period by the price per unit on the last day of the period, according to the following formula:


Where:

a
=
net investment income earned during the period by the Fund attributable to shares owned by the Investment Division.
b
=
expenses for the Investment Division accrued for the period (net of reimbursements).
c
=
the average daily number of accumulation units outstanding during the period.
d
=
the maximum offering price per accumulation unit on the last day of the period.

Net investment income will be determined in accordance with rules established by the Securities and Exchange Commission.  Accrued expenses will include all recurring fees that are charged to all Contracts.

 
-3-
 
Because of the charges and deductions imposed by the Separate Account, the yield for an Investment Division will be lower than the yield for the corresponding Fund.  The yield on amounts held in the Investment Divisions normally will fluctuate over time.  Therefore, the disclosed yield for any given period is not an indication or representation of future yields or rates of return.  An Investment Division's actual yield will be affected by the types and quality of portfolio securities held by the Fund and the Funds operating expenses.

Any current yield quotations of the JNL/WMC Money Market Division will consist of a seven calendar day historical yield, carried at least to the nearest hundredth of a percent.  We may advertise yield for the Division based on different time periods, but we will accompany it with a yield quotation based on a seven calendar day period.  The JNL/WMC Money Market Division's yield will be calculated by determining the net change, exclusive of capital changes, in the value of a hypothetical pre-existing account having a balance of one accumulation unit at the beginning of the base period, subtracting a hypothetical charge reflecting deductions from Contracts, and dividing the net change in account value by the value of the account at the beginning of the period to obtain a base period return and multiplying the base period return by (365/7).  The JNL/WMC Money Market Division's effective yield is computed similarly but includes the effect of assumed compounding on an annualized basis of the current yield quotations of the Division.

The JNL/WMC Money Market Division's yield and effective yield will fluctuate daily.  Actual yields will depend on factors such as the type of instruments in the Fund's portfolio, portfolio quality and average maturity, changes in interest rates, and the Fund's expenses.  Although the Investment Division determines its yield on the basis of a seven calendar day period, it may use a different time period on occasion.  The yield quotes may reflect the expense limitations described in the Fund's Prospectus or Statement of Additional Information.  There is no assurance that the yields quoted on any given occasion will be maintained for any period of time and there is no guarantee that the net asset values will remain constant.  It should be noted that neither a Contract owner's investment in the JNL/WMC Money Market Division nor that Division's investment in the JNL/WMC Money Market Division is guaranteed or insured.  Yields of other money market Funds may not be comparable if a different base or another method of calculation is used.

Additional Tax Information

NOTE: INFORMATION CONTAINED HEREIN SHOULD NOT BE SUBSTITUTED FOR THE ADVICE OF A PERSONAL TAX ADVISER.  JACKSON OF NY DOES NOT MAKE ANY GUARANTEE REGARDING THE TAX STATUS OF ANY CONTRACT OR ANY TRANSACTION INVOLVING THE CONTRACTS.  PURCHASERS BEAR THE COMPLETE RISK THAT THE CONTRACTS MAY NOT BE TREATED AS "ANNUITY CONTRACTS" UNDER FEDERAL INCOME TAX LAWS. IT SHOULD BE FURTHER UNDERSTOOD THAT THE FOLLOWING DISCUSSION IS NOT EXHAUSTIVE AND THAT OTHER SPECIAL RULES MAY BE APPLICABLE IN CERTAIN SITUATIONS. MOREOVER, NO ATTEMPT HAS BEEN MADE TO CONSIDER ANY APPLICABLE STATE OR OTHER TAX LAWS OR TO COMPARE THE TAX TREATMENT OF THE CONTRACTS TO THE TAX TREATMENT OF ANY OTHER INVESTMENT.

Jackson of NY's Tax Status

Jackson of NY is taxed as a life insurance company under the Internal Revenue Code of 1986, as amended (the "Code").  For federal income tax purposes, the Separate Account is not a separate entity from Jackson of NY and its operations form a part of Jackson of NY.

 
-4-
 
Taxation of Annuity Contracts in General

Section 72 of the Code governs the taxation of annuities in general.  An individual owner is not taxed on increases in the value of a Contract until distribution occurs, either in the form of a withdrawal or as annuity payments under the annuity option elected.  For a withdrawal received as a total surrender (total redemption or a death benefit), the recipient is taxed on the portion of the payment that exceeds the cost basis of the Contract.  For a payment received as a partial withdrawal from a non-qualified Contract, federal tax liability is generally determined on a last-in, first-out basis, meaning taxable income is withdrawn before the cost basis of the Contract is withdrawn. In the case of a partial withdrawal under a tax-qualified Contract, a ratable portion of the amount received is taxable. For Contracts issued in connection with non-qualified plans, the cost basis is generally the premiums, while for Contracts issued in connection with tax-qualified plans there may be no cost basis.  The taxable portion of a withdrawal is taxed at ordinary income tax rates. Tax penalties may also apply.

For annuity payments, a portion of each payment in excess of an exclusion amount is includable in taxable income.  All annuity payments in excess of the exclusion amount are fully taxable at ordinary income rates.

The exclusion amount for payments based on a fixed annuity option is determined by multiplying the payment by the ratio that the cost basis of the Contract (adjusted for any period certain or refund feature) bears to the expected return under the Contract.  The exclusion amount for payments based on a variable annuity option is determined by dividing the cost basis of the Contract (adjusted for any period certain or refund guarantee) by the fixed or estimated number of years for which annuity payments are to be made.  No exclusion is allowed with respect to any payments received after the investment in the Contract has been recovered (i.e., when the total of the excludable amounts equals the investment in the Contract).  For certain types of tax-qualified plans there may be no cost basis in the Contract within the meaning of Section 72 of the Code.

Owners, annuitants and beneficiaries under the Contracts should seek competent financial advice about the tax consequences of distributions.

Withholding Tax on Distributions

The Code generally requires Jackson of NY (or, in some cases, a plan administrator) to withhold tax on the taxable portion of any distribution or withdrawal from a Contract. For "eligible rollover distributions" from Contracts issued under certain types of tax-qualified plans, 20% of the distribution must be withheld, unless the payee elects to have the distribution "rolled over" to another eligible plan in a direct transfer.  This requirement is mandatory and cannot be waived by the owner.

An "eligible rollover distribution" is the taxable portion of any amount received by a covered employee from a plan qualified under Section 401(a) or 403(a) of the Code, from a tax sheltered annuity qualified under Section 403(b) of the Code or an eligible deferred compensation plan of a state or local government under Section 457(b) of the Code (other than (1) a series of substantially equal periodic payments (not less frequently than annually) for the life (or life expectancy) of the employee, or joint lives (or joint life expectancies) of the employee, and his or her designated beneficiary, or for a specified period of ten years or more; (2) minimum distributions required to be made under the Code; and (3) hardship withdrawals).  Failure to "roll over" the entire amount of an eligible rollover distribution (including the amount equal to the 20% portion of the distribution that was withheld) could have adverse tax consequences, including the imposition of a penalty tax on premature withdrawals, described later in this section.

 
-5-
 
Withdrawals or distributions from a Contract other than eligible rollover distributions are also subject to withholding on the taxable portion of the distribution, but the owner may elect in such cases to waive the withholding requirement.  If not waived, withholding is imposed (1) for periodic payments, at the rate that would be imposed if the payments were wages, or (2) for other distributions, at the rate of 10%.  If no withholding exemption certificate is in effect for the payee, the rate under (1) above is computed by treating the payee as a married individual claiming three withholding exemptions.

Generally, the amount of any payment of interest to a non-resident alien of the United States shall be subject to withholding of a tax equal to 30% of such amount or, if applicable, a lower treaty rate.  A payment may not be subject to withholding where the recipient sufficiently establishes that such payment is effectively connected to the recipient's conduct of a trade or business in the United States and such payment is included in the recipient's gross income.

Diversification -- Separate Account Investments

Section 817(h) of the Code imposes certain asset diversification standards on variable annuity Contracts. The Code provides that a variable annuity Contract will not be treated as an annuity Contract for any period (and any subsequent period) for which the investments held in any segregated asset account underlying the Contract are not adequately diversified, in accordance with regulations prescribed by the United States Treasury Department ("Treasury Department"). Disqualification of the Contract as an annuity Contract would result in imposition of federal income tax to the owner with respect to earnings allocable to the Contract prior to the receipt of payments under the Contract.  The Code contains a safe harbor provision which provides that annuity Contracts, such as the Contracts, meet the diversification requirements if, as of the last day of each calendar quarter, or within 30 days after such last day, the underlying assets meet the diversification standards for a regulated investment company, and no more than 55% of the total assets consist of cash, cash items, U.S. government securities and securities of other regulated investment companies.

The Treasury Department has issued Regulations establishing diversification requirements for the mutual Funds underlying variable Contracts.  These Regulations amplify the diversification requirements for variable Contracts set forth in the Code and provide an alternative to the safe harbor provision described above.  Under these Regulations, a mutual Fund will be deemed adequately diversified if (1) no more than 55% of the value of the total assets of the mutual Fund is represented by any one investment; (2) no more than 70% of the value of the total assets of the mutual Fund is represented by any two investments; (3) no more than 80% of the value of the total assets of the mutual Fund is represented by any three investments; and (4) no more than 90% of the value of the total assets of the mutual Fund is represented by any four investments.

Jackson of NY intends that each Fund of the JNL Series Trust and Curian Variable Series Trust will be managed by its respective investment adviser in such a manner as to comply with these diversification requirements.

At the time the Treasury Department issued the diversification Regulations, it did not provide guidance regarding the circumstances under which Contract owner control of the investments of a segregated asset account would cause the Contract owner to be treated as the owner of the assets of the segregated asset account.  Revenue Ruling 2003-91 provides such guidance by describing the circumstances under which the owner of a variable contract will not possess sufficient control over the assets underlying the contract to be treated as the owner of those assets for federal income tax purposes.

Rev. Rul. 2003-91 considered certain variable annuity and variable life insurance contracts and held that the types of actual and potential control that the contract owners could exercise over the investment assets held by the insurance company under these variable contracts was not sufficient to cause the contract owners to be treated as the owners of those assets
 
 
-6-
 
and thus to be subject to current income tax on the income and gains produced by those assets.  Under the contracts in Rev. Rul. 2003-91 there was no arrangement, plan, contract or agreement between the contract owner and the insurance company regarding the availability of a particular investment option and other than the contract owner's right to allocate premiums and transfer funds among the available sub-accounts, all investment decisions concerning the sub-accounts were made by the insurance company or an advisor in its sole and absolute discretion.  Twelve investment options were available under the contracts in Rev. Rul. 2003-91 although the insurance company had the right to increase (but to no more than 20) or decrease the number of sub-accounts at any time.  The contract owner was permitted to transfer amounts among the various investment options without limitation, subject to incurring fees for more than one transfer per 30-day period.

Like the contracts described in Rev. Rul. 2003-91, under the Contract there will be no arrangement, plan, contract or agreement between a Contract owner and Jackson of NY regarding the availability of a particular Allocation Option and other than the Contract owner's right to allocate premiums and transfer funds among the available Allocation Options, all investment decisions concerning the Allocation Options will be made by Jackson of NY or an advisor in its sole and absolute discretion.  The Contract will differ from the contracts described in Rev. Rul. 2003-91 in two respects.  The first difference is that the contracts described in Rev. Rul. 2003-91 provided only 12 investment options with the insurance company having the ability to add an additional 8 options whereas the Contract offers  22 Investment Divisions and at least one Fixed Account option, although a Contract owner's Contract Value can be allocated to no more than 18 fixed and variable options at any one time.  The second difference is that the owner of a contract in Rev. Rul. 2003-91 could only make one transfer per 30-day period without a fee whereas during the accumulation phase, a Contract owner can make 15 transfers in any one year without a charge.

Rev. Rul. 2003-91 states that whether the owner of a variable contract is to be treated as the owner of the assets held by the insurance company under the contract will depend on all of the facts and circumstances.  Jackson of NY does not believe that the differences between the Contract and the contracts described in Rev. Rul. 2003-91 with respect to the number of investment choices and the number of investment transfers that can be made under the Contract without an additional charge should prevent the holding in Rev. Rul. 2003-91 from applying to the owner of a Contract.  At this time, however, it cannot be determined whether additional guidance will be provided by the IRS on this issue and what standards may be contained in such guidance.  Jackson of NY reserves the right to modify the Contract to the extent required to maintain favorable tax treatment.

Multiple Contracts

The Code provides that multiple non-qualified annuity Contracts that are issued within a calendar year to the same Contract owner by one company or its affiliates are treated as one annuity Contract for purposes of determining the tax consequences of any distribution.  Such treatment may result in adverse tax consequences including more rapid taxation of the distributed amounts from such multiple Contracts.  For purposes of this rule, Contracts received in a Section 1035 exchange will be considered issued in the year of the exchange.  Owners should consult a tax adviser prior to purchasing more than one annuity Contract in any calendar year.

Partial 1035 Exchanges

Section 1035 of the Code provides that an annuity Contract may be exchanged in a tax-free transaction for another annuity Contract.  Historically, it was presumed that only the exchange of an entire Contract, as opposed to a partial exchange, would be accorded tax-free status.  In 1998 in Conway v. Commissioner, the Tax Court held that the direct transfer of a
 
 
-7-
 
portion of an annuity Contract into another annuity Contract qualified as a non-taxable exchange.  In response to the Conway decision, the IRS issued Notice 2003-51 and Revenue Procedure 2008-24. In accordance with these rulings, the IRS will consider a partial exchange valid if there is either no withdrawal from, or surrender of, either the surviving annuity contract or the new annuity contract within 12 months of the date of the partial exchange or if the owner can demonstrate that they have met certain conditions under Section 72(a)(2) or had any life event similar to these conditions that occurred between the date of the exchange and the date of the withdrawal or surrender.  In the absence of further guidance from the Internal Revenue Service it is unclear what specific types of life events may be approved by the Internal Revenue Service.  Due to the uncertainty in this area owners should consult their own tax advisers prior to entering into a partial exchange of an annuity Contract.

Contracts Owned by Other than Natural Persons

Under Section 72(u) of the Code, the investment earnings on premiums for Contracts will be taxed currently to the owner if the owner is a non-natural person, e.g., a corporation or certain other entities.  Such Contracts generally will not be treated as annuities for federal income tax purposes (except for the taxation of life insurance companies).  However, this treatment is not applied to Contracts held by a trust or other entity as an agent for a natural person nor to Contracts held by certain tax-qualified plans.  Purchasers should consult their own tax counsel or other tax adviser before purchasing a Contract to be owned by a non-natural person.

Tax Treatment of Assignments

An assignment or pledge of a Contract may have tax consequences.  Any assignment or pledge of a tax-qualified Contract may also be prohibited by ERISA in some circumstances.  Owners should, therefore, consult competent legal advisers should they wish to assign or pledge their Contracts.

An assignment or pledge of all or any portion of the value of a Non-Qualified Contract is treated under Section 72 of the Code as an amount not received as an annuity.  The value of the Contract assigned or pledged that exceeds the aggregate premiums paid will be included in the individual's gross income.  In addition, the amount included in the individual's gross income could also be subject to the 10% penalty tax discussed below under Non-Qualified Contracts.

An assignment or pledge of all or any portion of the value of a Qualified Contract will disqualify the Qualified Contract.  If the Qualified Contract is part of a qualified pension or profit-sharing plan, the Code prohibits the assignment or alienation of benefits provided under the plan.  If the Qualified Contract is an IRA annuity or a 403(b) annuity, the Code requires the Qualified Contract to be nontransferable.  If the Qualified Contract is part of an eligible deferred compensation plan, amounts cannot be made available to plan participants or beneficiaries: (1) until the calendar year in which the participant attains age 70 1/2; (2) when the participant has a severance from employment; or (3) when the participant is faced with an unforeseeable emergency.

Death Benefits

Any death benefits paid under the Contract are taxable to the beneficiary.  The rules governing the taxation of payments from an annuity Contract, as discussed above, generally apply to the payment of death benefits and depend on whether the death benefits are paid as a lump sum or as annuity payments.  Estate or gift taxes may also apply.

 
-8-
 
Tax-Qualified Plans

The Contracts offered by the Prospectus are designed to be suitable for use under various types of tax-qualified plans.  Taxation of owners of a tax-qualified Contract will vary based on the type of plan and the terms and conditions of each specific plan.  Owners, annuitants and beneficiaries are cautioned that benefits under a tax-qualified Contract may be subject to the terms and conditions of the plan, regardless of the terms and conditions of the Contracts issued to Fund the plan. Owners, annuitant and beneficiaries are also reminded that a tax-qualified Contract will not provide any necessary or additional tax deferral if it is used to fund a tax-qualified plan that is already tax-deferred.

Tax Treatment of Withdrawals

Non-Qualified Contracts

Section 72 of the Code governs treatment of distributions from annuity Contracts.  It provides that if the contract value exceeds the aggregate premiums made, any amount withdrawn not in the form of an annuity payment will be treated as coming first from the earnings and then, only after the income portion is exhausted, as coming from the principal.  Withdrawn earnings are included in a taxpayer's gross income.  Section 72 further provides that a 10% penalty will apply to the income portion of any distribution.  The penalty is not imposed on amounts received: (1) after the taxpayer reaches 59 1/2; (2) upon the death of the owner; (3) if the taxpayer is totally disabled as defined in Section 72(m)(7) of the Code; (4) in a series of substantially equal periodic payments made at least annually for the life (or life expectancy) of the taxpayer or for the joint lives (or joint life expectancies) of the taxpayer and his beneficiary; (5) under an immediate annuity; or (6) which are allocable to premium payments made prior to August 14, 1982.

With respect to (4) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 ½ or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% penalty tax) but for the exception, plus interest for the tax years in which the exception was used.

Tax-Qualified Contracts

In the case of a withdrawal under a tax-qualified Contract, a ratable portion of the amount received is taxable, generally based on the ratio of the individual's cost basis to the individual's total accrued benefit under the retirement plan.  Special tax rules may be available for certain distributions from a tax-qualified Contract.  Section 72(t) of the Code imposes a 10% penalty tax on the taxable portion of any distribution from qualified retirement plans, including Contracts issued and qualified under Code Sections 401 (pension and profit sharing plans), 403(b) (tax-sheltered annuities), individual retirement accounts and annuities under 408(a) and (b) (IRAs) and Roth IRAs under 408A.  To the extent amounts are not included in gross income because they have been rolled over to an IRA or to another eligible qualified plan, no tax penalty will be imposed.

The tax penalty will not apply to the following distributions: (1) distributions made on or after the date on which the owner or annuitant (as applicable) reaches age 59 1/2; (2) distributions following the death or disability of the owner or annuitant (as applicable) (for this purpose "disability" is defined in Section 72(m)(7) of the Code); (3) distributions that are part of a series of substantially equal periodic payments made not less frequently than annually for the life (or life expectancy) of the owner or annuitant (as applicable) or the joint lives (or joint life expectancies) of such owner or annuitant (as applicable) and his or her designated beneficiary; (4) distributions to an owner or annuitant (as applicable) who has separated from service after he has attained age 55; (5) distributions made to the owner or annuitant (as applicable) to the extent such distributions do not exceed the amount allowable as a deduction under Code Section 213 to the owner or annuitant (as applicable) for amounts paid during the taxable year for medical care; (6) distributions made to an alternate payee pursuant to a qualified domestic relations order; (7) distributions made on account of an IRS levy upon the qualified Contracts; (8) distributions from an IRA after separation from employment for the purchase of medical insurance (as described in Section 213(d)(1)(D) of the Code) for the Contract owner or annuitant (as applicable) and his or her spouse and dependents if the Contract owner or annuitant (as applicable) has received unemployment compensation for at least 12 weeks (this exception will no longer apply after the Contract
 
 
-9-
 
owner or annuitant (as applicable) has been re-employed for at least 60 days); (9) distributions from an IRA made to the owner or annuitant (as applicable) to the extent such distributions do not exceed the qualified higher education expenses (as defined in Section 72(t)(7) of the Code) (as applicable) for the taxable year; and (10) distributions from an  IRA made to the owner or annuitant (as applicable) which are qualified first time home buyer distributions (as defined in Section 72(t)(8) of the Code).  The exceptions stated in items (4) and (6) above do not apply in the case of an IRA.  The exception stated in (3) above applies to an IRA without the requirement that there be a separation from service.

With respect to (3) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 1/2 or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% penalty tax) but for the exception, plus interest for the tax years in which the exception was used.

Withdrawals of amounts attributable to contributions made pursuant to a salary reduction agreement (in accordance with Section 403(b)(11) of the Code) are limited to the following: when the owner attains age 59 1/2, severs employment, dies, becomes disabled (within the meaning of Section 72(m)(7) of the Code), or in the case of hardship.  Hardship withdrawals do not include any earnings on salary reduction contributions.  These limitations on withdrawals apply to: (1) salary reduction contributions made after December 31, 1988; (2) income attributable to such contributions; and (3) income attributable to amounts held as of December 31, 1988.  The limitations on withdrawals do not affect rollovers or exchanges between certain tax-qualified plans.  Tax penalties may also apply.  While the foregoing limitations only apply to certain Contracts issued in connection with Section 403(b) plans, all owners should seek competent tax advice regarding any withdrawals or distributions.

The taxable portion of a withdrawal or distribution from tax-qualified Contracts may, under some circumstances, be "rolled over" into another eligible plan so as to continue to defer income tax on the taxable portion.  Such treatment is available for an "eligible rollover distribution" made by certain types of plans (as described above under "Taxes – Withholding Tax on Distributions") that is transferred within 60 days of receipt into another eligible plan or an IRA.  Plans making such eligible rollover distributions are also required, with some exceptions specified in the Code, to provide for a direct transfer of the distribution to the transferee plan designated by the recipient.

Amounts received from IRAs may also be rolled over into other IRAs or certain other plans, subject to limitations set forth in the Code.

Prior to the date that annuity payments begin under an annuity Contract, the required minimum distribution rules applicable to defined contribution plans and IRAs will be used.  Generally, distributions from a tax-qualified plan must commence no later than April 1 of the calendar year following the year in which the employee attains the later of age 70 1/2 or the date of retirement.  In the case of an IRA, distributions must commence no later than April 1 of the calendar year following the year in which the owner attains age 70 1/2. Required distributions from defined contribution plans and IRAs are determined by dividing the account balance by the appropriate distribution period found in a uniform lifetime distribution table set forth in IRS regulations.  For this purpose, the entire interest under an annuity Contract is the account value under the Contract plus the actuarial value of any other benefits such as guaranteed death benefits that will be provided under the Contract.

 
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If the sole beneficiary is the Contract holder's or employee's spouse and the spouse is more than 10 years younger than the employee, a longer distribution period measured by the joint life and last survivor expectancy of the Contract holder employee and spouse is permitted to be used. Distributions under a defined benefit plan or an annuity Contract must be paid in the form of periodic annuity payments for the employee's life (or the joint lives of the employee and beneficiary) or over a period certain that does not exceed the period under the uniform lifetime table for the employee's age in the year in which the annuity starting date occurs.  If the required minimum distributions are not made, a 50% penalty tax on the amount not distributed is imposed on the individual.

Types of Tax-Qualified Plans

The Contracts offered herein are designed to be suitable for use under various types of tax-qualified plans.  Taxation of participants in each tax-qualified plan varies with the type of plan and terms and conditions of each specific plan.  Owners, Annuitants and Beneficiaries are cautioned that benefits under a tax-qualified plan may be subject to the terms and conditions of the plan regardless of the terms and conditions of the Contracts issued pursuant to the plan.  Some retirement plans are subject to distribution and other requirements that are not incorporated into Jackson of NY's administrative procedures.  Jackson of NY is not bound by the terms and conditions of such plans to the extent such terms conflict with the terms of a Contract, unless Jackson of NY specifically consents to be bound.  Owners, Annuitants and Beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the Contracts comply with applicable law.

A tax-qualified Contract will not provide any necessary or additional tax deferral if it is used to fund a tax-qualified plan that is tax deferred.  However, the Contract has features and benefits other than tax deferral that may make it an appropriate investment for a tax-qualified plan.  Following are general descriptions of the types of tax-qualified plans with which the Contracts may be used.  Such descriptions are not exhaustive and are for general informational purposes only.  The tax rules regarding tax-qualified plans are very complex and will have differing applications depending on individual facts and circumstances.  Each purchaser should obtain competent tax advice prior to purchasing a Contract issued under a tax-qualified plan.

Contracts issued pursuant to tax-qualified plans include special provisions restricting Contract provisions that may otherwise be available as described herein.  Generally, Contracts issued pursuant to tax-qualified plans are not transferable except upon surrender or annuitization.  Various penalty and excise taxes may apply to contributions or distributions made in violation of applicable limitations.  Furthermore, certain withdrawal penalties and restrictions may apply to surrenders from Tax-Qualified Contracts.  (See "Tax Treatment of Withdrawals – Tax-Qualified Contracts" above.)

On July 6, 1983, the Supreme Court decided in Arizona Governing Committee v. Norris that benefits provided under an employer's deferred compensation plan could not, under Title VII of the Civil Rights Act of 1964, vary between men and women.  The Contracts sold by Jackson of NY in connection with certain Tax-Qualified Plans will utilize tables that do not differentiate on the basis of sex.  Such annuity tables will also be available for use in connection with certain non-qualified deferred compensation plans.

 
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(a) Tax-Sheltered Annuities

Section 403(b) of the Code permits the purchase of "tax-sheltered annuities" by public schools and certain charitable, educational and scientific organizations described in Section 501(c) (3) of the Code. These qualifying employers may make contributions to the Contracts for the benefit of their employees. Such contributions are not included in the gross income of the employee until the employee receives distributions from the Contract. The amount of contributions to the tax-sheltered annuity is limited to certain maximums imposed by the Code.  Furthermore, the Code sets forth additional restrictions governing such items as transferability, distributions, non-discrimination and withdrawals. Employee loans are not allowed under these Contracts.  Any employee should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(b) Individual Retirement Annuities

Section 408(b) of the Code permits eligible individuals to contribute to an individual retirement program known as an "individual retirement annuity" ("IRA annuity"). Under applicable limitations, certain amounts may be contributed to an IRA annuity that will be deductible from the individual's gross income.  IRA annuities are subject to limitations on eligibility, contributions, transferability and distributions.  Sales of IRA annuities are subject to special requirements imposed by the Code, including the requirement that certain informational disclosure be given to persons desiring to establish an IRA.  Purchasers of Contracts to be qualified as IRA annuities should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(c) Roth IRA Annuities

Section 408A of the Code provides that individuals may purchase a non-deductible IRA annuity, known as a Roth IRA annuity.  Purchase payments for Roth IRA annuities are limited to a maximum of $5,000 for 2011.  The limit will be adjusted annually for inflation in $500 increments.  In addition, the Act allows individuals age 50 and older to make additional catch-up IRA contributions.  The otherwise maximum contribution limit (before application of adjusted gross income phase-out limits) for an individual who had celebrated his or her 50th birthday before the end of the tax year is increased by $1,000.  The same contribution and catch-up contributions are also available for purchasers of Traditional IRA annuities.

Lower maximum limitations apply to individuals above certain adjusted gross income levels.  For 2011, these levels are $107,000 in the case of single taxpayers, $169,000 in the case of married taxpayers filing joint returns, and $0 in the case of married taxpayers filing separately.  These levels are indexed annually in $1,000 increments.  An overall $5,000 annual limitation (increased as discussed above) continues to apply to all of a taxpayer's IRA annuity contributions, including Roth IRA annuities and non-Roth IRA annuities.

Qualified distributions from Roth IRA annuities are free from federal income tax.  A qualified distribution requires that the individual has held the Roth IRA annuity for at least five years and, in addition, that the distribution is made either after the individual reaches age 59 1/2, on the individual's death or disability, or as a qualified first-time home purchase, subject to a $10,000 lifetime maximum, for the individual, a spouse, child, grandchild, or ancestor.  Any distribution that is not a qualified distribution is taxable to the extent of earnings in the distribution.  Distributions are treated as made from contributions first and therefore no distributions are taxable until distributions exceed the amount of contributions to the Roth IRA annuity.  The 10% penalty tax and the regular IRA annuity exceptions to the 10% penalty tax apply to taxable distributions from Roth IRA annuities.

 
-12-
 
Amounts may be rolled over from one Roth IRA annuity to another Roth IRA annuity.  Furthermore, an individual may make a rollover contribution from a non-Roth IRA annuity to a Roth IRA annuity.  The individual must pay tax on any portion of the IRA annuity being rolled over that would be included in income if the distributions were not rolled over.  For rollovers in 2010, the income may be reported ratably in 2011 and 2012. There are no similar limitations on rollovers from one Roth IRA annuity to another Roth IRA annuity.

(d) Pension and Profit-Sharing Plans

The Internal Revenue Code permits employers, including self-employed individuals, to establish various types of qualified retirement plans for employees.  These retirement plans may permit the purchase of the Contracts to provide benefits under the plan. Contributions to the plan for the benefit of employees will not be included in the gross income of the employee until distributed from the plan. The tax consequences to owners may vary depending upon the particular plan design.  However, the Code places limitations on all plans on such items as amount of allowable contributions; form, manner and timing of distributions; vesting and non-forfeitability of interests; nondiscrimination in eligibility and participation; and the tax treatment of distributions, transferability of benefits, withdrawals and surrenders. Purchasers of Contracts for use with pension or profit sharing plans should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(e) Eligible Deferred Compensation Plans -- Section 457

Under Code provisions, employees and independent contractors performing services for state and local governments and other tax-exempt organizations may participate in eligible deferred compensation plans under Section 457 of the Code.  The amounts deferred under a Plan that meets the requirements of Section 457 of the Code are not taxable as income to the participant until paid or otherwise made available to the participant or beneficiary.  As a general rule, the maximum amount that can be deferred in any one year is the lesser of 100% of the participant's includible compensation or the $16,500 elective deferral limitation in 2011.  The limit is indexed for inflation in $500 increments annually thereafter.  In addition, the Act allows individuals in eligible deferred compensation plans of state or local governments age 50 and older to make additional catch-up contributions.  The otherwise maximum contribution limit for an individual who had celebrated his or her 50th birthday before the end of the tax year is increased by $5,500. The same contribution and catch-up contributions are also available for participants in qualified pension and profit-sharing plans and tax-sheltered annuities under Section 403(b) of the Code.

In limited circumstances, the plan may provide for additional catch-up contributions in each of the last three years before normal retirement age.  Furthermore, the Code provides additional requirements and restrictions regarding eligibility and distributions.

All of the assets and income of an eligible deferred compensation plan established by a governmental employer must be held in trust for the exclusive benefit of participants and their beneficiaries.  For this purpose, custodial accounts and certain annuity Contracts are treated as trusts.  The requirement of a trust does not apply to amounts under a Plan of a tax-exempt (non-governmental) employer.  In addition, the requirement of a trust does not apply to amounts under a Plan of a governmental employer if the Plan is not an eligible plan within the meaning of section 457(b) of the Code.  In the absence of such a trust, amounts under the plan will be subject to the claims of the employer's general creditors.

In general, distributions from a Plan are prohibited under section 457 of the Code unless made after the participant:

●
attains age 70 1/2,
 
 
 
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●
severs employment,
●
dies, or
●
suffers an unforeseeable financial emergency as defined in the regulations.

Under present federal tax law, amounts accumulated in a Plan of a tax-exempt (non-governmental) employer under section 457 of the Code cannot be transferred or rolled over on a tax-deferred basis except for certain transfers to other Plans under Section 457.   Amounts accumulated in a Plan of a state or local government employer may be transferred or rolled over to another eligible deferred compensation plan of a state or local government, an IRA, a qualified pension or profit-sharing plan or a tax-sheltered annuity under Section 403(b) of the Code.

Annuity Provisions

Variable Annuity Payment

The initial annuity payment is determined by taking the Contract value allocated to that Investment Division, less any premium tax and any applicable Contract charges, and then applying it to the income option table specified in the Contract.  The appropriate rate must be determined by the sex (except where, as in the case of certain Qualified Plans and other employer-sponsored retirement plans, such classification is not permitted) and age of the annuitant and designated second person, if any.

The dollars applied are divided by 1,000 and the result multiplied by the appropriate annuity factor appearing in the table to compute the amount of the first monthly payment.  That amount is divided by the value of an annuity unit as of the Income Date to establish the number of annuity units representing each variable payment.  The number of annuity units determined for the first variable payment remains constant for the second and subsequent monthly variable payments, assuming that no reallocation of Contract values is made.

The amount of the second and each subsequent monthly variable payment is determined by multiplying the number of annuity units by the annuity unit value as of the business day next preceding the date on which each payment is due.

The mortality and expense experience will not adversely affect the dollar amount of the variable annuity payments once payments have commenced.

Annuity Unit Value

The initial value of an annuity unit of each Investment Division was set when the Investment Divisions were established.  The value may increase or decrease from one business day to the next.  The income option tables contained in the Contract are based on a 1.0% per annum assumed investment rate.
The value of a fixed number of annuity units will reflect the investment performance of the Investment Divisions elected, and the amount of each payment will vary accordingly.

For each Investment Division, the value of an annuity unit for any business day is determined by multiplying the annuity unit value for the immediately preceding business day by the percentage change in the value of an accumulation unit from the immediately preceding business day to the business day of valuation, calculated by use of the Net Investment Factor, described below. The result is then multiplied by a second factor which offsets the effect of the assumed net investment rate of 1.0% per annum.

 
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Net Investment Factor

The net investment factor is an index applied to measure the net investment performance of an Investment Division from one valuation date to the next. The net investment factor for any Investment Division for any valuation period during the accumulation and annuity phases is determined by dividing (a) by (b) and then subtracting (c) from the result where:

(a)
is the net result of:
 
(1)
the net asset value of a Fund's share held in the Investment Division determined as of the valuation date at the end of the valuation period, plus
 
(2)
the per share amount of any dividend or other distribution declared by the Fund if the "ex-dividend" date occurs during the valuation period, plus or minus
 
(3)
a per share credit or charge with respect to any taxes paid or reserved for by Jackson of NY during the valuation period which are determined by Jackson of NY to be attributable to the operation of the Investment Division (no federal income taxes are applicable under present law);
(b)
is the net asset value of the Fund share held in the Investment Division determined as of the valuation date at the end of the preceding valuation period; and
(c)
is the asset charge factor determined by Jackson for the valuation period to reflect the asset-based charges (the mortality and expense risk charge), administration charge, and any applicable charges for optional benefits.

Also see "Income Payments (The Income Phase)" in the Prospectus.



 
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JNLNY Separate Account I


 

 




Financial Statements

December 31, 2010
 
 
 
 
 
 
JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

                                                             
                           
JNL/American
          
JNL/American
    
JNL/American
              
   
JNL
    
JNL
    
JNL
    
JNL
    
Funds Blue Chip
    
JNL/American
    
Funds Global
    
Funds
    
JNL/American
    
JNL/American
  
   
Institutional
    
Institutional
    
Institutional
    
Institutional
    
Income and
    
Funds Global
    
Small
    
Growth-
    
Funds
    
Funds New
  
   
Alt 20
    
Alt 35
    
Alt 50
    
Alt 65
    
Growth
    
Bond
    
Capitalization
    
Income
    
International
    
World
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
                                                             
Assets
                                                            
Investments, at value (a)
   $ 22,417,478     $ 18,229,303     $ 32,486,874     $ 42,126,433     $ 9,396,411     $ 5,706,855     $ 6,409,168     $ 9,854,110     $ 4,824,671     $ 5,159,733  
Receivables:
                                                                                
Investment securities sold
     3,794       10,061       2,917       2,290       1,359       695       1,310       1,317       747       756  
Sub-account units sold
     64,819       9,168       11,971       17,886       25,332       1,883       109,425       7,810       30,914       19,356  
Total assets
     22,486,091       18,248,532       32,501,762       42,146,609       9,423,102       5,709,433       6,519,903       9,863,237       4,856,332       5,179,845  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investment securities purchased
     64,819       9,168       11,971       17,886       25,332       1,883       109,425       7,810       30,914       19,356  
Sub-account units redeemed
     2,836       9,292       1,550       477       969       439       1,019       908       543       536  
Insurance fees due to Jackson
                                                                                
of New York
     958       769       1,367       1,813       390       256       291       409       204       220  
Total liabilities
     68,613       19,229       14,888       20,176       26,691       2,578       110,735       9,127       31,661       20,112  
Net assets (Note 7)
   $ 22,417,478     $ 18,229,303     $ 32,486,874     $ 42,126,433     $ 9,396,411     $ 5,706,855     $ 6,409,168     $ 9,854,110     $ 4,824,671     $ 5,159,733  
                                                                                 
                                                                                 
(a)  Investment shares
     1,565,466       1,211,249       2,097,280       2,621,433       904,371       546,111       574,813       942,977       444,670       454,202  
       Investments at cost
   $ 20,329,511     $ 16,242,956     $ 29,118,548     $ 39,968,680     $ 8,562,485     $ 5,669,240     $ 5,787,137     $ 8,991,524     $ 4,451,143     $ 4,741,119  

See notes to the financial statements.
 
Page 1
 
 

JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

                           
JNL/Capital
                                
               
JNL/Capital
    
JNL/Capital
    
Guardian
                      
JNL/Franklin
        
   
JNL/BlackRock
    
JNL/BlackRock
    
Guardian
    
Guardian Global
    
U.S.
    
JNL/Eagle
    
JNL/Eagle
          
Templeton
    
JNL/Franklin
  
   
Commodity
    
Global
    
Global
    
Diversified
    
Growth
    
Core
    
SmallCap
    
JNL/Franklin
    
Global
    
Templeton
  
   
Securities
    
Allocation
    
Balanced
    
Research
    
Equity
    
Equity
    
Equity
    
Templeton Founding
    
Growth
    
Income
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Strategy Portfolio
    
Portfolio
    
Portfolio
  
Assets
                                                            
Investments, at value (a)
   $ 31,623,300     $ 7,298,193     $ 18,133,177     $ 11,063,356     $ 20,024,681     $ 5,549,587     $ 29,936,116     $ 57,185,476     $ 9,349,260     $ 53,897,459  
Receivables:
                                                                                
Investment securities sold
     11,747       489       5,852       14,380       14,995       845       19,949       5,164       1,504       25,237  
Sub-account units sold
     110,391       9,708       4,823       323       1,675       363       51,064       20,718       2,564       38,739  
Total assets
     31,745,438       7,308,390       18,143,852       11,078,059       20,041,351       5,550,795       30,007,129       57,211,358       9,353,328       53,961,435  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investment securities purchased
     110,391       9,708       4,823       323       1,675       363       51,064       20,718       2,564       38,739  
Sub-account units redeemed
     10,296       176       5,042       13,894       14,107       601       18,631       2,617       1,103       22,873  
Insurance fees due to Jackson
                                                                                
of New York
     1,451       313       810       486       888       244       1,318       2,547       401       2,364  
Total liabilities
     122,138       10,197       10,675       14,703       16,670       1,208       71,013       25,882       4,068       63,976  
Net assets (Note 7)
   $ 31,623,300     $ 7,298,193     $ 18,133,177     $ 11,063,356     $ 20,024,681     $ 5,549,587     $ 29,936,116     $ 57,185,476     $ 9,349,260     $ 53,897,459  
                                                                                 
                                                                                 
(a)  Investment shares
     2,869,628       705,139       1,904,746       476,253       945,006       757,106       1,368,195       6,476,271       1,157,087       5,336,382  
       Investments at cost
   $ 26,747,479     $ 7,157,615     $ 17,704,046     $ 10,141,198     $ 17,508,467     $ 5,443,309     $ 25,525,340     $ 55,780,143     $ 9,151,150     $ 51,470,635  
 
See notes to the financial statements.
 
Page 2
 
 
JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

   
JNL/Franklin
          
JNL/Franklin
    
JNL/
    
JNL/Goldman
    
JNL/
                          
   
Templeton Inter-
    
JNL/Franklin
    
Templeton
    
Goldman
    
Sachs
    
Goldman
    
JNL/Goldman
    
JNL/Invesco
    
JNL/Invesco
    
JNL/Invesco
  
   
national Small
    
Templeton
    
Small Cap
    
Sachs
    
Emerging
    
Sachs
    
Sachs U.S.
    
Global Real
    
International
    
Large Cap
  
   
Cap
    
Mutual
    
Value
    
Core Plus
    
Markets Debt
    
Mid Cap
    
Equity Flex
    
Estate
    
Growth
    
Growth
  
   
Growth Portfolio
    
Shares Portfolio
    
Portfolio
    
Bond Portfolio
    
Portfolio
    
Value Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Assets
                                                            
Investments, at value (a)
   $ 8,310,775     $ 17,073,033     $ 13,063,817     $ 23,678,347     $ 14,481,626     $ 11,927,668     $ 5,597,727     $ 16,691,213     $ 18,690,943     $ 13,781,275  
Receivables:
                                                                                
Investment securities sold
     1,237       2,133       6,069       4,953       176,968       9,141       1,501       1,572       2,591       14,127  
Sub-account units sold
     1,361       21,475       39,643       45,068       83,005       16,895       8,009       35,532       7,289       -  
Total assets
     8,313,373       17,096,641       13,109,529       23,728,368       14,741,599       11,953,704       5,607,237       16,728,317       18,700,823       13,795,402  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investment securities purchased
     1,361       21,475       39,643       45,068       83,005       16,895       8,009       35,532       7,289       -  
Sub-account units redeemed
     870       1,390       5,489       3,886       176,330       8,622       1,257       819       1,736       13,521  
Insurance fees due to Jackson
                                                                                
of New York
     367       743       580       1,067       638       519       244       753       855       606  
Total liabilities
     2,598       23,608       45,712       50,021       259,973       26,036       9,510       37,104       9,880       14,127  
Net assets (Note 7)
   $ 8,310,775     $ 17,073,033     $ 13,063,817     $ 23,678,347     $ 14,481,626     $ 11,927,668     $ 5,597,727     $ 16,691,213     $ 18,690,943     $ 13,781,275  
                                                                                 
                                                                                 
(a)  Investment shares
     1,017,231       2,013,329       1,185,464       1,950,440       1,060,925       1,125,252       683,483       1,963,672       1,807,635       1,094,621  
       Investments at cost
   $ 6,816,535     $ 15,840,999     $ 11,129,072     $ 23,293,748     $ 13,594,635     $ 10,487,045     $ 5,157,396     $ 16,117,148     $ 18,198,903     $ 12,099,816  

See notes to the financial statements.
 
Page 3
 
 
JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

                                                             
   
JNL/Invesco
    
JNL/Ivy
    
JNL/JPMorgan
    
JNL/JPMorgan
    
JNL/JPMorgan
    
JNL/Lazard
    
JNL/Lazard
    
JNL/M&G
    
JNL/M&G
        
   
Small Cap
    
Asset
    
International
    
MidCap
    
U.S. Government
    
Emerging
    
Mid Cap
    
Global
    
Global
    
JNL/MCM
  
   
Growth
    
Strategy
    
Value
    
Growth
    
& Quality Bond
    
Markets
    
Equity
    
Basics
    
Leaders
     10 x 10  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Assets
                                                              
Investments, at value (a)
   $ 9,681,115     $ 30,214,491     $ 18,236,946     $ 19,305,101     $ 24,533,169     $ 56,930,536     $ 13,799,529     $ 1,664,376     $ 1,296,831     $ 28,350,841  
Receivables:
                                                                                
Investment securities sold
     3,704       4,585       4,222       51,038       11,668       57,485       2,852       1,936       95       2,912  
Sub-account units sold
     15,977       114,839       47,870       36,313       18,951       174,365       76       -       215       -  
Total assets
     9,700,796       30,333,915       18,289,038       19,392,452       24,563,788       57,162,386       13,802,457       1,666,312       1,297,141       28,353,753  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investment securities purchased
     15,977       114,839       47,870       36,313       18,951       174,365       76       -       215       -  
Sub-account units redeemed
     3,270       3,277       3,397       50,190       10,587       54,905       2,203       1,860       37       1,696  
Insurance fees due to Jackson
                                                                                
of New York
     434       1,308       825       848       1,081       2,580       649       76       58       1,216  
Total liabilities
     19,681       119,424       52,092       87,351       30,619       231,850       2,928       1,936       310       2,912  
Net assets (Note 7)
   $ 9,681,115     $ 30,214,491     $ 18,236,946     $ 19,305,101     $ 24,533,169     $ 56,930,536     $ 13,799,529     $ 1,664,376     $ 1,296,831     $ 28,350,841  
                                                                                 
                                                                                 
(a)  Investment shares
     758,708       2,643,437       2,425,126       964,291       1,895,917       4,708,895       1,190,641       111,107       101,792       3,449,007  
       Investments at cost
   $ 7,739,370     $ 27,622,309     $ 20,989,695     $ 14,561,596     $ 24,091,692     $ 48,932,644     $ 13,064,829     $ 1,387,348     $ 1,115,528     $ 26,900,116  
 
See notes to the financial statements.
 
Page 4
 

JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

                     
JNL/MCM
    
JNL/MCM
          
JNL/MCM
    
JNL/MCM
    
JNL/MCM
        
         
JNL/MCM
    
JNL/MCM
    
Consumer
    
Dow
    
JNL/MCM
    
Financial
    
Global
    
Healthcare
    
JNL/MCM
  
   
JNL/MCM
    
Bond Index
    
Communications
    
Brands
    
Dividend
    
European 30
    
Sector
    
Alpha
    
Sector
    
Index 5
  
   
25 Portfolio
    
Portfolio
    
Sector Portfolio
    
Sector Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Assets
                                                            
Investments, at value (a)
   $ 26,660,420     $ 22,460,718     $ 4,063,362     $ 3,220,260     $ 17,318,096     $ 1,305,737     $ 9,304,134     $ 917,015     $ 11,108,208     $ 29,866,828  
Receivables:
                                                                                
Investment securities sold
     31,642       4,933       548       413       2,103       506       3,137       126       1,112       31,347  
Sub-account units sold
     71,522       3,918       1,188       744       49,320       91       1,789       2,236       8,063       48,223  
Total assets
     26,763,584       22,469,569       4,065,098       3,221,417       17,369,519       1,306,334       9,309,060       919,377       11,117,383       29,946,398  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investment securities purchased
     71,522       3,918       1,188       744       49,320       91       1,789       2,236       8,063       48,223  
Sub-account units redeemed
     30,410       3,914       360       272       1,306       445       2,713       87       607       29,990  
Insurance fees due to Jackson
                                                                                
of New York
     1,232       1,019       188       141       797       61       424       39       505       1,357  
Total liabilities
     103,164       8,851       1,736       1,157       51,423       597       4,926       2,362       9,175       79,570  
Net assets (Note 7)
   $ 26,660,420     $ 22,460,718     $ 4,063,362     $ 3,220,260     $ 17,318,096     $ 1,305,737     $ 9,304,134     $ 917,015     $ 11,108,208     $ 29,866,828  
                                                                                 
                                                                                 
(a)  Investment shares
     2,132,834       1,914,810       1,170,998       324,296       2,604,225       113,740       1,294,038       87,585       978,697       3,104,660  
       Investments at cost
   $ 24,684,338     $ 21,744,153     $ 3,903,308     $ 2,846,324     $ 19,055,498     $ 1,251,621     $ 8,638,668     $ 884,970     $ 10,795,123     $ 23,846,096  

See notes to the financial statements.
 
Page 5
 
 
JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

   
JNL/MCM
                      
JNL/MCM
    
JNL/MCM
    
JNL/MCM
          
JNL/MCM
    
JNL/MCM
  
   
International
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
NYSE
    
Oil & Gas
    
Pacific
    
JNL/MCM
    
S&P 400
    
S&P 500
  
   
Index
    
JNL 5
    
JNL Optimized
    
Nasdaq 25
    
International
    
Sector
    
Rim 30
    
S&P 24
    
MidCap
    
Index
  
   
Portfolio
    
Portfolio
    
5 Portfolio
    
Portfolio
    
25 Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Index Portfolio
    
Portfolio
  
Assets
                                                            
Investments, at value (a)
   $ 34,076,029     $ 255,346,979     $ 33,785,801     $ 5,544,742     $ 6,019,564     $ 30,493,279     $ 3,375,534     $ 1,552,338     $ 35,870,995     $ 65,927,693  
Receivables:
                                                                                
Investment securities sold
     10,240       96,144       2,762       943       1,309       76,351       2,573       164       27,644       23,494  
Sub-account units sold
     32,624       53,047       21,635       35       2,361       38,301       3,883       -       18,775       28,421  
Total assets
     34,118,893       255,496,170       33,810,198       5,545,720       6,023,234       30,607,931       3,381,990       1,552,502       35,917,414       65,979,608  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investment securities purchased
     32,624       53,047       21,635       35       2,361       38,301       3,883       -       18,775       28,421  
Sub-account units redeemed
     8,646       84,279       1,218       682       1,021       74,933       2,428       93       25,968       20,566  
Insurance fees due to Jackson
                                                                                
of New York
     1,594       11,865       1,544       261       288       1,418       145       71       1,676       2,928  
Total liabilities
     42,864       149,191       24,397       978       3,670       114,652       6,456       164       46,419       51,915  
Net assets (Note 7)
   $ 34,076,029     $ 255,346,979     $ 33,785,801     $ 5,544,742     $ 6,019,564     $ 30,493,279     $ 3,375,534     $ 1,552,338     $ 35,870,995     $ 65,927,693  
                                                                                 
                                                                                 
(a)  Investment shares
     2,730,451       29,350,227       3,800,428       482,152       817,876       1,139,510       265,581       152,940       2,588,095       6,225,467  
       Investments at cost
   $ 36,072,047     $ 305,942,102     $ 32,845,598     $ 4,999,482     $ 6,271,490     $ 28,359,426     $ 3,116,388     $ 1,359,210     $ 31,718,537     $ 59,705,687  

See notes to the financial statements.
 
Page 6
 
 
JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

                                       
JNL/
                    
         
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
          
Oppenheimer
                    
   
JNL/MCM
    
Select Small-
    
Small Cap
    
Technology
    
Value
          
Global
    
JNL/PAM
    
JNL/PAM
    
JNL/PIMCO
  
   
S&P SMid
    
Cap
    
Index
    
Sector
    
Line 30
    
JNL/MCM
    
Growth
    
Asia ex-Japan
    
China-India
    
Real Return
  
   
60 Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
VIP Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Assets
                                                            
Investments, at value (a)
   $ 11,166,607     $ 8,067,684     $ 31,065,969     $ 19,316,718     $ 31,853,672     $ 11,904,511     $ 21,461,730     $ 9,192,808     $ 21,617,761     $ 45,867,748  
Receivables:
                                                                                
Investment securities sold
     8,715       1,529       18,693       9,197       15,965       1,789       2,232       11,531       135,717       12,128  
Sub-account units sold
     7,433       -       41,524       94,283       1,267       116       3,641       -       48,709       148,660  
Total assets
     11,182,755       8,069,213       31,126,186       19,420,198       31,870,904       11,906,416       21,467,603       9,204,339       21,802,187       46,028,536  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investment securities purchased
     7,433       -       41,524       94,283       1,267       116       3,641       -       48,709       148,660  
Sub-account units redeemed
     8,204       1,156       17,223       8,295       14,485       1,229       1,263       11,123       134,738       10,086  
Insurance fees due to Jackson
                                                                                
of New York
     511       373       1,470       902       1,480       560       969       408       979       2,042  
Total liabilities
     16,148       1,529       60,217       103,480       17,232       1,905       5,873       11,531       184,426       160,788  
Net assets (Note 7)
   $ 11,166,607     $ 8,067,684     $ 31,065,969     $ 19,316,718     $ 31,853,672     $ 11,904,511     $ 21,461,730     $ 9,192,808     $ 21,617,761     $ 45,867,748  
                                                                                 
                                                                                 
(a)  Investment shares
     985,579       727,474       2,463,598       2,675,446       2,424,176       1,707,964       2,049,831       946,736       2,420,802       3,803,296  
       Investments at cost
   $ 9,251,867     $ 9,702,003     $ 26,239,704     $ 15,648,386     $ 34,234,917     $ 14,507,908     $ 20,366,712     $ 7,594,532     $ 18,525,643     $ 44,742,357  

See notes to the financial statements.
 
Page 7
 
 
JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

         
JNL/
    
JNL/
                                            
         
PPM
    
PPM
    
JNL/
    
JNL/
    
JNL/
                          
   
JNL/PIMCO
    
America
    
America
    
PPM America
    
PPM
    
Red Rocks
          
JNL/S&P
    
JNL/S&P
    
JNL/S&P
  
   
Total Return
    
High Yield
    
Mid Cap
    
Small Cap
    
America
    
Listed
          
Competitive
    
Disciplined
    
Disciplined
  
   
Bond
    
Bond
    
Value
    
Value
    
Value Equity
    
Private Equity
    
JNL/S&P 4
    
Advantage
    
Growth
    
Moderate
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Assets
                                                            
Investments, at value (a)
   $ 155,395,705     $ 38,138,201     $ 2,878,712     $ 2,589,196     $ 5,414,150     $ 5,977,442     $ 46,655,478     $ 5,117,229     $ 8,907,186     $ 23,776,900  
Receivables:
                                                                                
Investment securities sold
     56,719       7,964       2,236       526       344       2,952       10,958       547       613       1,669  
Sub-account units sold
     142,610       15,396       166,010       157,810       81       22,039       3,864       -       -       336  
Total assets
     155,595,034       38,161,561       3,046,958       2,747,532       5,414,575       6,002,433       46,670,300       5,117,776       8,907,799       23,778,905  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investment securities purchased
     142,610       15,396       166,010       157,810       81       22,039       3,864       -       -       336  
Sub-account units redeemed
     49,665       6,243       2,120       426       113       2,685       8,915       304       225       620  
Insurance fees due to Jackson
                                                                                
of New York
     7,054       1,721       116       100       231       267       2,043       243       388       1,049  
Total liabilities
     199,329       23,360       168,246       158,336       425       24,991       14,822       547       613       2,005  
Net assets (Note 7)
   $ 155,395,705     $ 38,138,201     $ 2,878,712     $ 2,589,196     $ 5,414,150     $ 5,977,442     $ 46,655,478     $ 5,117,229     $ 8,907,186     $ 23,776,900  
                                                                                 
                                                                                 
(a)  Investment shares
     12,582,648       5,717,871       269,290       255,597       445,609       593,589       4,296,085       478,246       1,045,444       2,413,899  
       Investments at cost
   $ 157,540,577     $ 36,376,976     $ 2,432,012     $ 2,286,054     $ 5,252,744     $ 4,968,983     $ 36,523,649     $ 4,274,116     $ 7,783,294     $ 21,696,193  

See notes to the financial statements.
 
Page 8
 
 
JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

                     
JNL/
                      
JNL/
              
   
JNL/S&P
    
JNL/S&P
          
S&P
    
JNL/
    
JNL/
    
JNL/
    
S&P
              
   
Disciplined
    
Dividend
    
JNL/S&P
    
Managed
    
S&P
    
S&P
    
S&P
    
Managed
              
   
Moderate
    
Income
    
Intrinsic
    
Aggressive
    
Managed
    
Managed
    
Managed
    
Moderate
    
JNL/S&P
    
JNL/Select
  
   
Growth
    
& Growth
    
Value
    
Growth
    
Conservative
    
Growth
    
Moderate
    
Growth
    
Total Yield
    
Balanced
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Assets
                                                            
Investments, at value (a)
   $ 24,630,346     $ 11,456,915     $ 4,508,146     $ 69,459,420     $ 88,158,503     $ 168,908,532     $ 146,451,063     $ 210,716,117     $ 1,932,912     $ 56,078,412  
Receivables:
                                                                                
Investment securities sold
     2,742       2,098       311       7,834       80,633       166,454       285,940       163,519       581       6,144  
Sub-account units sold
     43       64,169       -       393,314       1,812       298,559       36,432       335,616       -       42,735  
Total assets
     24,633,131       11,523,182       4,508,457       69,860,568       88,240,948       169,373,545       146,773,435       211,215,252       1,933,493       56,127,291  
                                                                                 
Liabilities
                                                                                
Payables:
                                                                                
Investment securities purchased
     43       64,169       -       393,314       1,812       298,559       36,432       335,616       -       42,735  
Sub-account units redeemed
     1,710       1,621       112       4,399       76,757       158,860       279,437       154,122       495       3,746  
Insurance fees due to Jackson
                                                                                
of New York
     1,032       477       199       3,435       3,876       7,594       6,503       9,397       86       2,398  
Total liabilities
     2,785       66,267       311       401,148       82,445       465,013       322,372       499,135       581       48,879  
Net assets (Note 7)
   $ 24,630,346     $ 11,456,915     $ 4,508,146     $ 69,459,420     $ 88,158,503     $ 168,908,532     $ 146,451,063     $ 210,716,117     $ 1,932,912     $ 56,078,412  
                                                                                 
                                                                                 
(a)  Investment shares
     2,709,609       1,173,864       452,171       5,707,430       8,014,409       15,108,098       12,857,863       17,857,298       198,451       3,409,022  
       Investments at cost
   $ 21,827,472     $ 10,242,060     $ 4,451,342     $ 64,104,770     $ 85,776,002     $ 157,093,623     $ 138,029,204     $ 196,804,498     $ 1,791,507     $ 51,673,629  

See notes to the financial statements.
 
Page 9
 
 
JNLNY Separate Account I
Statements of Assets and Liabilities
December 31, 2010

         
JNL/
    
JNL/T. Rowe
    
JNL/T. Rowe
    
JNL/T. Rowe
        
   
JNL/Select
    
Select
    
Price
    
Price Mid-Cap
    
Price Short-
    
JNL/T. Rowe
  
   
Money Market
    
Value
    
Established
    
Growth
    
Term
    
Price Value
  
   
Portfolio
    
Portfolio
    
Growth Portfolio
    
Portfolio
    
Bond Portfolio
    
Portfolio
  
Assets
                                    
Investments, at value (a)
   $ 25,380,754     $ 19,318,693     $ 54,173,715     $ 68,198,227     $ 13,770,108     $ 30,599,249  
Receivables:
                                                
Investment securities sold
     2,827       2,669       24,849       39,077       4,478       10,889  
Sub-account units sold
     145,014       53,289       57,754       109,613       7,780       5,012  
Total assets
     25,528,595       19,374,651       54,256,318       68,346,917       13,782,366       30,615,150  
                                                 
Liabilities
                                                
Payables:
                                                
Investment securities purchased
     145,014       53,289       57,754       109,613       7,780       5,012  
Sub-account units redeemed
     1,713       1,800       22,491       36,098       3,864       9,527  
Insurance fees due to Jackson
                                                
of New York
     1,114       869       2,358       2,979       614       1,362  
Total liabilities
     147,841       55,958       82,603       148,690       12,258       15,901  
Net assets (Note 7)
   $ 25,380,754     $ 19,318,693     $ 54,173,715     $ 68,198,227     $ 13,770,108     $ 30,599,249  
                                                 
                                                 
(a)  Investment shares
     25,380,754       1,112,187       2,552,955       2,290,068       1,393,736       2,822,809  
       Investments at cost
   $ 25,380,754     $ 17,340,198     $ 46,724,362     $ 57,633,402     $ 13,897,968     $ 30,485,364  

See notes to the financial statements.
 
Page 10
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

                           
JNL/American
                                
                           
Funds Blue
          
JNL/American
    
JNL/American
              
   
JNL
    
JNL
    
JNL
    
JNL
    
Chip
    
JNL/American
    
Funds Global
    
Funds
    
JNL/American
    
JNL/American
  
   
Institutional
    
Institutional
    
Institutional
    
Institutional
    
Income and
    
Funds Global
    
Small
    
Growth-
    
Funds
    
Funds New
  
   
Alt 20
    
Alt 35
    
Alt 50
    
Alt 65
    
Growth
    
Bond
    
Capitalization
    
Income
    
International
    
World
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
  
Investment income
                                                            
Dividends
   $ 100,678     $ 89,850     $ 157,770     $ 178,018     $ -     $ -     $ -     $ -     $ -     $ -  
                                                                                 
Expenses
                                                                                
Insurance charges (Note 3)
     197,407       153,197       290,299       187,429       47,193       24,293       30,955       42,391       22,912       22,442  
Total expenses
     197,407       153,197       290,299       187,429       47,193       24,293       30,955       42,391       22,912       22,442  
Net investment gain (loss)
     (96,729 )     (63,347 )     (132,529 )     (9,411 )     (47,193 )     (24,293 )     (30,955 )     (42,391 )     (22,912 )     (22,442 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     7,309       15,007       44,546       104,443       -       -       -       -       -       -  
Investments
     43,865       60,510       40,698       40,668       8,040       2,697       38,001       40,572       30,131       36,502  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,901,526       1,763,003       3,125,072       1,923,426       833,926       37,615       622,031       862,587       373,528       418,615  
Net realized and unrealized gain (loss)
     1,952,700       1,838,520       3,210,316       2,068,537       841,966       40,312       660,032       903,159       403,659       455,117  
                                                                                 
Net increase (decrease) in net assets
                                                                                
from operations
   $ 1,855,971     $ 1,775,173     $ 3,077,787     $ 2,059,126     $ 794,773     $ 16,019     $ 629,077     $ 860,768     $ 380,747     $ 432,675  
                                                                                 
                                                                                 
(a) Commencement of operations May 3, 2010.
                                                                  

See notes to the financial statements.
 
Page 11
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

                           
JNL/Capital
                                
               
JNL/Capital
    
JNL/Capital
    
Guardian
                      
JNL/Franklin
        
   
JNL/BlackRock
    
JNL/BlackRock
    
Guardian
    
Guardian Global
    
U.S.
    
JNL/Eagle
    
JNL/Eagle
          
Templeton
    
JNL/Franklin
  
   
Commodity
    
Global
    
Global
    
Diversified
    
Growth
    
Core
    
SmallCap
    
JNL/Franklin
    
Global
    
Templeton
  
   
Securities
    
Allocation
    
Balanced
    
Research
    
Equity
    
Equity
    
Equity
    
Templeton Founding
    
Growth
    
Income
  
   
Portfolio
    
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Strategy Portfolio
    
Portfolio
    
Portfolio
  
Investment income
                                                            
Dividends
   $ 84,890     $ -     $ 175,124     $ 71,141     $ 45,207     $ 13,821     $ 32,068     $ 1,508,299     $ 111,799     $ 1,798,682  
                                                                                 
Expenses
                                                                                
Insurance charges (Note 3)
     455,740       9,532       253,100       160,401       288,679       69,675       229,924       790,273       115,154       693,055  
Total expenses
     455,740       9,532       253,100       160,401       288,679       69,675       229,924       790,273       115,154       693,055  
Net investment gain (loss)
     (370,850 )     (9,532 )     (77,976 )     (89,260 )     (243,472 )     (55,854 )     (197,856 )     718,026       (3,355 )     1,105,627  
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       -       -       -       -       -       -       -       -       -  
Investments
     (345,046 )     101       (249,112 )     (104,706 )     155,690       (247,296 )     416,177       (297,033 )     (97,020 )     63,664  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     4,736,672       140,578       1,517,764       1,159,020       2,234,413       790,210       4,197,299       3,882,066       645,604       3,470,627  
Net realized and unrealized gain (loss)
     4,391,626       140,679       1,268,652       1,054,314       2,390,103       542,914       4,613,476       3,585,033       548,584       3,534,291  
                                                                                 
Net increase (decrease) in net assets
                                                                                
from operations
   $ 4,020,776     $ 131,147     $ 1,190,676     $ 965,054     $ 2,146,631     $ 487,060     $ 4,415,620     $ 4,303,059     $ 545,229     $ 4,639,918  
                                                                                 
                                                                                 
(a) Commencement of operations October 11, 2010.
                                                                        

See notes to the financial statements.
 
Page 12
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

   
JNL/Franklin
          
JNL/Franklin
    
JNL/
    
JNL/Goldman
    
JNL/
                          
   
Templeton Inter-
    
JNL/Franklin
    
Templeton
    
Goldman
    
Sachs
    
Goldman
    
JNL/Goldman
    
JNL/Invesco
    
JNL/Invesco
    
JNL/Invesco
  
   
national Small
    
Templeton
    
Small Cap
    
Sachs
    
Emerging
    
Sachs
    
Sachs U.S.
    
Global Real
    
International
    
Large Cap
  
   
Cap
    
Mutual
    
Value
    
Core Plus
    
Markets Debt
    
Mid Cap
    
Equity Flex
    
Estate
    
Growth
    
Growth
  
   
Growth Portfolio
    
Shares Portfolio
    
Portfolio
    
Bond Portfolio
    
Portfolio
    
Value Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Investment income
                                                            
Dividends
   $ 86,027     $ 3,261     $ 45,326     $ 581,529     $ 124,554     $ 52,104     $ 32,594     $ 638,172     $ 124,405     $ 33,251  
                                                                                 
Expenses
                                                                                
Insurance charges (Note 3)
     109,168       208,568       131,546       354,760       150,690       131,612       69,081       200,039       310,715       179,747  
Total expenses
     109,168       208,568       131,546       354,760       150,690       131,612       69,081       200,039       310,715       179,747  
Net investment gain (loss)
     (23,141 )     (205,307 )     (86,220 )     226,769       (26,136 )     (79,508 )     (36,487 )     438,133       (186,310 )     (146,496 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       -       -       262,117       31,203       -       -       -       -       -  
Investments
     134,027       (5,287 )     112,438       270,919       455,185       (80,611 )     (1,504 )     (719,518 )     (458,848 )     6,006  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,052,056       1,554,453       1,952,589       283,052       734,438       1,935,015       429,976       1,978,180       2,672,050       1,893,795  
Net realized and unrealized gain (loss)
     1,186,083       1,549,166       2,065,027       816,088       1,220,826       1,854,404       428,472       1,258,662       2,213,202       1,899,801  
                                                                                 
Net increase (decrease) in net assets
                                                                                
from operations
   $ 1,162,942     $ 1,343,859     $ 1,978,807     $ 1,042,857     $ 1,194,690     $ 1,774,896     $ 391,985     $ 1,696,795     $ 2,026,892     $ 1,753,305  

See notes to the financial statements.
 
Page 13
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

                                                             
   
JNL/Invesco
    
JNL/Ivy
    
JNL/JPMorgan
    
JNL/JPMorgan
    
JNL/JPMorgan
    
JNL/Lazard
    
JNL/Lazard
    
JNL/M&G
    
JNL/M&G
        
   
Small Cap
    
Asset
    
International
    
MidCap
    
U.S. Government
    
Emerging
    
Mid Cap
    
Global
    
Global
    
JNL/MCM
  
   
Growth
    
Strategy
    
Value
    
Growth
    
& Quality Bond
    
Markets
    
Equity
    
Basics
    
Leaders
     10 x 10  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Investment income
                                                              
Dividends
   $ -     $ 1,121     $ 448,886     $ -     $ 656,301     $ 237,232     $ 60,364     $ 9,349     $ 3,913     $ 479,672  
                                                                                 
Expenses
                                                                                
Insurance charges (Note 3)
     130,252       273,800       311,582       264,617       329,990       708,060       201,556       20,638       13,279       368,065  
Total expenses
     130,252       273,800       311,582       264,617       329,990       708,060       201,556       20,638       13,279       368,065  
Net investment gain (loss)
     (130,252 )     (272,679 )     137,304       (264,617 )     326,311       (470,828 )     (141,192 )     (11,289 )     (9,366 )     111,607  
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       1,939       -       -       -       -       -       5,629       12,611       12,462  
Investments
     167,843       (28,035 )     (2,422,810 )     872,742       319,972       1,587,219       (485,973 )     31,154       17,873       (201,256 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,764,493       2,578,648       3,321,290       2,981,608       183,709       6,720,293       2,821,748       219,345       123,349       3,488,609  
Net realized and unrealized gain (loss)
     1,932,336       2,552,552       898,480       3,854,350       503,681       8,307,512       2,335,775       256,128       153,833       3,299,815  
                                                                                 
Net increase (decrease) in net assets
                                                                                
from operations
   $ 1,802,084     $ 2,279,873     $ 1,035,784     $ 3,589,733     $ 829,992     $ 7,836,684     $ 2,194,583     $ 244,839     $ 144,467     $ 3,411,422  

See notes to the financial statements.
 
Page 14
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

                     
JNL/MCM
    
JNL/MCM
          
JNL/MCM
    
JNL/MCM
    
JNL/MCM
        
         
JNL/MCM
    
JNL/MCM
    
Consumer
    
Dow
    
JNL/MCM
    
Financial
    
Global
    
Healthcare
    
JNL/MCM
  
   
JNL/MCM
    
Bond Index
    
Communications
    
Brands
    
Dividend
    
European 30
    
Sector
    
Alpha
    
Sector
    
Index 5
  
   
25 Portfolio
    
Portfolio
    
Sector Portfolio
    
Sector Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Investment income
                                                            
Dividends
   $ 573,472     $ 564,387     $ 68,428     $ 11,587     $ 452,371     $ 748     $ 99,315     $ -     $ 113,361     $ 262,638  
                                                                                 
Expenses
                                                                                
Insurance charges (Note 3)
     318,248       353,481       35,490       38,590       248,963       17,536       127,391       8,723       164,680       430,397  
Total expenses
     318,248       353,481       35,490       38,590       248,963       17,536       127,391       8,723       164,680       430,397  
Net investment gain (loss)
     255,224       210,906       32,938       (27,003 )     203,408       (16,788 )     (28,076 )     (8,723 )     (51,319 )     (167,759 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       36,585       -       -       -       5,791       -       208       -       19,858  
Investments
     124,375       266,097       (99,108 )     (27,644 )     (981,447 )     (14,529 )     65,226       4,663       3,755       461,901  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     2,409,732       285,687       539,162       452,062       2,238,825       37,524       805,524       33,127       299,550       3,205,761  
Net realized and unrealized gain (loss)
     2,534,107       588,369       440,054       424,418       1,257,378       28,786       870,750       37,998       303,305       3,687,520  
                                                                                 
Net increase (decrease) in net assets
                                                                                
from operations
   $ 2,789,331     $ 799,275     $ 472,992     $ 397,415     $ 1,460,786     $ 11,998     $ 842,674     $ 29,275     $ 251,986     $ 3,519,761  

See notes to the financial statements.
 
Page 15
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

   
JNL/MCM
                      
JNL/MCM
    
JNL/MCM
    
JNL/MCM
          
JNL/MCM
    
JNL/MCM
  
   
International
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
NYSE
    
Oil & Gas
    
Pacific
    
JNL/MCM
    
S&P 400
    
S&P 500
  
   
Index
    
JNL 5
    
JNL Optimized
    
Nasdaq 25
    
International
    
Sector
    
Rim 30
    
S&P 24
    
MidCap
    
Index
  
   
Portfolio
    
Portfolio
    
5 Portfolio
    
Portfolio
    
25 Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Index Portfolio
    
Portfolio
  
Investment income
                                                            
Dividends
   $ 608,251     $ 5,040,856     $ 627,530     $ 9,861     $ 122,013     $ 250,541     $ -     $ 3,899     $ 205,542     $ 789,736  
                                                                                 
Expenses
                                                                                
Insurance charges (Note 3)
     538,198       4,159,143       492,036       81,794       94,680       390,294       31,891       19,850       501,809       917,853  
Total expenses
     538,198       4,159,143       492,036       81,794       94,680       390,294       31,891       19,850       501,809       917,853  
Net investment gain (loss)
     70,053       881,713       135,494       (71,933 )     27,333       (139,753 )     (31,891 )     (15,951 )     (296,267 )     (128,117 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       -       -       -       -       -       451       -       267,408       73,285  
Investments
     (1,532,749 )     (20,227,116 )     (448,311 )     47,800       (228,967 )     (1,281,175 )     37,962       (6,184 )     (89,958 )     703,451  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     3,036,097       54,049,273       3,998,343       730,297       140,323       5,848,495       239,040       217,045       6,467,377       6,682,155  
Net realized and unrealized gain (loss)
     1,503,348       33,822,157       3,550,032       778,097       (88,644 )     4,567,320       277,453       210,861       6,644,827       7,458,891  
                                                                                 
Net increase (decrease) in net assets
                                                                                
from operations
   $ 1,573,401     $ 34,703,870     $ 3,685,526     $ 706,164     $ (61,311 )   $ 4,427,567     $ 245,562     $ 194,910     $ 6,348,560     $ 7,330,774  

See notes to the financial statements.
 
Page 16
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

                                       
JNL/
                    
         
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
          
Oppenheimer
                    
   
JNL/MCM
    
Select Small-
    
Small Cap
    
Technology
    
Value
          
Global
    
JNL/PAM
    
JNL/PAM
    
JNL/PIMCO
  
   
S&P SMid
    
Cap
    
Index
    
Sector
    
Line 30
    
JNL/MCM
    
Growth
    
Asia ex-Japan
    
China-India
    
Real Return
  
   
60 Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
VIP Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Investment income
                                                            
Dividends
   $ 10,366     $ 33,404     $ 175,354     $ 27,970     $ 173,999     $ 260,160     $ 150,755     $ 8,653     $ -     $ 593,450  
                                                                                 
Expenses
                                                                                
Insurance charges (Note 3)
     197,221       108,622       471,543       351,339       501,795       190,082       302,148       109,969       272,159       594,818  
Total expenses
     197,221       108,622       471,543       351,339       501,795       190,082       302,148       109,969       272,159       594,818  
Net investment gain (loss)
     (186,855 )     (75,218 )     (296,189 )     (323,369 )     (327,796 )     70,078       (151,393 )     (101,316 )     (272,159 )     (1,368 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       -       -       -       -       -       -       -       198,070       849,023  
Investments
     794,399       (676,266 )     (80,113 )     2,143,080       (1,925,925 )     (1,302,607 )     (585,722 )     125,628       770,949       438,351  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     530,162       1,560,200       6,548,213       (218,377 )     7,989,342       2,705,694       3,103,878       1,106,417       1,406,217       481,106  
Net realized and unrealized gain (loss)
     1,324,561       883,934       6,468,100       1,924,703       6,063,417       1,403,087       2,518,156       1,232,045       2,375,236       1,768,480  
                                                                                 
Net increase (decrease) in net assets
                                                                                
from operations
   $ 1,137,706     $ 808,716     $ 6,171,911     $ 1,601,334     $ 5,735,621     $ 1,473,165     $ 2,366,763     $ 1,130,729     $ 2,103,077     $ 1,767,112  

See notes to the financial statements.
 
Page 17
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

         
JNL/
    
JNL/
                                            
         
PPM
    
PPM
    
JNL/
    
JNL/
    
JNL/
                          
   
JNL/PIMCO
    
America
    
America
    
PPM America
    
PPM
    
Red Rocks
          
JNL/S&P
    
JNL/S&P
    
JNL/S&P
  
   
Total Return
    
High Yield
    
Mid Cap
    
Small Cap
    
America
    
Listed
          
Competitive
    
Disciplined
    
Disciplined
  
   
Bond
    
Bond
    
Value
    
Value
    
Value Equity
    
Private Equity
    
JNL/S&P 4
    
Advantage
    
Growth
    
Moderate
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Investment income
                                                            
Dividends
   $ 3,168,762     $ 2,366,303     $ 55     $ 3,127     $ 57,564     $ 9,550     $ -     $ 39,338     $ 93,985     $ 192,480  
                                                                                 
Expenses
                                                                                
Insurance charges (Note 3)
     2,186,307       527,096       25,778       21,469       57,238       52,526       628,802       118,731       111,777       266,580  
Total expenses
     2,186,307       527,096       25,778       21,469       57,238       52,526       628,802       118,731       111,777       266,580  
Net investment gain (loss)
     982,455       1,839,207       (25,723 )     (18,342 )     326       (42,976 )     (628,802 )     (79,393 )     (17,792 )     (74,100 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     5,751,877       -       -       115,847       -       30,621       31,014       194,893       -       -  
Investments
     1,518,012       680,661       (128,519 )     40,927       (74,870 )     110,567       1,136,754       1,698,610       82,292       110,147  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (2,304,255 )     1,528,002       346,319       252,748       651,243       750,090       4,048,162       (1,102,660 )     762,182       1,839,323  
Net realized and unrealized gain (loss)
     4,965,634       2,208,663       217,800       409,522       576,373       891,278       5,215,930       790,843       844,474       1,949,470  
                                                                                 
Net increase (decrease) in net assets
                                                                                
from operations
   $ 5,948,089     $ 4,047,870     $ 192,077     $ 391,180     $ 576,699     $ 848,302     $ 4,587,128     $ 711,450     $ 826,682     $ 1,875,370  


See notes to the financial statements.
 
Page 18
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

                     
JNL/
                      
JNL/
              
   
JNL/S&P
    
JNL/S&P
          
S&P
    
JNL/
    
JNL/
    
JNL/
    
S&P
              
   
Disciplined
    
Dividend
    
JNL/S&P
    
Managed
    
S&P
    
S&P
    
S&P
    
Managed
              
   
Moderate
    
Income
    
Intrinsic
    
Aggressive
    
Managed
    
Managed
    
Managed
    
Moderate
    
JNL/S&P
    
JNL/Select
  
   
Growth
    
& Growth
    
Value
    
Growth
    
Conservative
    
Growth
    
Moderate
    
Growth
    
Total Yield
    
Balanced
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Investment income
                                                            
Dividends
   $ 224,779     $ 122,625     $ 18,550     $ 432,679     $ 1,876,687     $ 1,422,606     $ 2,486,366     $ 2,267,995     $ 13,361     $ 601,310  
                                                                                 
Expenses
                                                                                
Insurance charges (Note 3)
     273,266       114,359       39,009       1,073,179       1,040,029       2,318,909       1,868,040       2,743,651       19,748       661,582  
Total expenses
     273,266       114,359       39,009       1,073,179       1,040,029       2,318,909       1,868,040       2,743,651       19,748       661,582  
Net investment gain (loss)
     (48,487 )     8,266       (20,459 )     (640,500 )     836,658       (896,303 )     618,326       (475,656 )     (6,387 )     (60,272 )
                                                                                 
Realized and unrealized gain (loss)
                                                                                
Net realized gain (loss) on:
                                                                                
Distributions from investment companies
     -       428,204       257,426       -       -       -       -       -       38,043       -  
Investments
     118,821       215,181       206,135       (562,009 )     304,858       (1,074,379 )     434,202       536,924       27,668       192,985  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     2,371,880       657,325       (222,032 )     9,873,293       3,172,633       21,741,166       9,987,492       19,431,578       57,815       4,065,451  
Net realized and unrealized gain (loss)
     2,490,701       1,300,710       241,529       9,311,284       3,477,491       20,666,787       10,421,694       19,968,502       123,526       4,258,436  
                                                                                 
Net increase (decrease) in net assets
                                                                                
from operations
   $ 2,442,214     $ 1,308,976     $ 221,070     $ 8,670,784     $ 4,314,149     $ 19,770,484     $ 11,040,020     $ 19,492,846     $ 117,139     $ 4,198,164  


See notes to the financial statements.
 
Page 19
 
 
JNLNY Separate Account I
Statements of Operations
For the Year Ended December 31, 2010

         
JNL/
    
JNL/T. Rowe
    
JNL/T. Rowe
    
JNL/T. Rowe
        
   
JNL/Select
    
Select
    
Price
    
Price Mid-Cap
    
Price Short-
    
JNL/T. Rowe
  
   
Money Market
    
Value
    
Established
    
Growth
    
Term
    
Price Value
  
   
Portfolio
    
Portfolio
    
Growth Portfolio
    
Portfolio
    
Bond Portfolio
    
Portfolio
  
Investment income
                                    
Dividends
   $ -     $ 160,648     $ 19,038     $ 99,926     $ 159,402     $ 270,302  
                                                 
Expenses
                                                
Insurance charges (Note 3)
     381,514       258,494       704,384       827,651       182,173       422,086  
Total expenses
     381,514       258,494       704,384       827,651       182,173       422,086  
Net investment gain (loss)
     (381,514 )     (97,846 )     (685,346 )     (727,725 )     (22,771 )     (151,784 )
                                                 
Realized and unrealized gain (loss)
                                                
Net realized gain (loss) on:
                                                
Distributions from investment companies
     -       -       -       1,296,443       -       -  
Investments
     -       44,451       263,226       728,805       (25,658 )     (878,594 )
Net change in unrealized appreciation
                                                
(depreciation) on investments
     -       1,990,836       7,198,402       11,215,855       140,974       4,603,390  
Net realized and unrealized gain (loss)
     -       2,035,287       7,461,628       13,241,103       115,316       3,724,796  
                                                 
Net increase (decrease) in net assets
                                                
from operations
   $ (381,514 )   $ 1,937,441     $ 6,776,282     $ 12,513,378     $ 92,545     $ 3,573,012  

See notes to the financial statements.
 
Page 20
 

JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

                           
JNL/American
                                
                           
Funds Blue
          
JNL/American
    
JNL/American
              
   
JNL
    
JNL
    
JNL
    
JNL
    
Chip
    
JNL/American
    
Funds Global
    
Funds
    
JNL/American
    
JNL/American
  
   
Institutional
    
Institutional
    
Institutional
    
Institutional
    
Income and
    
Funds Global
    
Small
    
Growth-
    
Funds
    
Funds New
  
   
Alt 20
    
Alt 35
    
Alt 50
    
Alt 65
    
Growth
    
Bond
    
Capitalization
    
Income
    
International
    
World
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
  
Operations
                                                            
Net investment income (loss)
   $ (96,729 )   $ (63,347 )   $ (132,529 )   $ (9,411 )   $ (47,193 )   $ (24,293 )   $ (30,955 )   $ (42,391 )   $ (22,912 )   $ (22,442 )
Net realized gain (loss) on investments
     51,174       75,517       85,244       145,111       8,040       2,697       38,001       40,572       30,131       36,502  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,901,526       1,763,003       3,125,072       1,923,426       833,926       37,615       622,031       862,587       373,528       418,615  
Net increase (decrease) in net assets
                                                                                
from operations
     1,855,971       1,775,173       3,077,787       2,059,126       794,773       16,019       629,077       860,768       380,747       432,675  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     12,909,049       9,882,962       16,279,086       7,554,524       7,636,271       4,070,867       2,654,143       7,887,694       3,899,641       3,466,477  
Surrenders and terminations
     (334,152 )     (295,345 )     (629,700 )     (385,776 )     (127,788 )     (73,812 )     (68,716 )     (131,736 )     (43,812 )     (62,168 )
Transfers between portfolios
     3,441,923       2,325,687       3,190,957       28,758,114       1,093,232       1,693,816       3,195,532       1,237,445       588,126       1,322,812  
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       -  
Policyholder charges (Note 3)
     (544 )     (2,085 )     (3,017 )     (2,235 )     (77 )     (35 )     (868 )     (61 )     (31 )     (63 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     16,016,276       11,911,219       18,837,326       35,924,627       8,601,638       5,690,836       5,780,091       8,993,342       4,443,924       4,727,058  
                                                                                 
Net increase (decrease) in net assets
     17,872,247       13,686,392       21,915,113       37,983,753       9,396,411       5,706,855       6,409,168       9,854,110       4,824,671       5,159,733  
                                                                                 
Net assets beginning of period
     4,545,231       4,542,911       10,571,761       4,142,680       -       -       -       -       -       -  
                                                                                 
Net assets end of period
   $ 22,417,478     $ 18,229,303     $ 32,486,874     $ 42,126,433     $ 9,396,411     $ 5,706,855     $ 6,409,168     $ 9,854,110     $ 4,824,671     $ 5,159,733  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     361,252       347,489       788,104       300,164       -       -       -       -       -       -  
                                                                                 
Units Issued
     1,303,386       982,194       1,478,288       2,497,368       1,082,722       560,569       723,237       984,682       480,995       491,357  
Units Redeemed
     (64,118 )     (92,861 )     (126,174 )     (122,713 )     (169,192 )     (8,505 )     (141,982 )     (32,167 )     (31,721 )     (32,426 )
                                                                                 
Units Outstanding at December 31, 2010
     1,600,520       1,236,822       2,140,218       2,674,819       913,530       552,064       581,255       952,515       449,274       458,931  
                                                                                 
                                                                                 
(a) Commencement of operations May 3, 2010.
                                                                  

See notes to the financial statements.
 
Page 21
 


JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

                           
JNL/Capital
                                
               
JNL/Capital
    
JNL/Capital
    
Guardian
                      
JNL/Franklin
        
   
JNL/BlackRock
    
JNL/BlackRock
    
Guardian
    
Guardian Global
    
U.S.
    
JNL/Eagle
    
JNL/Eagle
    
JNL/Franklin
    
Templeton
    
JNL/Franklin
  
   
Commodity
    
Global
    
Global
    
Diversified
    
Growth
    
Core
    
SmallCap
    
Templeton
    
Global
    
Templeton
  
   
Securities
    
Allocation
    
Balanced
    
Research
    
Equity
    
Equity
    
Equity
    
Founding
    
Growth
    
Income
  
   
Portfolio
    
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Strategy Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ (370,850 )   $ (9,532 )   $ (77,976 )   $ (89,260 )   $ (243,472 )   $ (55,854 )   $ (197,856 )   $ 718,026     $ (3,355 )   $ 1,105,627  
Net realized gain (loss) on investments
     (345,046 )     101       (249,112 )     (104,706 )     155,690       (247,296 )     416,177       (297,033 )     (97,020 )     63,664  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     4,736,672       140,578       1,517,764       1,159,020       2,234,413       790,210       4,197,299       3,882,066       645,604       3,470,627  
Net increase (decrease) in net assets
                                                                                
from operations
     4,020,776       131,147       1,190,676       965,054       2,146,631       487,060       4,415,620       4,303,059       545,229       4,639,918  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     6,959,483       5,208,719       3,735,207       2,795,685       4,470,718       1,719,428       4,044,743       13,628,500       2,953,891       13,556,456  
Surrenders and terminations
     (1,314,000 )     (9,148 )     (1,373,572 )     (602,396 )     (996,301 )     (759,685 )     (866,277 )     (2,725,031 )     (342,405 )     (2,507,392 )
Transfers between portfolios
     (6,357,618 )     1,967,518       604,992       (946,041 )     (551,900 )     (204,915 )     12,082,939       403,452       364,019       3,536,865  
Net annuitization transactions
     -       -       -       (290 )     -       -       -       -       -       -  
Policyholder charges (Note 3)
     (16,203 )     (43 )     (9,308 )     (3,313 )     (6,359 )     (6,840 )     (5,393 )     (45,783 )     (3,790 )     (21,013 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     (728,338 )     7,167,046       2,957,319       1,243,645       2,916,158       747,988       15,256,012       11,261,138       2,971,715       14,564,916  
                                                                                 
Net increase (decrease) in net assets
     3,292,438       7,298,193       4,147,995       2,208,699       5,062,789       1,235,048       19,671,632       15,564,197       3,516,944       19,204,834  
                                                                                 
Net assets beginning of period
     28,330,862       -       13,985,182       8,854,657       14,961,892       4,314,539       10,264,484       41,621,279       5,832,316       34,692,625  
                                                                                 
Net assets end of period
   $ 31,623,300     $ 7,298,193     $ 18,133,177     $ 11,063,356     $ 20,024,681     $ 5,549,587     $ 29,936,116     $ 57,185,476     $ 9,349,260     $ 53,897,459  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     2,933,991       -       1,299,082       445,523       800,330       327,716       520,649       5,213,865       782,372       3,530,627  
                                                                                 
Units Issued
     1,467,495       709,539       501,314       192,256       514,171       166,503       1,017,763       2,213,085       561,735       1,874,090  
Units Redeemed
     (1,570,592 )     (1,945 )     (232,537 )     (156,244 )     (405,758 )     (140,666 )     (431,347 )     (838,666 )     (155,655 )     (463,362 )
                                                                                 
Units Outstanding at December 31, 2010
     2,830,894       707,594       1,567,859       481,535       908,743       353,553       1,107,065       6,588,284       1,188,452       4,941,355  
                                                                                 
                                                                                 
(a) Commencement of operations October 11, 2010.
                                                                  

See notes to the financial statements.
 
Page 22
 


JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

   
JNL/Franklin
          
JNL/Franklin
    
JNL/
    
JNL/Goldman
    
JNL/
                          
   
Templeton Inter-
    
JNL/Franklin
    
Templeton
    
Goldman
    
Sachs
    
Goldman
    
JNL/Goldman
    
JNL/Invesco
    
JNL/Invesco
    
JNL/Invesco
  
   
national Small
    
Templeton
    
Small Cap
    
Sachs
    
Emerging
    
Sachs
    
Sachs U.S.
    
Global Real
    
International
    
Large Cap
  
   
Cap
    
Mutual
    
Value
    
Core Plus
    
Markets Debt
    
Mid Cap
    
Equity Flex
    
Estate
    
Growth
    
Growth
  
   
Growth Portfolio
    
Shares Portfolio
    
Portfolio
    
Bond Portfolio
    
Portfolio
    
Value Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ (23,141 )   $ (205,307 )   $ (86,220 )   $ 226,769     $ (26,136 )   $ (79,508 )   $ (36,487 )   $ 438,133     $ (186,310 )   $ (146,496 )
Net realized gain (loss) on investments
     134,027       (5,287 )     112,438       533,036       486,388       (80,611 )     (1,504 )     (719,518 )     (458,848 )     6,006  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,052,056       1,554,453       1,952,589       283,052       734,438       1,935,015       429,976       1,978,180       2,672,050       1,893,795  
Net increase (decrease) in net assets
                                                                                
from operations
     1,162,942       1,343,859       1,978,807       1,042,857       1,194,690       1,774,896       391,985       1,696,795       2,026,892       1,753,305  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     2,157,908       5,832,192       2,770,145       6,024,564       5,349,926       4,123,715       1,604,029       3,951,073       4,213,354       3,754,692  
Surrenders and terminations
     (326,821 )     (761,835 )     (443,574 )     (1,936,406 )     (490,906 )     (598,554 )     (228,442 )     (700,350 )     (1,000,459 )     (1,080,411 )
Transfers between portfolios
     (219,688 )     511,298       2,979,641       496,837       4,754,431       937,884       325,771       1,920,328       (2,759,332 )     (42,093 )
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       -  
Policyholder charges (Note 3)
     (2,980 )     (4,243 )     (4,355 )     (10,376 )     (2,876 )     (3,826 )     (1,621 )     (5,753 )     (7,484 )     (8,061 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     1,608,419       5,577,412       5,301,857       4,574,619       9,610,575       4,459,219       1,699,737       5,165,298       446,079       2,624,127  
                                                                                 
Net increase (decrease) in net assets
     2,771,361       6,921,271       7,280,664       5,617,476       10,805,265       6,234,115       2,091,722       6,862,093       2,472,971       4,377,432  
                                                                                 
Net assets beginning of period
     5,539,414       10,151,762       5,783,153       18,060,871       3,676,361       5,693,553       3,506,005       9,829,120       16,217,972       9,403,843  
                                                                                 
Net assets end of period
   $ 8,310,775     $ 17,073,033     $ 13,063,817     $ 23,678,347     $ 14,481,626     $ 11,927,668     $ 5,597,727     $ 16,691,213     $ 18,690,943     $ 13,781,275  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     826,223       1,351,464       574,045       885,687       315,732       536,134       435,818       918,721       1,139,510       892,483  
                                                                                 
Units Issued
     639,347       986,769       625,874       470,152       1,264,391       597,709       376,822       1,098,085       517,216       548,961  
Units Redeemed
     (422,017 )     (269,651 )     (162,388 )     (272,258 )     (493,460 )     (220,251 )     (162,915 )     (662,575 )     (475,289 )     (317,494 )
                                                                                 
Units Outstanding at December 31, 2010
     1,043,553       2,068,582       1,037,531       1,083,581       1,086,663       913,592       649,725       1,354,231       1,181,437       1,123,950  

See notes to the financial statements.
 
Page 23
 


JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

                           
JNL/JPMorgan
                                
   
JNL/Invesco
    
JNL/Ivy
    
JNL/JPMorgan
    
JNL/JPMorgan
    
U.S.
    
JNL/Lazard
    
JNL/Lazard
    
JNL/M&G
    
JNL/M&G
        
   
Small Cap
    
Asset
    
International
    
MidCap
    
Government
    
Emerging
    
Mid Cap
    
Global
    
Global
    
JNL/MCM
  
   
Growth
    
Strategy
    
Value
    
Growth
    
& Quality Bond
    
Markets
    
Equity
    
Basics
    
Leaders
       10 x 10  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                              
Net investment income (loss)
   $ (130,252 )   $ (272,679 )   $ 137,304     $ (264,617 )   $ 326,311     $ (470,828 )   $ (141,192 )   $ (11,289 )   $ (9,366 )   $ 111,607  
Net realized gain (loss) on investments
     167,843       (26,096 )     (2,422,810 )     872,742       319,972       1,587,219       (485,973 )     36,783       30,484       (188,794 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,764,493       2,578,648       3,321,290       2,981,608       183,709       6,720,293       2,821,748       219,345       123,349       3,488,609  
Net increase (decrease) in net assets
                                                                                
from operations
     1,802,084       2,279,873       1,035,784       3,589,733       829,992       7,836,684       2,194,583       244,839       144,467       3,411,422  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     1,726,274       17,483,718       3,283,896       2,272,016       7,906,397       12,783,716       1,745,692       390,049       689,402       4,994,228  
Surrenders and terminations
     (598,910 )     (504,141 )     (1,208,462 )     (1,181,599 )     (1,650,318 )     (2,252,627 )     (1,015,285 )     (38,724 )     (22,674 )     (963,781 )
Transfers between portfolios
     404,830       6,271,094       (3,962,004 )     (409,961 )     395,482       7,930,872       581,117       452,586       21,095       (98,129 )
Net annuitization transactions
     -       -       -       (342 )     (3,812 )     -       -       -       -       (266,118 )
Policyholder charges (Note 3)
     (6,292 )     (2,805 )     (13,433 )     (5,523 )     (10,050 )     (18,647 )     (7,100 )     (75 )     (819 )     (11,202 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     1,525,902       23,247,866       (1,900,003 )     674,591       6,637,699       18,443,314       1,304,424       803,836       687,004       3,654,998  
                                                                                 
Net increase (decrease) in net assets
     3,327,986       25,527,739       (864,219 )     4,264,324       7,467,691       26,279,998       3,499,007       1,048,675       831,471       7,066,420  
                                                                                 
Net assets beginning of period
     6,353,129       4,686,752       19,101,165       15,040,777       17,065,478       30,650,538       10,300,522       615,701       465,360       21,284,421  
                                                                                 
Net assets end of period
   $ 9,681,115     $ 30,214,491     $ 18,236,946     $ 19,305,101     $ 24,533,169     $ 56,930,536     $ 13,799,529     $ 1,664,376     $ 1,296,831     $ 28,350,841  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     522,399       452,134       1,587,158       882,248       1,008,079       2,620,394       654,317       50,744       41,361       2,817,806  
                                                                                 
Units Issued
     224,339       2,550,092       498,592       175,543       662,993       3,266,891       259,673       177,062       81,109       811,271  
Units Redeemed
     (109,343 )     (305,838 )     (654,203 )     (173,952 )     (322,275 )     (1,826,837 )     (197,673 )     (114,418 )     (19,027 )     (355,624 )
                                                                                 
Units Outstanding at December 31, 2010
     637,395       2,696,388       1,431,547       883,839       1,348,797       4,060,448       716,317       113,388       103,443       3,273,453  

See notes to the financial statements.
 
Page 24
 


JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

                     
JNL/MCM
    
JNL/MCM
          
JNL/MCM
    
JNL/MCM
    
JNL/MCM
        
         
JNL/MCM
    
JNL/MCM
    
Consumer
    
Dow
    
JNL/MCM
    
Financial
    
Global
    
Healthcare
    
JNL/MCM
  
   
JNL/MCM
    
Bond Index
    
Communications
    
Brands
    
Dividend
    
European 30
    
Sector
    
Alpha
    
Sector
    
Index 5
  
   
25 Portfolio
    
Portfolio
    
Sector Portfolio
    
Sector Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ 255,224     $ 210,906     $ 32,938     $ (27,003 )   $ 203,408     $ (16,788 )   $ (28,076 )   $ (8,723 )   $ (51,319 )   $ (167,759 )
Net realized gain (loss) on investments
     124,375       302,682       (99,108 )     (27,644 )     (981,447 )     (8,738 )     65,226       4,871       3,755       481,759  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     2,409,732       285,687       539,162       452,062       2,238,825       37,524       805,524       33,127       299,550       3,205,761  
Net increase (decrease) in net assets
                                                                                
from operations
     2,789,331       799,275       472,992       397,415       1,460,786       11,998       842,674       29,275       251,986       3,519,761  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     3,337,443       3,877,975       661,519       688,334       3,177,938       431,002       1,582,498       417,776       2,566,360       3,588,556  
Surrenders and terminations
     (1,168,187 )     (2,135,219 )     (78,140 )     (102,359 )     (711,656 )     (85,629 )     (374,459 )     (20,649 )     (473,140 )     (858,543 )
Transfers between portfolios
     12,314,402       937,307       1,439,812       565,131       41,134       19,008       270,055       376,996       (52,848 )     623,033  
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       -  
Policyholder charges (Note 3)
     (8,065 )     (16,163 )     (707 )     (1,554 )     (9,740 )     (642 )     (4,815 )     (86 )     (6,095 )     (13,048 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     14,475,593       2,663,900       2,022,484       1,149,552       2,497,676       363,739       1,473,279       774,037       2,034,277       3,339,998  
                                                                                 
Net increase (decrease) in net assets
     17,264,924       3,463,175       2,495,476       1,546,967       3,958,462       375,737       2,315,953       803,312       2,286,263       6,859,759  
                                                                                 
Net assets beginning of period
     9,395,496       18,997,543       1,567,886       1,673,293       13,359,634       930,000       6,988,181       113,703       8,821,945       23,007,069  
                                                                                 
Net assets end of period
   $ 26,660,420     $ 22,460,718     $ 4,063,362     $ 3,220,260     $ 17,318,096     $ 1,305,737     $ 9,304,134     $ 917,015     $ 11,108,208     $ 29,866,828  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     838,042       1,526,932       345,890       181,606       2,177,379       78,186       1,049,270       11,560       792,993       2,741,732  
                                                                                 
Units Issued
     1,509,570       460,965       534,385       233,813       1,091,655       71,212       590,994       101,534       395,961       690,772  
Units Redeemed
     (407,040 )     (262,506 )     (133,946 )     (128,838 )     (711,224 )     (40,222 )     (392,892 )     (23,790 )     (217,839 )     (309,100 )
                                                                                 
Units Outstanding at December 31, 2010
     1,940,572       1,725,391       746,329       286,581       2,557,810       109,176       1,247,372       89,304       971,115       3,123,404  

See notes to the financial statements.
 
Page 25
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

   
JNL/MCM
                      
JNL/MCM
    
JNL/MCM
    
JNL/MCM
          
JNL/MCM
    
JNL/MCM
  
   
International
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
NYSE
    
Oil & Gas
    
Pacific
    
JNL/MCM
    
S&P 400
    
S&P 500
  
   
Index
    
JNL 5
    
JNL Optimized
    
Nasdaq 25
    
International
    
Sector
    
Rim 30
    
S&P 24
    
MidCap
    
Index
  
   
Portfolio
    
Portfolio
    
5 Portfolio
    
Portfolio
    
25 Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Index Portfolio
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ 70,053     $ 881,713     $ 135,494     $ (71,933 )   $ 27,333     $ (139,753 )   $ (31,891 )   $ (15,951 )   $ (296,267 )   $ (128,117 )
Net realized gain (loss) on investments
     (1,532,749 )     (20,227,116 )     (448,311 )     47,800       (228,967 )     (1,281,175 )     38,413       (6,184 )     177,450       776,736  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     3,036,097       54,049,273       3,998,343       730,297       140,323       5,848,495       239,040       217,045       6,467,377       6,682,155  
Net increase (decrease) in net assets
                                                                                
from operations
     1,573,401       34,703,870       3,685,526       706,164       (61,311 )     4,427,567       245,562       194,910       6,348,560       7,330,774  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     3,477,190       13,019,504       4,380,580       965,040       1,092,501       5,191,281       974,493       405,096       2,982,706       15,344,491  
Surrenders and terminations
     (2,662,245 )     (16,385,736 )     (1,626,655 )     (209,297 )     (290,689 )     (1,264,781 )     (104,998 )     (95,056 )     (2,767,910 )     (3,650,183 )
Transfers between portfolios
     (410,333 )     (25,475,301 )     378,163       (147,875 )     126,182       1,973,151       1,411,228       70,746       5,079,184       1,764,846  
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       -  
Policyholder charges (Note 3)
     (17,027 )     (219,998 )     (17,377 )     (2,540 )     (4,026 )     (16,489 )     (1,066 )     (461 )     (17,099 )     (26,021 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     387,585       (29,061,531 )     3,114,711       605,328       923,968       5,883,162       2,279,657       380,325       5,276,881       13,433,133  
                                                                                 
Net increase (decrease) in net assets
     1,960,986       5,642,339       6,800,237       1,311,492       862,657       10,310,729       2,525,219       575,235       11,625,441       20,763,907  
                                                                                 
Net assets beginning of period
     32,115,043       249,704,640       26,985,564       4,233,250       5,156,907       20,182,550       850,315       977,103       24,245,554       45,163,786  
                                                                                 
Net assets end of period
   $ 34,076,029     $ 255,346,979     $ 33,785,801     $ 5,544,742     $ 6,019,564     $ 30,493,279     $ 3,375,534     $ 1,552,338     $ 35,870,995     $ 65,927,693  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     2,237,818       26,219,235       3,138,765       441,062       628,748       772,012       72,901       117,686       1,819,686       4,735,840  
                                                                                 
Units Issued
     524,906       1,900,001       884,028       320,403       310,452       521,745       309,769       79,055       876,696       3,257,077  
Units Redeemed
     (501,683 )     (4,840,665 )     (506,386 )     (260,840 )     (208,712 )     (300,096 )     (122,783 )     (34,158 )     (521,029 )     (1,881,403 )
                                                                                 
Units Outstanding at December 31, 2010
     2,261,041       23,278,571       3,516,407       500,625       730,488       993,661       259,887       162,583       2,175,353       6,111,514  

See notes to the financial statements.
 
Page 26
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

                                       
JNL/
                    
         
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
          
Oppenheimer
                    
   
JNL/MCM
    
Select Small-
    
Small Cap
    
Technology
    
Value
          
Global
    
JNL/PAM
    
JNL/PAM
    
JNL/PIMCO
  
   
S&P SMid
    
Cap
    
Index
    
Sector
    
Line 30
    
JNL/MCM
    
Growth
    
Asia ex-Japan
    
China-India
    
Real Return
  
   
60 Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
VIP Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ (186,855 )   $ (75,218 )   $ (296,189 )   $ (323,369 )   $ (327,796 )   $ 70,078     $ (151,393 )   $ (101,316 )   $ (272,159 )   $ (1,368 )
Net realized gain (loss) on investments
     794,399       (676,266 )     (80,113 )     2,143,080       (1,925,925 )     (1,302,607 )     (585,722 )     125,628       969,019       1,287,374  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     530,162       1,560,200       6,548,213       (218,377 )     7,989,342       2,705,694       3,103,878       1,106,417       1,406,217       481,106  
Net increase (decrease) in net assets
                                                                                
from operations
     1,137,706       808,716       6,171,911       1,601,334       5,735,621       1,473,165       2,366,763       1,130,729       2,103,077       1,767,112  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     1,307,317       698,690       2,760,005       4,004,666       1,562,513       1,237,738       4,508,268       2,185,749       6,125,560       16,298,221  
Surrenders and terminations
     (549,233 )     (551,350 )     (2,663,289 )     (829,361 )     (1,597,355 )     (901,777 )     (1,128,402 )     (302,299 )     (695,232 )     (2,279,188 )
Transfers between portfolios
     (109,914 )     796,135       (600,409 )     (5,970,480 )     (3,518,526 )     (1,637,612 )     (49,379 )     241,156       (2,061,787 )     3,280,112  
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       (184,258 )
Policyholder charges (Note 3)
     (3,437 )     (3,772 )     (14,145 )     (9,119 )     (20,394 )     (20,995 )     (8,983 )     (3,517 )     (8,527 )     (17,613 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     644,733       939,703       (517,838 )     (2,804,294 )     (3,573,762 )     (1,322,646 )     3,321,504       2,121,089       3,360,014       17,097,274  
                                                                                 
Net increase (decrease) in net assets
     1,782,439       1,748,419       5,654,073       (1,202,960 )     2,161,859       150,519       5,688,267       3,251,818       5,463,091       18,864,386  
                                                                                 
Net assets beginning of period
     9,384,168       6,319,265       25,411,896       20,519,678       29,691,813       11,753,992       15,773,463       5,940,990       16,154,670       27,003,362  
                                                                                 
Net assets end of period
   $ 11,166,607     $ 8,067,684     $ 31,065,969     $ 19,316,718     $ 31,853,672     $ 11,904,511     $ 21,461,730     $ 9,192,808     $ 21,617,761     $ 45,867,748  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     976,466       571,945       2,128,028       3,339,358       2,880,074       1,195,986       1,313,886       741,299       2,160,392       2,267,443  
                                                                                 
Units Issued
     1,333,869       177,313       773,872       1,734,177       273,493       170,962       686,266       648,073       1,518,407       1,854,919  
Units Redeemed
     (1,333,767 )     (110,339 )     (809,498 )     (2,230,449 )     (590,012 )     (297,814 )     (430,347 )     (414,174 )     (1,158,698 )     (494,097 )
                                                                                 
Units Outstanding at December 31, 2010
     976,568       638,919       2,092,402       2,843,086       2,563,555       1,069,134       1,569,805       975,198       2,520,101       3,628,265  

See notes to the financial statements.
 
Page 27
 


JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

         
JNL/
    
JNL/
                                            
         
PPM
    
PPM
    
JNL/
    
JNL/
    
JNL/
                          
   
JNL/PIMCO
    
America
    
America
    
PPM America
    
PPM
    
Red Rocks
          
JNL/S&P
    
JNL/S&P
    
JNL/S&P
  
   
Total Return
    
High Yield
    
Mid Cap
    
Small Cap
    
America
    
Listed
          
Competitive
    
Disciplined
    
Disciplined
  
   
Bond
    
Bond
    
Value
    
Value
    
Value Equity
    
Private Equity
    
JNL/S&P 4
    
Advantage
    
Growth
    
Moderate
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ 982,455     $ 1,839,207     $ (25,723 )   $ (18,342 )   $ 326     $ (42,976 )   $ (628,802 )   $ (79,393 )   $ (17,792 )   $ (74,100 )
Net realized gain (loss) on investments
     7,269,889       680,661       (128,519 )     156,774       (74,870 )     141,188       1,167,768       1,893,503       82,292       110,147  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     (2,304,255 )     1,528,002       346,319       252,748       651,243       750,090       4,048,162       (1,102,660 )     762,182       1,839,323  
Net increase (decrease) in net assets
                                                                                
from operations
     5,948,089       4,047,870       192,077       391,180       576,699       848,302       4,587,128       711,450       826,682       1,875,370  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     55,206,972       8,440,440       960,517       1,163,699       674,574       2,254,180       8,355,244       795,630       2,814,618       9,061,107  
Surrenders and terminations
     (12,095,702 )     (2,951,239 )     (177,686 )     (176,593 )     (176,540 )     (121,298 )     (1,532,956 )     (403,760 )     (191,845 )     (922,336 )
Transfers between portfolios
     10,436,801       (218,600 )     1,135,049       431,509       1,173,281       1,343,787       9,014       (7,360,263 )     (383,666 )     4,317,918  
Net annuitization transactions
     -       -       -       -       (2,507 )     -       -       -       -       -  
Policyholder charges (Note 3)
     (64,448 )     (17,861 )     (1,741 )     (496 )     (1,448 )     (1,124 )     (20,355 )     (2,554 )     (2,023 )     (15,409 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     53,483,623       5,252,740       1,916,139       1,418,119       1,667,360       3,475,545       6,810,947       (6,970,947 )     2,237,084       12,441,280  
                                                                                 
Net increase (decrease) in net assets
     59,431,712       9,300,610       2,108,216       1,809,299       2,244,059       4,323,847       11,398,075       (6,259,497 )     3,063,766       14,316,650  
                                                                                 
Net assets beginning of period
     95,963,993       28,837,591       770,496       779,897       3,170,091       1,653,595       35,257,403       11,376,726       5,843,420       9,460,250  
                                                                                 
Net assets end of period
   $ 155,395,705     $ 38,138,201     $ 2,878,712     $ 2,589,196     $ 5,414,150     $ 5,977,442     $ 46,655,478     $ 5,117,229     $ 8,907,186     $ 23,776,900  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     5,846,975       2,221,113       94,252       94,853       298,866       202,189       3,784,689       1,168,894       755,099       1,067,174  
                                                                                 
Units Issued
     4,437,011       1,435,280       505,702       187,379       142,166       519,707       1,291,847       189,830       476,208       1,578,266  
Units Redeemed
     (1,472,474 )     (1,098,171 )     (323,754 )     (32,309 )     (46,104 )     (134,287 )     (605,238 )     (884,442 )     (194,891 )     (196,847 )
                                                                                 
Units Outstanding at December 31, 2010
     8,811,512       2,558,222       276,200       249,923       394,928       587,609       4,471,298       474,282       1,036,416       2,448,593  

See notes to the financial statements.
 
Page 28
 


JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

                     
JNL/
                      
JNL/
              
   
JNL/S&P
    
JNL/S&P
          
S&P
    
JNL/
    
JNL/
    
JNL/
    
S&P
              
   
Disciplined
    
Dividend
    
JNL/S&P
    
Managed
    
S&P
    
S&P
    
S&P
    
Managed
              
   
Moderate
    
Income
    
Intrinsic
    
Aggressive
    
Managed
    
Managed
    
Managed
    
Moderate
    
JNL/S&P
    
JNL/Select
  
   
Growth
    
& Growth
    
Value
    
Growth
    
Conservative
    
Growth
    
Moderate
    
Growth
    
Total Yield
    
Balanced
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ (48,487 )   $ 8,266     $ (20,459 )   $ (640,500 )   $ 836,658     $ (896,303 )   $ 618,326     $ (475,656 )   $ (6,387 )   $ (60,272 )
Net realized gain (loss) on investments
     118,821       643,385       463,561       (562,009 )     304,858       (1,074,379 )     434,202       536,924       65,711       192,985  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     2,371,880       657,325       (222,032 )     9,873,293       3,172,633       21,741,166       9,987,492       19,431,578       57,815       4,065,451  
Net increase (decrease) in net assets
                                                                                
from operations
     2,442,214       1,308,976       221,070       8,670,784       4,314,149       19,770,484       11,040,020       19,492,846       117,139       4,198,164  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     9,943,001       6,199,925       1,121,963       12,774,444       31,649,756       31,886,114       46,557,667       63,992,747       770,798       19,239,937  
Surrenders and terminations
     (1,066,594 )     (330,532 )     (115,272 )     (4,294,326 )     (5,173,378 )     (10,444,221 )     (5,919,701 )     (11,581,026 )     (112,600 )     (2,423,646 )
Transfers between portfolios
     1,558,204       365,695       1,457,351       (920,834 )     10,038,277       5,313,832       7,752,615       9,420,737       403,453       4,133,742  
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       (6,848 )
Policyholder charges (Note 3)
     (3,154 )     (1,355 )     (558 )     (24,368 )     (27,907 )     (111,051 )     (54,287 )     (91,499 )     (212 )     (19,034 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     10,431,457       6,233,733       2,463,484       7,534,916       36,486,748       26,644,674       48,336,294       61,740,959       1,061,439       20,924,151  
                                                                                 
Net increase (decrease) in net assets
     12,873,671       7,542,709       2,684,554       16,205,700       40,800,897       46,415,158       59,376,314       81,233,805       1,178,578       25,122,315  
                                                                                 
Net assets beginning of period
     11,756,675       3,914,206       1,823,592       53,253,720       47,357,606       122,493,374       87,074,749       129,482,312       754,334       30,956,097  
                                                                                 
Net assets end of period
   $ 24,630,346     $ 11,456,915     $ 4,508,146     $ 69,459,420     $ 88,158,503     $ 168,908,532     $ 146,451,063     $ 210,716,117     $ 1,932,912     $ 56,078,412  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     1,442,753       452,871       188,920       4,404,362       4,287,203       9,601,582       7,740,488       9,880,241       84,232       1,260,765  
                                                                                 
Units Issued
     1,483,518       853,380       534,870       1,387,451       4,114,550       3,932,186       5,067,515       6,251,940       154,401       942,449  
Units Redeemed
     (223,390 )     (170,221 )     (309,398 )     (834,587 )     (961,054 )     (2,048,436 )     (970,626 )     (1,838,881 )     (39,294 )     (158,564 )
                                                                                 
Units Outstanding at December 31, 2010
     2,702,881       1,136,030       414,392       4,957,226       7,440,699       11,485,332       11,837,377       14,293,300       199,339       2,044,650  

See notes to the financial statements.
 
Page 29
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2010

         
JNL/
    
JNL/T. Rowe
    
JNL/T. Rowe
    
JNL/T. Rowe
        
   
JNL/Select
    
Select
    
Price
    
Price Mid-Cap
    
Price Short-
    
JNL/T. Rowe
  
   
Money Market
    
Value
    
Established
    
Growth
    
Term
    
Price Value
  
   
Portfolio
    
Portfolio
    
Growth Portfolio
    
Portfolio
    
Bond Portfolio
    
Portfolio
  
Operations
                                    
Net investment income (loss)
   $ (381,514 )   $ (97,846 )   $ (685,346 )   $ (727,725 )   $ (22,771 )   $ (151,784 )
Net realized gain (loss) on investments
     -       44,451       263,226       2,025,248       (25,658 )     (878,594 )
Net change in unrealized appreciation
                                                
(depreciation) on investments
     -       1,990,836       7,198,402       11,215,855       140,974       4,603,390  
Net increase (decrease) in net assets
                                                
from operations
     (381,514 )     1,937,441       6,776,282       12,513,378       92,545       3,573,012  
                                                 
Contract transactions 1
                                                
Purchase payments (Note 4)
     15,123,781       3,629,025       9,658,379       10,461,687       6,238,145       3,031,585  
Surrenders and terminations
     (5,175,017 )     (1,119,052 )     (3,170,446 )     (3,557,068 )     (610,573 )     (2,288,086 )
Transfers between portfolios
     (8,482,929 )     1,587,216       2,038,123       5,579,327       360,963       1,817,048  
Net annuitization transactions
     (172,964 )     -       -       -       -       -  
Policyholder charges (Note 3)
     (30,296 )     (9,941 )     (37,383 )     (36,007 )     (1,946 )     (25,807 )
Net increase (decrease) in net assets from
                                                
contract transactions
     1,262,575       4,087,248       8,488,673       12,447,939       5,986,589       2,534,740  
                                                 
Net increase (decrease) in net assets
     881,061       6,024,689       15,264,955       24,961,317       6,079,134       6,107,752  
                                                 
Net assets beginning of period
     24,499,693       13,294,004       38,908,760       43,236,910       7,690,974       24,491,497  
                                                 
Net assets end of period
   $ 25,380,754     $ 19,318,693     $ 54,173,715     $ 68,198,227     $ 13,770,108     $ 30,599,249  
                                                 
                                                 
1 Contract unit transactions
                                                
Units Outstanding at December 31, 2009
     1,961,012       759,748       1,718,555       1,215,064       748,895       1,942,890  
                                                 
Units Issued
     4,001,216       375,497       620,676       483,095       1,012,734       582,929  
Units Redeemed
     (3,930,935 )     (150,989 )     (338,772 )     (208,098 )     (441,968 )     (400,075 )
                                                 
Units Outstanding at December 31, 2010
     2,031,293       984,256       2,000,459       1,490,061       1,319,661       2,125,744  

See notes to the financial statements.
 
Page 30
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

                                                   
JNL/Capital
    
JNL/Capital
  
   
JNL
    
JNL
    
JNL
    
JNL
    
JNL/AIM
    
JNL/AIM
    
JNL/AIM
    
JNL/AIM
    
Guardian
    
Guardian Global
  
   
Institutional
    
Institutional
    
Institutional
    
Institutional
    
Global
    
International
    
Large Cap
    
Small Cap
    
Global
    
Diversified
  
   
Alt 20
    
Alt 35
    
Alt 50
    
Alt 65
    
Real Estate
    
Growth
    
Growth
    
Growth
    
Balanced
    
Research
  
   
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ (17,316 )   $ (16,349 )   $ (29,626 )   $ (17,760 )   $ 77,029     $ 58,848     $ (97,313 )   $ (65,766 )   $ 87,691     $ 8,944  
Net realized gain (loss) on investments
     42,928       2,402       4,977       9,132       (1,295,489 )     (1,264,745 )     (465,140 )     (434,598 )     (599,320 )     (491,214 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     186,441       223,344       243,254       234,327       2,911,311       4,734,969       2,114,271       1,637,649       2,731,304       2,316,232  
Net increase (decrease) in net assets
                                                                                
from operations
     212,053       209,397       218,605       225,699       1,692,851       3,529,072       1,551,818       1,137,285       2,219,675       1,833,962  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     2,840,525       2,448,700       5,688,661       2,545,273       1,734,541       3,181,027       2,068,382       1,139,757       2,362,893       2,029,685  
Surrenders and terminations
     (17,739 )     (20,057 )     (33,342 )     (38,478 )     (254,276 )     (846,011 )     (446,834 )     (212,141 )     (776,346 )     (347,743 )
Transfers between portfolios
     1,510,410       1,904,901       4,697,837       1,410,201       1,942,822       927,292       683,518       1,986,873       560,027       703,881  
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       -  
Policyholder charges (Note 3)
     (18 )     (30 )     -       (15 )     (5,300 )     (10,703 )     (5,587 )     (1,895 )     (6,252 )     (6,084 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     4,333,178       4,333,514       10,353,156       3,916,981       3,417,787       3,251,605       2,299,479       2,912,594       2,140,322       2,379,739  
                                                                                 
Net increase (decrease) in net assets
     4,545,231       4,542,911       10,571,761       4,142,680       5,110,638       6,780,677       3,851,297       4,049,879       4,359,997       4,213,701  
                                                                                 
Net assets beginning of period
     -       -       -       -       4,718,482       9,437,295       5,552,546       2,303,250       9,625,185       4,640,956  
                                                                                 
Net assets end of period
   $ 4,545,231     $ 4,542,911     $ 10,571,761     $ 4,142,680     $ 9,829,120     $ 16,217,972     $ 9,403,843     $ 6,353,129     $ 13,985,182     $ 8,854,657  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2008
     -       -       -       -       576,878       906,225       650,312       253,791       1,076,665       347,351  
                                                                                 
Units Issued
     397,553       349,150       794,254       311,943       571,582       430,008       426,904       366,807       439,384       186,658  
Units Redeemed
     (36,301 )     (1,661 )     (6,150 )     (11,779 )     (229,739 )     (196,723 )     (184,733 )     (98,199 )     (216,967 )     (88,486 )
                                                                                 
Units Outstanding at December 31, 2009
     361,252       347,489       788,104       300,164       918,721       1,139,510       892,483       522,399       1,299,082       445,523  
                                                                                 
                                                                                 
(a) Commencement of operations April 6, 2009.
                                                                  

See notes to the financial statements.
 
Page 31
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

         
JNL/Capital
                                                  
   
JNL/Capital
    
Guardian
    
JNL/Credit
    
JNL/
                      
JNL/Franklin
              
   
Guardian
    
U.S.
    
Suisse
    
Credit
    
JNL/Eagle
    
JNL/Eagle
    
JNL/Franklin
    
Templeton
    
JNL/Franklin
    
JNL/Franklin
  
   
International
    
Growth
    
Commodity
    
Suisse
    
Core
    
SmallCap
    
Templeton
    
Global
    
Templeton
    
Templeton
  
   
Small
    
Equity
    
Securities
    
Long/Short
    
Equity
    
Equity
    
Founding
    
Growth
    
Income
    
Mutual
  
   
Cap Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Strategy Portfolio
    
Portfolio
    
Portfolio
    
Shares Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ 16,553     $ (155,089 )   $ (208,260 )   $ (15,340 )   $ (10,465 )   $ (114,001 )   $ (511,940 )   $ 25,753     $ 1,393,708     $ 187,693  
Net realized gain (loss) on investments
     (7,915 )     (440,312 )     (4,691,070 )     (158,780 )     (467,644 )     (412,834 )     (2,574,084 )     (285,032 )     (2,095,784 )     (1,425,673 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     856,937       3,650,166       13,256,894       746,781       1,294,041       2,853,170       11,277,050       1,332,411       7,637,227       2,722,839  
Net increase (decrease) in net assets
                                                                                
from operations
     865,575       3,054,765       8,357,564       572,661       815,932       2,326,335       8,191,026       1,073,132       6,935,151       1,484,859  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     2,042,343       4,125,758       5,297,435       1,051,593       734,202       2,281,559       8,908,445       1,600,917       7,048,079       3,249,933  
Surrenders and terminations
     (76,788 )     (662,651 )     (1,355,638 )     (106,874 )     (284,478 )     (293,897 )     (1,873,785 )     (186,532 )     (1,557,850 )     (293,440 )
Transfers between portfolios
     2,000,578       1,767,183       (1,024,125 )     389,085       898,461       1,669,082       (254,759 )     253,448       (1,313,845 )     137,386  
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       -  
Policyholder charges (Note 3)
     (1,389 )     (4,854 )     (18,069 )     (1,457 )     (1,912 )     (4,353 )     (28,788 )     (2,872 )     (22,565 )     (3,430 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     3,964,744       5,225,436       2,899,603       1,332,347       1,346,273       3,652,391       6,751,113       1,664,961       4,153,819       3,090,449  
                                                                                 
Net increase (decrease) in net assets
     4,830,319       8,280,201       11,257,167       1,905,008       2,162,205       5,978,726       14,942,139       2,738,093       11,088,970       4,575,308  
                                                                                 
Net assets beginning of period
     709,095       6,681,691       17,073,695       1,600,997       2,152,334       4,285,758       26,679,140       3,094,223       23,603,655       5,576,454  
                                                                                 
Net assets end of period
   $ 5,539,414     $ 14,961,892     $ 28,330,862     $ 3,506,005     $ 4,314,539     $ 10,264,484     $ 41,621,279     $ 5,832,316     $ 34,692,625     $ 10,151,762  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2008
     158,658       557,079       2,611,590       244,680       234,791       298,811       4,280,143       534,730       3,143,848       925,108  
                                                                                 
Units Issued
     755,648       388,816       2,203,623       272,149       171,398       301,892       1,886,016       387,907       1,377,398       948,521  
Units Redeemed
     (88,083 )     (145,565 )     (1,881,222 )     (81,011 )     (78,473 )     (80,054 )     (952,294 )     (140,265 )     (990,619 )     (522,165 )
                                                                                 
Units Outstanding at December 31, 2009
     826,223       800,330       2,933,991       435,818       327,716       520,649       5,213,865       782,372       3,530,627       1,351,464  

See notes to the financial statements.
 
Page 32
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

   
JNL/Franklin
    
JNL/
    
JNL/Goldman
    
JNL/
                      
JNL/JPMorgan
              
   
Templeton
    
Goldman Sachs
    
Sachs Emerging
    
Goldman Sachs
    
JNL/Ivy
    
JNL/JPMorgan
    
JNL/JPMorgan
    
U.S. Government
    
JNL/Lazard
    
JNL/Lazard
  
   
Small Cap
    
Core Plus
    
Markets Debt
    
Mid Cap
    
Asset Strategy
    
International
    
MidCap Growth
    
& Quality Bond
    
Emerging Markets
    
Mid Cap
  
   
Value Portfolio
    
Bond Portfolio
    
Portfolio
    
Value Portfolio
    
Portfolio(a)
    
Value Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Equity Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ (24,382 )   $ 458,068     $ (15,759 )   $ (13,780 )   $ (9,438 )   $ 411,604     $ (177,471 )   $ 152,002     $ 130,171     $ (79,452 )
Net realized gain (loss) on investments
     (232,866 )     (104,331 )     17,866       (377,391 )     252       (3,552,615 )     (337,672 )     327,120       (757,066 )     (1,106,994 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,313,357       1,262,475       150,011       1,470,026       13,534       7,061,761       4,620,932       (229,098 )     8,150,035       3,912,019  
Net increase (decrease) in net assets
                                                                                
from operations
     1,056,109       1,616,212       152,118       1,078,855       4,348       3,920,750       4,105,789       250,024       7,523,140       2,725,573  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     1,819,944       4,332,643       1,917,368       1,583,591       1,331,001       2,412,877       1,110,217       3,894,840       16,476,744       981,403  
Surrenders and terminations
     (113,184 )     (1,234,520 )     (37,586 )     (187,373 )     (21,947 )     (855,203 )     (714,899 )     (1,952,079 )     (898,167 )     (656,243 )
Transfers between portfolios
     650,175       (1,157,112 )     1,554,401       541,943       3,374,746       (990,400 )     6,718,023       332,003       (43,387 )     184,288  
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       -  
Policyholder charges (Note 3)
     (1,071 )     (14,349 )     (156 )     (3,528 )     (1,396 )     (12,502 )     (10,357 )     (17,818 )     (9,505 )     (4,860 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     2,355,864       1,926,662       3,434,027       1,934,633       4,682,404       554,772       7,102,984       2,256,946       15,525,685       504,588  
                                                                                 
Net increase (decrease) in net assets
     3,411,973       3,542,874       3,586,145       3,013,488       4,686,752       4,475,522       11,208,773       2,506,970       23,048,825       3,230,161  
                                                                                 
Net assets beginning of period
     2,371,180       14,517,997       90,216       2,680,065       -       14,625,643       3,832,004       14,558,508       7,601,713       7,070,361  
                                                                                 
Net assets end of period
   $ 5,783,153     $ 18,060,871     $ 3,676,361     $ 5,693,553     $ 4,686,752     $ 19,101,165     $ 15,040,777     $ 17,065,478     $ 30,650,538     $ 10,300,522  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2008
     309,982       824,730       9,356       330,736       -       1,560,086       397,359       895,948       1,099,516       619,288  
                                                                                 
Units Issued
     345,754       335,467       324,327       284,820       455,009       486,229       638,406       522,488       2,349,937       157,138  
Units Redeemed
     (81,691 )     (274,510 )     (17,951 )     (79,422 )     (2,875 )     (459,157 )     (153,517 )     (410,357 )     (829,059 )     (122,109 )
                                                                                 
Units Outstanding at December 31, 2009
     574,045       885,687       315,732       536,134       452,134       1,587,158       882,248       1,008,079       2,620,394       654,317  
                                                                                 
                                                                                 
(a) Commencement of operations September 28, 2009.
                                                          

See notes to the financial statements.
 
Page 33
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

                                                         
JNL/MCM
  
                                                         
Enhanced
  
   
JNL/Lazard
    
JNL/M&G
    
JNL/M&G
                            
JNL/MCM
    
JNL/MCM
    
S&P 500
  
   
Small Cap
    
Global
    
Global
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
Consumer
    
Dow
    
Stock
  
   
Equity
    
Basics
    
Leaders
       10 x 10       25    
Bond Index
    
Communications
    
Brands
    
Dividend
    
Index
  
   
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Sector Portfolio
    
Sector Portfolio
    
Portfolio
    
Portfolio(a)
  
Operations
                                                                
Net investment income (loss)
   $ 1,820     $ (1,865 )   $ (873 )   $ 480,215     $ 181,636     $ 171,893     $ 35,539     $ (13,423 )   $ 618,208     $ 64,490  
Net realized gain (loss) on investments
     (4,001,977 )     36,296       10,831       (52,198 )     (4,258,048 )     168,487       (258,653 )     (127,014 )     (2,660,026 )     (2,590,618 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     3,747,453       55,629       54,781       3,292,361       7,516,544       352,161       492,586       506,825       4,270,812       2,330,824  
Net increase (decrease) in net assets
                                                                                
from operations
     (252,704 )     90,060       64,739       3,720,378       3,440,132       692,541       269,472       366,388       2,228,994       (195,304 )
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     112,638       198,316       218,234       5,918,020       801,476       2,901,645       323,987       279,638       2,727,940       97,327  
Surrenders and terminations
     (78,948 )     (4,538 )     (14,990 )     (597,091 )     (914,920 )     (1,219,782 )     (58,446 )     (88,468 )     (569,308 )     (59,005 )
Transfers between portfolios
     (4,221,078 )     309,491       159,896       896,361       (5,699,815 )     (3,048,907 )     (12,836 )     28,011       (617,841 )     (3,442,804 )
Net annuitization transactions
     -       -       -       -       (1,443 )     -       -       -       -       -  
Policyholder charges (Note 3)
     (1,223 )     (44 )     (233 )     (10,294 )     (10,684 )     (10,789 )     (905 )     (531 )     (7,719 )     (1,224 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     (4,188,611 )     503,225       362,907       6,206,996       (5,825,386 )     (1,377,833 )     251,800       218,650       1,533,072       (3,405,706 )
                                                                                 
Net increase (decrease) in net assets
     (4,441,315 )     593,285       427,646       9,927,374       (2,385,254 )     (685,292 )     521,272       585,038       3,762,066       (3,601,010 )
                                                                                 
Net assets beginning of period
     4,441,315       22,416       37,714       11,357,047       11,780,750       19,682,835       1,046,614       1,088,255       9,597,568       3,601,010  
                                                                                 
Net assets end of period
   $ -     $ 615,701     $ 465,360     $ 21,284,421     $ 9,395,496     $ 18,997,543     $ 1,567,886     $ 1,673,293     $ 13,359,634     $ -  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2008
     481,286       2,673       4,531       1,845,217       1,606,543       1,651,991       284,840       155,216       1,850,514       593,497  
                                                                                 
Units Issued
     34,978       64,126       48,490       1,351,494       272,186       453,964       160,594       73,875       1,041,086       37,455  
Units Redeemed
     (516,264 )     (16,055 )     (11,660 )     (378,905 )     (1,040,687 )     (579,023 )     (99,544 )     (47,485 )     (714,221 )     (630,952 )
                                                                                 
Units Outstanding at December 31, 2009
     -       50,744       41,361       2,817,806       838,042       1,526,932       345,890       181,606       2,177,379       -  
                                                                                 
                                                                                 
(a) The period is from January 1, 2009 through acquisition April 3, 2009.
                                                          

See notes to the financial statements.
 
Page 34
 


JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

                                                             
         
JNL/MCM
    
JNL/MCM
    
JNL/MCM
          
JNL/MCM
          
JNL/MCM
    
JNL/MCM
    
JNL/MCM
  
   
JNL/MCM
    
Financial
    
Global
    
Healthcare
    
JNL/MCM
    
International
    
JNL/MCM
    
JNL
    
Nasdaq
    
NYSE
  
   
European 30
    
Sector
    
Alpha
    
Sector
    
Index 5
    
Index
    
JNL 5
    
Optimized
       25    
International
  
   
Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
5 Portfolio
    
Portfolio
    
25 Portfolio
  
Operations
                                                              
Net investment income (loss)
   $ 12,573     $ 8,363     $ (146 )   $ (18,258 )   $ (46,464 )   $ 243,911     $ 4,317,469     $ 262,742     $ (59,886 )   $ 139,902  
Net realized gain (loss) on investments
     59,949       (987,740 )     (26 )     (1,249,845 )     333,353       (2,462,690 )     (46,161,995 )     (2,416,206 )     (438,995 )     (439,658 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     15,952       2,306,414       (1,083 )     2,438,652       4,048,718       8,775,305       88,127,996       8,667,819       1,488,309       1,559,332  
Net increase (decrease) in net assets
                                                                                
from operations
     88,474       1,327,037       (1,255 )     1,170,549       4,335,607       6,556,526       46,283,470       6,514,355       989,428       1,259,576  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     274,181       1,815,608       60,884       1,997,574       13,070,026       4,355,551       20,266,215       4,748,958       1,131,942       1,659,263  
Surrenders and terminations
     (10,418 )     (258,441 )     (125 )     (437,133 )     (268,921 )     (1,952,399 )     (13,295,028 )     (933,496 )     (255,970 )     (171,273 )
Transfers between portfolios
     554,881       902,608       54,199       (2,588,882 )     1,723,042       285,403       (23,276,486 )     (321,425 )     (465,865 )     (665,582 )
Net annuitization transactions
     -       -       -       -       -       -       (4,708 )     -       -       -  
Policyholder charges (Note 3)
     (252 )     (2,602 )     -       (6,422 )     (891 )     (17,088 )     (211,114 )     (17,362 )     (7,716 )     (1,750 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     818,392       2,457,173       114,958       (1,034,863 )     14,523,256       2,671,467       (16,521,121 )     3,476,675       402,391       820,658  
                                                                                 
Net increase (decrease) in net assets
     906,866       3,784,210       113,703       135,686       18,858,863       9,227,993       29,762,349       9,991,030       1,391,819       2,080,234  
                                                                                 
Net assets beginning of period
     23,134       3,203,971       -       8,686,259       4,148,206       22,887,050       219,942,291       16,994,534       2,841,431       3,076,673  
                                                                                 
Net assets end of period
   $ 930,000     $ 6,988,181     $ 113,703     $ 8,821,945     $ 23,007,069     $ 32,115,043     $ 249,704,640     $ 26,985,564     $ 4,233,250     $ 5,156,907  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2008
     2,694       565,722       -       937,193       608,057       2,029,599       28,207,456       2,677,700       390,796       501,372  
                                                                                 
Units Issued
     88,736       915,121       11,977       475,546       2,431,749       586,304       4,522,452       1,125,898       218,724       390,361  
Units Redeemed
     (13,244 )     (431,573 )     (417 )     (619,746 )     (298,074 )     (378,085 )     (6,510,673 )     (664,833 )     (168,458 )     (262,985 )
                                                                                 
Units Outstanding at December 31, 2009
     78,186       1,049,270       11,560       792,993       2,741,732       2,237,818       26,219,235       3,138,765       441,062       628,748  
                                                                                 
                                                                                 
(a) Commencement of operations September 28, 2009.
                                                                  

See notes to the financial statements.
 
Page 35
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

   
JNL/MCM
    
JNL/MCM
          
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
  
   
Oil & Gas
    
Pacific Rim
    
JNL/MCM
    
S&P 400
    
S&P 500
    
S&P SMid
    
Select Small-
    
Small Cap
    
Technology
    
Value Line
  
   
Sector
       30    
S&P 24
    
MidCap
    
Index
       60    
Cap
    
Index
    
Sector
       30  
   
Portfolio
    
Portfolio
    
Portfolio
    
Index Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                                  
Net investment income (loss)
   $ (106,061 )   $ 4,487     $ (45,294 )   $ (116,576 )   $ (25,290 )   $ (36,971 )   $ (35,381 )   $ (212,846 )   $ (185,312 )   $ (432,263 )
Net realized gain (loss) on investments
     (542,424 )     49,423       (2,307,217 )     (3,313,350 )     (2,331,091 )     (1,411,437 )     (1,662,302 )     (2,835,208 )     65,279       (11,889,175 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     3,290,526       17,779       2,169,418       9,473,453       10,568,254       2,719,738       1,960,213       9,052,647       5,627,244       15,383,085  
Net increase (decrease) in net assets
                                                                                
from operations
     2,642,041       71,689       (183,093 )     6,043,527       8,211,873       1,271,330       262,530       6,004,593       5,507,211       3,061,647  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     3,382,720       394,407       273,627       2,855,687       9,555,504       1,365,128       942,817       2,822,545       2,548,897       3,264,813  
Surrenders and terminations
     (998,184 )     (6,513 )     (240,954 )     (1,688,961 )     (2,716,083 )     (244,837 )     (421,544 )     (1,765,852 )     (563,830 )     (1,381,780 )
Transfers between portfolios
     1,967,452       365,043       (5,009,399 )     (2,105,642 )     4,480,273       2,833,981       554,698       (82,624 )     10,159,573       (8,705,588 )
Net annuitization transactions
     -       -       -       -       (2,827 )     -       -       -       -       -  
Policyholder charges (Note 3)
     (16,539 )     (14 )     (1,712 )     (16,300 )     (26,985 )     (4,011 )     (5,253 )     (17,186 )     (10,328 )     (23,438 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     4,335,449       752,923       (4,978,438 )     (955,216 )     11,289,882       3,950,261       1,070,718       956,883       12,134,312       (6,845,993 )
                                                                                 
Net increase (decrease) in net assets
     6,977,490       824,612       (5,161,531 )     5,088,311       19,501,755       5,221,591       1,333,248       6,961,476       17,641,523       (3,784,346 )
                                                                                 
Net assets beginning of period
     13,205,060       25,703       6,138,634       19,157,243       25,662,031       4,162,577       4,986,017       18,450,420       2,878,155       33,476,159  
                                                                                 
Net assets end of period
   $ 20,182,550     $ 850,315     $ 977,103     $ 24,245,554     $ 45,163,786     $ 9,384,168     $ 6,319,265     $ 25,411,896     $ 20,519,678     $ 29,691,813  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2008
     599,490       2,689       874,814       1,964,187       3,354,063       688,794       473,064       1,940,985       758,455       3,669,657  
                                                                                 
Units Issued
     337,889       79,673       191,463       451,386       2,332,120       1,701,533       221,485       1,045,759       3,114,866       948,922  
Units Redeemed
     (165,367 )     (9,461 )     (948,591 )     (595,887 )     (950,343 )     (1,413,861 )     (122,604 )     (858,716 )     (533,963 )     (1,738,505 )
                                                                                 
Units Outstanding at December 31, 2009
     772,012       72,901       117,686       1,819,686       4,735,840       976,466       571,945       2,128,028       3,339,358       2,880,074  

See notes to the financial statements.
 
Page 36
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

                                             
JNL/
    
JNL/
        
         
JNL/
                      
JNL/PIMCO
    
JNL/
    
PPM
    
PPM
    
JNL/
  
         
Oppenheimer
    
JNL/PAM
                
Total
    
PPM
    
America
    
America
    
PPM America
  
   
JNL/MCM
    
Global
    
Asia ex-
    
JNL/PAM
    
JNL/PIMCO
    
Return
    
America
    
High Yield
    
Mid Cap
    
Small Cap
  
   
VIP
    
Growth
    
Japan
    
China-India
    
Real Return
    
Bond
    
Core Equity
    
Bond
    
Value
    
Value
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ 9,202     $ (12,395 )   $ (41,145 )   $ (99,886 )   $ 274,515     $ 1,071,668     $ 96,396     $ 1,315,495     $ (3,022 )   $ (2,572 )
Net realized gain (loss) on investments
     (3,106,136 )     (650,381 )     72,489       123,765       (215,565 )     2,368,522       (488,284 )     (1,213,266 )     (19,737 )     (55,372 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     4,964,139       4,560,573       796,872       2,264,291       2,651,867       3,263,752       737,898       6,787,311       189,528       136,669  
Net increase (decrease) in net assets
                                                                                
from operations
     1,867,205       3,897,797       828,216       2,288,170       2,710,817       6,703,942       346,010       6,889,540       166,769       78,725  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     2,253,966       2,783,834       1,339,491       3,973,574       6,928,759       22,681,693       178,603       6,218,316       298,636       370,467  
Surrenders and terminations
     (918,084 )     (692,990 )     (90,019 )     (260,743 )     (1,609,371 )     (4,568,002 )     (68,542 )     (1,454,942 )     (6,196 )     (4,756 )
Transfers between portfolios
     (1,633,925 )     221,960       3,366,678       9,075,841       3,205,584       31,316,430       (1,563,894 )     5,632,452       123,384       169,179  
Net annuitization transactions
     -       -       -       -       -       (5,519 )     -       -       -       -  
Policyholder charges (Note 3)
     (34,493 )     (8,499 )     (773 )     (3,187 )     (18,829 )     (41,130 )     (691 )     (7,353 )     (39 )     (43 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     (332,536 )     2,304,305       4,615,377       12,785,485       8,506,143       49,383,472       (1,454,524 )     10,388,473       415,785       534,847  
                                                                                 
Net increase (decrease) in net assets
     1,534,669       6,202,102       5,443,593       15,073,655       11,216,960       56,087,414       (1,108,514 )     17,278,013       582,554       613,572  
                                                                                 
Net assets beginning of period
     10,219,323       9,571,361       497,397       1,081,015       15,786,402       39,876,579       1,108,514       11,559,578       187,942       166,325  
                                                                                 
Net assets end of period
   $ 11,753,992     $ 15,773,463     $ 5,940,990     $ 16,154,670     $ 27,003,362     $ 95,963,993     $ -     $ 28,837,591     $ 770,496     $ 779,897  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2008
     1,267,926       1,097,568       103,682       258,737       1,529,936       2,781,733       151,071       1,305,635       33,400       26,657  
                                                                                 
Units Issued
     319,973       526,097       799,963       2,132,140       1,215,098       3,743,326       37,909       1,410,515       97,497       110,638  
Units Redeemed
     (391,913 )     (309,779 )     (162,346 )     (230,485 )     (477,591 )     (678,084 )     (188,980 )     (495,037 )     (36,645 )     (42,442 )
                                                                                 
Units Outstanding at December 31, 2009
     1,195,986       1,313,886       741,299       2,160,392       2,267,443       5,846,975       -       2,221,113       94,252       94,853  
                                                                                 
                                                                                 
(a) The period is from January 1, 2009 through acquisition September 25, 2009.
                                                          

See notes to the financial statements.
 
Page 37
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009
 
   
JNL/
    
JNL/
                            
JNL/S&P
    
JNL/S&P
    
JNL/S&P
        
   
PPM
    
Red Rocks
          
JNL/S&P
    
JNL/S&P
    
JNL/S&P
    
Disciplined
    
Dividend
    
Growth
    
JNL/S&P
  
   
America
    
Listed
          
Competitive
    
Disciplined
    
Disciplined
    
Moderate
    
Income
    
Retirement
    
Intrinsic
  
   
Value Equity
    
Private Equity
    
JNL/S&P 4
    
Advantage
    
Growth
    
Moderate
    
Growth
    
& Growth
    
Strategy
    
Value
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio
  
Operations
                                                            
Net investment income (loss)
   $ 98,360     $ 34,163     $ (72,620 )   $ (133,721 )   $ 66,789     $ 77,319     $ 114,284     $ (37,606 )   $ 180     $ (11,778 )
Net realized gain (loss) on investments
     (392,508 )     47,782       (692,264 )     106,842       88,183       (4,584 )     35,326       31,884       (44,441 )     50,867  
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     1,226,529       272,829       8,437,506       2,839,685       796,703       749,958       1,533,474       742,950       40,401       312,069  
Net increase (decrease) in net assets
                                                                                
from operations
     932,381       354,774       7,672,622       2,812,806       951,675       822,693       1,683,084       737,228       (3,860 )     351,158  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     269,500       868,056       13,062,145       973,133       3,460,627       4,543,844       5,520,998       1,951,466       -       668,771  
Surrenders and terminations
     (359,813 )     (20,537 )     (602,674 )     (471,563 )     (70,989 )     (276,697 )     (223,797 )     (187,672 )     (165 )     (20,825 )
Transfers between portfolios
     266,948       214,109       5,965,361       5,908,405       426,201       2,187,515       1,814,037       180,684       (62,785 )     611,000  
Net annuitization transactions
     -       -       -       -       -       -       -       -       -       -  
Policyholder charges (Note 3)
     (2,303 )     (594 )     (6,609 )     (9,704 )     (1,737 )     (3,961 )     (4,736 )     (1,217 )     -       (479 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     174,332       1,061,034       18,418,223       6,400,271       3,814,102       6,450,701       7,106,502       1,943,261       (62,950 )     1,258,467  
                                                                                 
Net increase (decrease) in net assets
     1,106,713       1,415,808       26,090,845       9,213,077       4,765,777       7,273,394       8,789,586       2,680,489       (66,810 )     1,609,625  
                                                                                 
Net assets beginning of period
     2,063,378       237,787       9,166,558       2,163,649       1,077,643       2,186,856       2,967,089       1,233,717       66,810       213,967  
                                                                                 
Net assets end of period
   $ 3,170,091     $ 1,653,595     $ 35,257,403     $ 11,376,726     $ 5,843,420     $ 9,460,250     $ 11,756,675     $ 3,914,206     $ -     $ 1,823,592  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     304,992       40,164       1,373,798       315,081       171,705       288,003       440,372       173,358       9,214       34,226  
                                                                                 
Units Issued
     71,935       201,902       4,058,143       1,099,598       687,592       857,767       1,112,956       341,211       -       189,138  
Units Redeemed
     (78,061 )     (39,877 )     (1,647,252 )     (245,785 )     (104,198 )     (78,596 )     (110,575 )     (61,698 )     (9,214 )     (34,444 )
                                                                                 
Units Outstanding at December 31, 2010
     298,866       202,189       3,784,689       1,168,894       755,099       1,067,174       1,442,753       452,871       -       188,920  
                                                                                 
                                                                                 
(a) The period is from January 1, 2009 through acquisition April 3, 2009.
                                                          

See notes to the financial statements.
 
Page 38
 
 
JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

   
JNL/
                      
JNL/
    
JNL/S&P
                          
   
S&P
    
JNL/
    
JNL/
    
JNL/
    
S&P
     Moderate    
JNL/S&P
                    
   
Managed
    
S&P
    
S&P
    
S&P
    
Managed
    
Growth
    
Moderate
    
JNL/S&P
    
JNL/S&P
    
JNL/S&P
  
   
Aggressive
    
Managed
    
Managed
    
Managed
    
Moderate
    
Retirement
    
Retirement
    
Retirement
    
Retirement
    
Retirement
  
   
Growth
    
Conservative
    
Growth
    
Moderate
    
Growth
    
Strategy
    
Strategy
    
2015
    
2020
    
2025
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
  
Operations
                                                            
Net investment income (loss)
   $ 240,286     $ 148,480     $ 464,480     $ (89,272 )   $ (870,477 )   $ -     $ -     $ 52,968     $ 18,482     $ 7,024  
Net realized gain (loss) on investments
     (721,546 )     (384,816 )     (970,756 )     (434,122 )     (1,032,548 )     -       -       (126,707 )     36,980       (126,293 )
Net change in unrealized appreciation
                                                                                
(depreciation) on investments
     11,179,919       4,474,270       20,695,640       9,814,825       20,918,914       -       -       617,496       357,003       239,990  
Net increase (decrease) in net assets
                                                                                
from operations
     10,698,659       4,237,934       20,189,364       9,291,431       19,015,889       -       -       543,757       412,465       120,721  
                                                                                 
Contract transactions 1
                                                                                
Purchase payments (Note 4)
     9,655,984       13,708,531       26,503,190       27,317,137       33,004,815       -       -       1,773,770       951,105       595,661  
Surrenders and terminations
     (3,091,593 )     (2,973,288 )     (6,656,280 )     (3,837,955 )     (7,541,346 )     -       -       (90,339 )     (54,603 )     (22,019 )
Transfers between portfolios
     492,925       2,840,546       19,096,994       10,649,836       9,176,146       -       -       (4,170,385 )     (2,258,126 )     (1,398,724 )
Net annuitization transactions
     -       -       -       -       (9,124 )     -       -       -       -       -  
Policyholder charges (Note 3)
     (29,601 )     (23,366 )     (72,587 )     (39,437 )     (87,949 )     -       -       (207 )     (1,349 )     (971 )
Net increase (decrease) in net assets from
                                                                                
contract transactions
     7,027,715       13,552,423       38,871,317       34,089,581       34,542,542       -       -       (2,487,161 )     (1,362,973 )     (826,053 )
                                                                                 
Net increase (decrease) in net assets
     17,726,374       17,790,357       59,060,681       43,381,012       53,558,431       -       -       (1,943,404 )     (950,508 )     (705,332 )
                                                                                 
Net assets beginning of period
     35,527,346       29,567,249       63,432,693       43,693,737       75,923,881       -       -       1,943,404       950,508       705,332  
                                                                                 
Net assets end of period
   $ 53,253,720     $ 47,357,606     $ 122,493,374     $ 87,074,749     $ 129,482,312     $ -     $ -     $ -     $ -     $ -  
                                                                                 
                                                                                 
1 Contract unit transactions
                                                                                
Units Outstanding at December 31, 2009
     3,829,083       2,996,320       6,344,795       4,547,633       7,110,706       -       -       243,263       123,218       93,451  
                                                                                 
Units Issued
     1,266,824       2,179,115       4,434,503       3,951,963       4,252,506       -       -       348,009       262,786       73,272  
Units Redeemed
     (691,545 )     (888,232 )     (1,177,716 )     (759,108 )     (1,482,971 )     -       -       (591,272 )     (386,004 )     (166,723 )
                                                                                 
Units Outstanding at December 31, 2010
     4,404,362       4,287,203       9,601,582       7,740,488       9,880,241       -       -       -       -       -  
                                                                                 
                                                                                 
(a) The period is from January 1, 2009 through acquisition April 3, 2009.
                                                          
(b) The period is from January 1, 2009 through acquisition September 25, 2009.
                                                          

See notes to the financial statements.
 
Page 39
 


JNLNY Separate Account I
Statements of Changes in Net Assets
For the Year Ended December 31, 2009

   
JNL/
                                  
JNL/T. Rowe
              
   
S&P
                
JNL/Select
    
JNL/
    
JNL/T. Rowe
    
Price Mid-
    
JNL/T. Rowe
    
JNL/T.
  
   
Retirement
    
JNL/S&P
    
JNL/Select
    
Money
    
Select
    
Price
    
Cap
    
Price Short-
    
Rowe
  
   
Income
    
Total Yield
    
Balanced
    
Market
    
Value
    
Established
    
Growth
    
Term
    
Price Value
  
   
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Growth Portfolio
    
Portfolio
    
Bond Portfolio
    
Portfolio
  
Operations
                                                      
Net investment income (loss)
   $ 108,901     $ (26,600 )   $ 301,894     $ (482,998 )   $ 4,105     $ (364,687 )   $ (481,027 )   $ 116,776     $ 3,806  
Net realized gain (loss) on investments
     (202,596 )     (2,931,474 )     (653,178 )     -       (962,203 )     (1,284,912 )     (1,540,294 )     (8,776 )     (2,439,640 )
Net change in unrealized appreciation
                                                                        
(depreciation) on investments
     570,756       2,356,211       4,274,998       -       3,104,528       11,631,476       12,912,113       141,642       8,518,829  
Net increase (decrease) in net assets
                                                                        
from operations
     477,061       (601,863 )     3,923,714       (482,998 )     2,146,430       9,981,877       10,890,792       249,642       6,082,995  
                                                                         
Contract transactions 1
                                                                        
Purchase payments (Note 4)
     1,203,914       458,078       11,230,593       16,500,108       2,695,453       6,454,003       6,977,556       1,982,419       2,376,170  
Surrenders and terminations
     (345,029 )     (155,689 )     (1,777,956 )     (5,298,686 )     (550,282 )     (2,027,746 )     (1,799,544 )     (469,122 )     (1,231,404 )
Transfers between portfolios
     (4,359,449 )     (3,785,275 )     2,268,403       (20,434,813 )     358,447       3,610,693       6,859,745       1,975,252       (11,831 )
Net annuitization transactions
     (5,254 )     -       -       -       -       -       -       -       -  
Policyholder charges (Note 3)
     (1,116 )     (3,002 )     (12,553 )     (55,322 )     (5,435 )     (21,128 )     (26,549 )     (7,491 )     (13,061 )
Net increase (decrease) in net assets from
                                                                        
contract transactions
     (3,506,934 )     (3,485,888 )     11,708,487       (9,288,713 )     2,498,183       8,015,822       12,011,208       3,481,058       1,119,874  
                                                                         
Net increase (decrease) in net assets
     (3,029,873 )     (4,087,751 )     15,632,201       (9,771,711 )     4,644,613       17,997,699       22,902,000       3,730,700       7,202,869  
                                                                         
Net assets beginning of period
     3,029,873       4,842,085       15,323,896       34,271,404       8,649,391       20,911,061       20,334,910       3,960,274       17,288,628  
                                                                         
Net assets end of period
   $ -     $ 754,334     $ 30,956,097     $ 24,499,693     $ 13,294,004     $ 38,908,760     $ 43,236,910     $ 7,690,974     $ 24,491,497  
                                                                         
                                                                         
1 Contract unit transactions
                                                                        
Units Outstanding at December 31, 2009
     338,323       761,922       773,903       2,739,889       606,910       1,395,297       867,564       408,850       1,855,845  
                                                                         
Units Issued
     207,158       285,225       674,793       1,807,204       391,307       556,886       475,732       545,978       408,169  
Units Redeemed
     (545,481 )     (962,915 )     (187,931 )     (2,586,081 )     (238,469 )     (233,628 )     (128,232 )     (205,933 )     (321,124 )
                                                                         
Units Outstanding at December 31, 2010
     -       84,232       1,260,765       1,961,012       759,748       1,718,555       1,215,064       748,895       1,942,890  
                                                                         
                                                                         
(a) The period is from January 1, 2009 through acquisition September 25, 2009.
                                                  

See notes to the financial statements.
 
Page 40
JNLNY Separate Account I
Notes to the Financial Statements
 

Note 1 – Organization

Jackson National Life Insurance Company of New York (“Jackson”) established JNLNY Separate Account I (the “Separate Account”) on September 12, 1997.  The Separate Account commenced operations on November 27, 1998, and is registered under the Investment Company Act of 1940 as a unit investment trust.

The Separate Account assets legally belong to Jackson and the obligations under the contracts are the obligation of Jackson.  However, the contract assets in the Separate Account are not chargeable with liabilities arising out of any other business Jackson may conduct.

The Separate Account receives and invests, based on the directions of the contract holder, net premiums for individual flexible premium variable annuity contracts issued by Jackson.  The contracts can be purchased on a non-tax qualified basis or in connection with certain plans qualifying for favorable federal income tax treatment.  The Separate Account contains ninety-six (96) Portfolios as of December 31, 2010, each of which invests in the following series of mutual funds (“Funds”):

JNL Series Trust
JNL Institutional Alt 20 Fund
JNL/Invesco Global Real Estate Fund
JNL/PIMCO Total Return Bond Fund
JNL Institutional Alt 35 Fund
JNL/Invesco International Growth Fund
JNL/PPM America High Yield Bond Fund
JNL Institutional Alt 50 Fund
JNL/Invesco Large Cap Growth Fund
JNL/PPM America Mid Cap Value Fund
JNL Institutional Alt 65 Fund
JNL/Invesco Small Cap Growth Fund
JNL/PPM America Small Cap Value Fund
JNL/American Funds Blue Chip Income and Growth Fund
JNL/Ivy Asset Strategy Fund
JNL/PPM America Value Equity Fund
JNL/American Funds Global Bond Fund
JNL/JPMorgan International Value Fund
JNL/Red Rocks Listed Private Equity Fund
JNL/American Funds Global Small Capitalization Fund
JNL/JPMorgan MidCap Growth Fund
JNL/S&P 4 Fund
JNL/American Funds Growth-Income Fund
JNL/JPMorgan U.S. Government & Quality Bond Fund
JNL/S&P Competitive Advantage Fund
JNL/American Funds International Fund
JNL/Lazard Emerging Markets Fund
JNL/S&P Disciplined Growth Fund
JNL/American Funds New World Fund
JNL/Lazard Mid Cap Equity Fund
JNL/S&P Disciplined Moderate Fund
JNL/BlackRock Commodity Securities Fund
JNL/M&G Global Basics Fund
JNL/S&P Disciplined Moderate Growth Fund
JNL/BlackRock Global Allocation Fund
JNL/M&G Global Leaders Fund
JNL/S&P Dividend Income & Growth Fund
JNL/Capital Guardian Global Balanced Fund
JNL/MCM 10 x 10 Fund*
JNL/S&P Intrinsic Value Fund
JNL/Capital Guardian Global Diversified Research Fund
JNL/MCM Bond Index Fund*
JNL/S&P Managed Aggressive Growth Fund
JNL/Capital Guardian U.S. Growth Equity Fund
JNL/MCM European 30 Fund*
JNL/S&P Managed Conservative Fund
JNL/Eagle Core Equity Fund
JNL/MCM Global Alpha Fund*
JNL/S&P Managed Growth Fund
JNL/Eagle SmallCap Equity Fund
JNL/MCM Index 5 Fund*
JNL/S&P Managed Moderate Fund
JNL/Franklin Templeton Founding Strategy Fund
JNL/MCM International Index Fund*
JNL/S&P Managed Moderate Growth Fund
JNL/Franklin Templeton Global Growth Fund
JNL/MCM Pacific Rim 30 Fund*
JNL/S&P Total Yield Fund
JNL/Franklin Templeton Income Fund
JNL/MCM S&P 400 MidCap Index Fund*
JNL/Select Balanced Fund
JNL/Franklin Templeton International Small Cap Growth Fund
JNL/MCM S&P 500 Index Fund*
JNL/Select Money Market Fund
JNL/Franklin Templeton Mutual Shares Fund
JNL/MCM Small Cap Index Fund*
JNL/Select Value Fund
JNL/Franklin Templeton Small Cap Value Fund
JNL/Oppenheimer Global Growth Fund
JNL/T. Rowe Price Established Growth Fund
JNL/Goldman Sachs Core Plus Bond Fund
JNL/PAM Asia ex-Japan Fund
JNL/T. Rowe Price Mid-Cap Growth Fund
JNL/Goldman Sachs Emerging Markets Debt Fund
JNL/PAM China-India Fund
JNL/T. Rowe Price Short-Term Bond Fund
JNL/Goldman Sachs Mid Cap Value Fund
JNL/PIMCO Real Return Fund
JNL/T. Rowe Price Value Fund
 JNL/Goldman Sachs U.S. Equity Flex Fund
    

 
Page 41
 
JNLNY Separate Account I
Notes to the Financial Statements (continued)


Note 1 – Organization (continued)

JNL Variable Fund LLC
JNL/MCM 25 Fund*
JNL/MCM JNL 5 Fund*
JNL/MCM S&PÒ SMid 60 Fund*
JNL/MCM Communications Sector Fund*
JNL/MCM JNL Optimized 5 Fund*
JNL/MCM Select Small-Cap Fund*
JNL/MCM Consumer Brands Sector Fund*
JNL/MCM NasdaqÒ 25 Fund*
JNL/MCM Technology Sector Fund*
JNL/MCM Dow SM Dividend Fund*
JNL/MCM NYSEÒ International 25 Fund*
JNL/MCM Value LineÒ 30 Fund*
JNL/MCM Financial Sector Fund*
JNL/MCM Oil & Gas Sector Fund*
JNL/MCM VIP Fund*
JNL/MCM Healthcare Sector Fund*
JNL/MCM S&PÒ 24 Fund*
  

Jackson National Asset Management, LLC, a wholly-owned subsidiary of Jackson, serves as investment adviser for all the Funds and receives a fee for its services from each of the Funds.

During the year ended December 31, 2010, the following Funds changed names:

PRIOR PORTFOLIO NAME
CURRENT PORTFOLIO NAME
EFFECTIVE DATE
JNL/Capital Guardian International Small Cap Fund
JNL/Franklin Templeton International Small Cap Growth Fund(1)
May 3, 2010
JNL/AIM Global Real Estate Fund
JNL/Invesco Global Real Estate Fund
October 11, 2010
JNL/AIM International Growth Fund
JNL/Invesco International Growth Fund
October 11, 2010
JNL/AIM Large Cap Growth Fund
JNL/Invesco Large Cap Growth Fund
October 11, 2010
JNL/AIM Small Cap Growth Fund
JNL/Invesco Small Cap Growth Fund
October 11, 2010
JNL/Credit Suisse Commodity Securities Fund
JNL/BlackRock Commodity Securities Fund(1)
October 11, 2010
JNL/Credit Suisse Long/Short Fund
JNL/Goldman Sachs U.S. Equity Flex Fund(1)
October 11, 2010

 (1) These name changes are due to changes in sub-adviser.
* MCM denotes the sub-adviser Mellon Capital Management throughout these financial statements.

Note 2 – Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Separate Account in the preparation of its financial statements.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Investments

The Separate Account’s investments in the corresponding series of mutual funds are stated at the closing net asset values of the respective Funds.  The average cost method is used in determining the cost of the shares sold on withdrawals by the Separate Account.  Investments in the Funds are recorded on trade date.  Realized gain distributions and dividend distributions received from the Funds are reinvested in additional shares of the Funds and are recorded as income or gain to the Separate Account on the ex-dividend date.

 
Page 42
 
JNLNY Separate Account I
Notes to the Financial Statements (continued)


Note 2 – Significant Accounting Policies (continued)

Federal Income Taxes

The operations of the Separate Account are included in the federal income tax return of Jackson, which is taxed as a “life insurance company” under the provisions of the Internal Revenue Code.  Under current law, no federal income taxes are payable with respect to the Separate Account.  Therefore, no federal income tax has been provided.

FASB Accounting Standards Codification™ (the ASC)

In June 2009, the FASB issued an accounting pronouncement establishing the FASB Accounting Standards Codification™ (the ASC) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities. This pronouncement was effective for financial statements issued for interim and annual periods ending after September 15, 2009, for most entities. On the effective date, all non-SEC accounting and reporting standards were superseded.   This pronouncement had no impact on the accompanying financial statements.

Topic 820 in the Accounting Standards Codification (ASC 820), “Fair Value Measurements”

This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. The changes to current GAAP from the application of this statement relate to the definition of fair value, the methods used to measure fair value, and expanded disclosures about fair value measurements.
 
Various inputs are used in determining the value of a Fund’s investments under ASC 820 guidance.  The inputs are summarized into three broad categories.  Level 1 includes valuations based on quoted prices of identical securities in active markets.  Level 2 includes valuations for which all significant inputs are observable, either directly or indirectly.  Direct observable inputs include closing prices of similar securities in active markets or closing prices for identical or similar securities in non-active markets.  Indirect observable inputs include factors such as interest rates, yield curves, prepayment speeds, and credit risks.  Level 3 includes valuations based on inputs that are unobservable and significant to the fair value measurement including a Fund’s own assumptions in determining the fair value of the investment.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  As of December 31, 2010, all of the Separate Account's investments are in funds for which quoted prices are available in an active market.  Therefore, all investments have been categorized as Level 1. The characterization of the underlying securities held by the Funds in accordance with ASC 820 differs from the characterization of an investment in the fund.

Note 3 – Policy Charges

Charges are deducted from the Separate Account and remitted to Jackson, to compensate Jackson for providing the insurance benefits set forth in the contracts, administering the contracts, distributing the contracts, and assuming certain risks in connection with the contracts.

Policyholder Charges

Contract Maintenance Charge

An annual contract maintenance charge of $30 - $35 is assessed against each contract to reimburse Jackson for expenses incurred in establishing and maintaining records relating to the contract.  The contract maintenance charge is assessed on each anniversary of the contract date that occurs prior to the annuity date.  This charge is only imposed if the contract value is less than $50,000 on the date when the charge is assessed.  The charge is deducted by redeeming units.   For the years ended December 31, 2010 and 2009, contract maintenance charges were assessed in the amount of $335,553, and $310,723, respectively.

 
Page 43
 
JNLNY Separate Account I
Notes to the Financial Statements (continued)


Note 3 – Policy Charges (continued)
 
Transfer Charge

A transfer charge of $25 will apply to transfers made by contract holders between the portfolios in excess of 15 transfers in a contract year.  Jackson may waive the transfer charge in connection with pre-authorized automatic transfer programs.  This charge will be deducted from the amount transferred prior to the allocation to a different portfolio.  For the years ended December 31, 2010 and 2009, transfer charges were assessed in the amount of $875 and $202, respectively.

Surrender or Contingent Deferred Sales Charge

During the first seven contract years, certain contracts include a provision for a charge upon the surrender or partial surrender of the contract.  The amount assessed under the contract terms, if any, depends upon the cost associated with distributing the particular contracts.  The amount, if any, is determined based on a number of factors, including the amount withdrawn, the contract year of surrender, or the number and amount of withdrawals in a calendar year.  The surrender charges are assessed by Jackson and withheld from the proceeds of the withdrawals.   For the years ended December 31, 2010 and 2009, surrender charges were assessed in the amount of $1,013,939 and $868,300, respectively.

Optional Benefit Charges

Guaranteed Minimum Income Benefit Charge.  If this benefit has been selected, Jackson will assess an annual charge of 0.30% - 0.90%, depending on the product, of the Guaranteed Minimum Income Benefit (GMIB) base.   The charge will be deducted each calendar quarter from the contract value by redeeming units.

Guaranteed Minimum Withdrawal Benefit Charge.  If this benefit has been selected, Jackson will assess an annual charge of 0.51% - 3.00%, depending on the product, of the Guaranteed Withdrawal Balance (GWB).  The charge will be deducted each calendar quarter from the contract value by redeeming units.

Guaranteed Minimum Death Benefit Charge.  If any of the optional death benefits are selected that are available under the Contract, Jackson will assess an annual charge of .60% - .72%, depending on product, of the Death Benefit base.  The charge will be deducted each contract quarter from the contract value by redeeming units.

Asset-based Charges

Insurance Charges

Jackson deducts a daily charge for administrative expenses from the net assets of the Separate Account equivalent to an annual rate of 0.15%.  In designated products, this expense is waived for initial contributions greater than $1 million, refer to the product prospectus for eligibility.  The administration charge is designed to reimburse Jackson for expenses incurred in administering the Separate Account and its contracts and is assessed through the unit value calculation.

Jackson deducts a daily base contract charge from the net assets of the Separate Account equivalent to an annual rate of 0.15% to 1.65% for the assumption of mortality and expense risks.  The mortality risk assumed by Jackson is that the insured may receive benefits greater than those anticipated by Jackson.  The expense risk assumed by Jackson is that the costs of administering the contracts of the Separate Account will exceed the amount received from the Administration Charge and the Contract Maintenance Charge.

 
Page 44
 
JNLNY Separate Account I
Notes to the Financial Statements (continued)


Note 3 – Policy Charges (continued)

Optional Benefit Charges

Contract Enhancement Charge.  If one of the contract enhancement benefits has been selected, then for a period of three to seven contract years, Jackson will make an additional deduction based upon the average daily net asset value of the contract owner’s allocations to the portfolios.  The amounts of these charges depend upon the contract enhancements selected and range from 0.395% to 0.65%.

Withdrawal Charge Period.  If the optional three or five-year withdrawal charge period feature is selected, Jackson will deduct 0.45% or 0.30%, respectively, on an annual basis of the average daily net asset value of the contract owner’s allocations to the portfolios.

20% Additional Free Withdrawal Charge.  If a contract owner selects the optional feature that permits you to withdraw up to 20% of premiums that are still subject to a withdrawal charge minus earnings during a Contract year without withdrawal charge, Jackson will deduct 0.30% on an annual basis of the average daily net assets value of the contract owner’s allocations to the portfolios.

Optional Death Benefit Charges.  If any of the optional death benefits are selected that are available under the Contract, Jackson will make an additional deduction of 0.15% - 0.55% on an annual basis of the average daily net asset value of the contract owner’s allocations to the portfolios, based on the optional death benefit selected.

Premium Taxes

Some states and other governmental entities charge premium taxes or other similar taxes.  Jackson pays these taxes and may make a deduction from the value of the contract for them.  Premium taxes will not exceed 2.0%.  Currently, New York does not impose premium taxes.

Note 4 – Related Party Transactions
 
For contract enhancement benefits related to the optional benefits offered, Jackson contributed $2,909,313 and $2,008,376 to the Separate Account in the form of additional premium to contract owner’s accounts for the years ended December 31, 2010 and 2009, respectively. These amounts are included in purchase payments received from contract owners.

 
Page 45
 
JNLNY Separate Account I
Notes to the Financial Statements (continued)


Note 5 – Purchases and Sales of Investments

For the year ended December 31, 2010, purchases and proceeds from sales of investments are as follows:

JNL Series Trust
 
Purchases
Proceeds  
from Sales
    
Purchases
Proceeds  
from Sales
JNL Institutional Alt 20 Fund
$17,892,119
$1,965,264
  
JNL/Lazard Emerging Markets Fund
$45,142,613
$27,170,127
JNL Institutional Alt 35 Fund
13,379,004
1,516,124
  
JNL/Lazard Mid Cap Equity Fund
5,251,627
4,088,395
JNL Institutional Alt 50 Fund
20,880,603
2,131,260
  
JNL/M&G Global Basics Fund
2,196,780
1,398,604
JNL Institutional Alt 65 Fund
38,237,457
2,217,798
  
JNL/M&G Global Leaders Fund
916,200
225,950
JNL/American Funds Blue Chip Income and Growth Fund
10,364,467
1,810,022
  
JNL/MCM 10 x 10 Fund
7,029,364
3,250,298
JNL/American Funds Global Bond Fund
5,937,839
271,296
  
JNL/MCM Bond Index Fund
7,435,064
4,523,673
JNL/American Funds Global Small Capitalization Fund
7,270,978
1,521,841
  
JNL/MCM European 30 Fund
839,430
486,688
JNL/American Funds Growth-Income Fund
9,677,755
726,804
  
JNL/MCM Global Alpha Fund
1,015,527
250,006
JNL/American Funds International Fund
4,933,264
512,252
  
JNL/MCM Index 5 Fund
6,567,552
3,375,454
JNL/American Funds New World Fund
5,264,557
559,940
  
JNL/MCM International Index Fund
9,761,762
9,304,123
JNL/BlackRock Commodity Securities Fund
17,264,175
18,363,362
  
JNL/MCM Pacific Rim 30 Fund
3,823,008
1,574,792
JNL/BlackRock Global Allocation Fund
7,187,378
29,864
  
JNL/MCM S&P 400 MidCap Index Fund
14,841,352
9,593,331
JNL/Capital Guardian Global Balanced Fund
6,274,922
3,395,579
  
JNL/MCM S&P 500 Index Fund
37,969,872
24,591,571
JNL/Capital Guardian Global Diversified Research Fund
4,964,519
3,810,134
  
JNL/MCM Small Cap Index Fund
11,161,435
11,975,462
JNL/Capital Guardian U.S. Growth Equity Fund
11,630,131
8,957,446
  
JNL/Oppenheimer Global Growth Fund
9,794,641
6,624,529
JNL/Eagle Core Equity Fund
2,871,049
2,178,914
  
JNL/PAM Asia ex-Japan Fund
5,556,504
3,536,730
JNL/Eagle SmallCap Equity Fund
25,273,903
10,215,747
  
JNL/PAM China-India Fund
13,344,374
10,058,449
JNL/Franklin Templeton Founding Strategy Fund
20,507,033
8,527,869
  
JNL/PIMCO Real Return Fund
26,300,033
8,355,105
JNL/Franklin Templeton Global Growth Fund
4,601,648
1,633,288
  
JNL/PIMCO Total Return Bond Fund
101,595,598
41,377,643
JNL/Franklin Templeton Income Fund
24,180,448
8,509,906
  
JNL/PPM America High Yield Bond Fund
24,200,758
17,108,811
JNL/Franklin Templeton International Small Cap Growth Fund
4,650,844
3,065,567
  
JNL/PPM America Mid Cap Value Fund
4,580,195
2,689,778
JNL/Franklin Templeton Mutual Shares Fund
8,024,552
2,652,447
  
JNL/PPM America Small Cap Value Fund
2,085,569
569,944
JNL/Franklin Templeton Small Cap Value Fund
7,416,081
2,200,444
  
JNL/PPM America Value Equity Fund
2,445,418
777,732
JNL/Goldman Sachs Core Plus Bond Fund
12,364,731
7,301,226
  
JNL/Red Rocks Listed Private Equity Fund
4,764,841
1,301,651
JNL/Goldman Sachs Emerging Markets Debt Fund
16,791,213
7,175,572
  
JNL/S&P 4 Fund
13,382,481
7,169,322
JNL/Goldman Sachs Mid Cap Value Fund
7,430,990
3,051,279
  
JNL/S&P Competitive Advantage Fund
3,832,869
10,688,316
 JNL/Goldman Sachs U.S. Equity Flex Fund
3,164,219
1,500,970
  
JNL/S&P Disciplined Growth Fund
3,934,798
1,715,506
JNL/Invesco Global Real Estate Fund
13,591,530
7,988,099
  
JNL/S&P Disciplined Moderate Fund
14,585,533
2,218,353
JNL/Invesco International Growth Fund
8,679,229
8,419,459
  
JNL/S&P Disciplined Moderate Growth Fund
12,815,349
2,432,378
JNL/Invesco Large Cap Growth Fund
7,049,701
4,572,070
  
JNL/S&P Dividend Income & Growth Fund
8,481,958
1,811,755
JNL/Invesco Small Cap Growth Fund
3,260,842
1,865,191
  
JNL/S&P Intrinsic Value Fund
5,858,363
3,157,912
JNL/Ivy Asset Strategy Fund
26,941,214
3,964,087
  
JNL/S&P Managed Aggressive Growth Fund
23,947,643
17,053,226
JNL/JPMorgan International Value Fund
7,251,739
9,014,438
  
JNL/S&P Managed Conservative Fund
54,148,569
16,825,163
JNL/JPMorgan MidCap Growth Fund
6,765,497
6,355,523
  
JNL/S&P Managed Growth Fund
62,052,182
36,303,811
JNL/JPMorgan U.S. Government & Quality Bond Fund
14,470,244
7,506,234
  
JNL/S&P Managed Moderate Fund
67,532,480
18,577,861
 
 
Page 46
 
 
Note 5 – Purchases and Sales of Investments (continued)
 
JNL Series Trust (continued)
 
Purchases
Proceeds  
from Sales
    
Purchases
Proceeds  
from Sales
JNL/S&P Managed Moderate Growth Fund
$99,015,854
$37,750,550
  
JNL/T. Rowe Price Established Growth Fund
$18,223,111
$10,419,783
JNL/S&P Total Yield Fund
1,548,145
455,049
  
JNL/T. Rowe Price Mid-Cap Growth Fund
25,580,031
12,563,373
JNL/Select Balanced Fund
26,880,680
6,016,801
  
JNL/T. Rowe Price Short-Term Bond Fund
11,459,843
5,496,025
JNL/Select Money Market Fund
55,265,211
54,384,150
  
JNL/T. Rowe Price Value Fund
9,113,210
6,730,254
JNL/Select Value Fund
7,889,470
3,900,069
        
             

JNL Variable Fund LLC
 
Purchases
Proceeds  
from Sales
    
Purchases
Proceeds  
from Sales
JNL/MCM 25 Fund
$21,262,439
$6,531,622
  
JNL/MCM NYSEÒ International 25 Fund
$2,782,672
$1,831,371
JNL/MCM Communications Sector Fund
2,763,898
708,477
  
JNL/MCM Oil & Gas Sector Fund
15,331,218
9,587,808
JNL/MCM Consumer Brands Sector Fund
2,430,717
1,308,168
  
JNL/MCM S&PÒ 24 Fund
662,702
298,329
JNL/MCM Dow SM Dividend Fund
7,826,336
5,125,253
  
JNL/MCM S&PÒ SMid 60 Fund
14,742,749
14,284,871
JNL/MCM Financial Sector Fund
4,658,159
3,212,957
  
JNL/MCM Select Small-Cap Fund
2,421,356
1,556,872
JNL/MCM Healthcare Sector Fund
4,966,970
2,984,013
  
JNL/MCM Technology Sector Fund
13,684,068
16,811,731
JNL/MCM JNL 5 Fund
31,000,406
59,180,224
  
JNL/MCM Value LineÒ 30 Fund
4,148,772
8,050,330
JNL/MCM JNL Optimized 5 Fund
8,553,030
5,302,824
  
JNL/MCM VIP Fund
2,143,151
3,395,718
JNL/MCM NasdaqÒ 25 Fund
3,554,352
3,020,957
        

Note 6 – Subsequent Events

Effective February 22, 2011, changes were made to the investment options available in the Separate Account.  JNL/BlackRock Global Allocation Portfolio was removed as an investment option for all new investment allocations, but any current investment balances as of February 22, 2011, remained invested in the Portfolio.  Management has evaluated the Funds for any other subsequent events through the date the financial statements are available to be issued, and has concluded there are no other events that require financial statement disclosure and/or adjustments to the financial statements.

 
Page 47
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights
The following is a summary for each period in the five-year period ended December 31, 2010 of unit values, total returns and expense ratios for variable annuity contracts with the highest and lowest expense ratios in addition to certain other portfolio data.  Unit values for portfolios that do not have any assets at period end are calculated based on the net asset value of the underlying fund less expenses charged directly to the Separate Account.

                           
JNL/American
                                
                           
Funds Blue
          
JNL/American
    
JNL/American
              
   
JNL
    
JNL
    
JNL
    
JNL
    
Chip
    
JNL/American
    
Funds Global
    
Funds
    
JNL/American
    
JNL/American
  
   
Institutional
    
Institutional
    
Institutional
    
Institutional
    
Income and
    
Funds Global
    
Small
    
Growth-
    
Funds
    
Funds New
  
   
Alt 20
    
Alt 35
    
Alt 50
    
Alt 65
    
Growth
    
Bond
    
Capitalization
    
Income
    
International
    
World
  
   
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 13.787812     $ 14.530009     $ 14.913342     $ 15.480283     $ 10.221876     $ 10.257107     $ 10.969575     $ 10.280893     $ 10.674432     $ 11.176281  
Total Return *
     6.99 %***     13.85 %***     14.50 %***     15.60 %***     2.98 %***     -2.81 %***     1.76 %***     2.86 %***     4.24 %***     6.16 %***
Ratio of Expenses **
     2.47 %     2.37 %     2.56 %     2.56 %     2.46 %     2.81 %     2.46 %     2.46 %     2.46 %     2.46 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 12.511871     $ 13.013149     $ 13.337478     $ 13.718944       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     -0.03 %***     0.04 %***     0.11 %***     22.37 %***     n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     2.345 %     2.345 %     2.345 %     2.46 %     n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations April 6, 2009.
(b) Commencement of operations May 3, 2010.

 
Page 48
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                           
JNL/American
                                
                           
Funds Blue
          
JNL/American
    
JNL/American
              
   
JNL
    
JNL
    
JNL
    
JNL
    
Chip
    
JNL/American
    
Funds Global
    
Funds
    
JNL/American
    
JNL/American
  
   
Institutional
    
Institutional
    
Institutional
    
Institutional
    
Income and
    
Funds Global
    
Small
    
Growth-
    
Funds
    
Funds New
  
   
Alt 20
    
Alt 35
    
Alt 50
    
Alt 65
    
Growth
    
Bond
    
Capitalization
    
Income
    
International
    
World
  
   
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 14.095348     $ 14.790255     $ 15.270726     $ 15.838026     $ 10.307663     $ 10.367188     $ 11.061642     $ 10.367185     $ 10.764025     $ 11.269970  
Total Return *
     11.71 %     12.83 %     13.53 %     14.41 %     5.03 %***     0.99 %***     3.98 %***     1.98 %***     12.99 %***     3.10 %***
Ratio of Expenses **
     1.20 %     1.35 %     1.20 %     1.25 %     1.20 %     1.20 %     1.20 %     1.20 %     1.20 %     1.20 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 12.617915     $ 13.108918     $ 13.450517     $ 13.842677       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     4.23 %***     20.14 %***     1.37 %***     2.20 %***     n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     1.20 %     1.35 %     1.20 %     1.25 %     n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Total Return *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations April 6, 2009.
(b) Commencement of operations May 3, 2010.

 
Page 49
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                           
JNL/American
                                
                           
Funds Blue
          
JNL/American
    
JNL/American
              
   
JNL
    
JNL
    
JNL
    
JNL
    
Chip
    
JNL/American
    
Funds Global
    
Funds
    
JNL/American
    
JNL/American
  
   
Institutional
    
Institutional
    
Institutional
    
Institutional
    
Income and
    
Funds Global
    
Small
    
Growth-
    
Funds
    
Funds New
  
   
Alt 20
    
Alt 35
    
Alt 50
    
Alt 65
    
Growth
    
Bond
    
Capitalization
    
Income
    
International
    
World
  
   
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(a)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(b)
  
                                                             
Portfolio data
                                                            
Period ended December 31, 2010
                                                            
                                                             
Net Assets (in thousands)
   $ 22,417     $ 18,229     $ 32,487     $ 42,126     $ 9,396     $ 5,707     $ 6,409     $ 9,854     $ 4,825     $ 5,160  
Units Outstanding (in thousands)
     1,601       1,237       2,140       2,675       914       552       581       953       449       459  
Investment Income Ratio *
     0.80 %     0.90 %     0.84 %     1.51 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 4,545     $ 4,543     $ 10,572     $ 4,143       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     361       347       788       300       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     0.00 %     0.00 %     0.00 %     0.00 %     n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a       n/a  

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations April 6, 2009.
(b) Commencement of operations May 3, 2010.

 
Page 50
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                     
JNL/Capital
                                      
               
JNL/Capital
    
Guardian
                      
JNL/Franklin
              
   
JNL/BlackRock
    
JNL/BlackRock
    
Guardian
    
Global
    
JNL/Capital
          
JNL/Eagle
    
Templeton
    
JNL/Franklin
    
JNL/Franklin
  
   
Commodity
    
Global
    
Global
    
Diversified
    
Guardian U.S.
    
JNL/Eagle
    
SmallCap
    
Founding
    
Templeton
    
Templeton
  
   
Securities
    
Allocation
    
Balanced
    
Research
    
Growth Equity
    
Core Equity
    
Equity
    
Strategy
    
Global Growth
    
Income
  
   
Portfolio(b)
    
Portfolio(c)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(a)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 10.577556     $ 10.294555     $ 8.954289     $ 20.828884     $ 20.329402     $ 12.577079     $ 22.666493     $ 8.247152     $ 7.456868     $ 10.190111  
Total Return *
     13.90 %     3.61 %***     4.74 %     8.56 %     9.40 %     8.07 %     31.74 %     7.21 %     3.99 %     9.17 %
Ratio of Expenses **
     3.06 %     2.42 %     4.00 %     2.92 %     2.95 %     3.445 %     2.92 %     2.92 %     2.92 %     3.06 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 9.286455       n/a     $ 8.549148     $ 19.186964     $ 18.582853     $ 11.638017     $ 17.205430     $ 7.692367     $ 7.171023     $ 9.333800  
Total Return *
     45.41 %     n/a       17.68 %     34.25 %     30.89 %     29.30 %     31.59 %     26.39 %     27.07 %     28.91 %
Ratio of Expenses **
     3.06 %     n/a       4.00 %     2.92 %     2.95 %     3.445 %     2.92 %     2.92 %     2.92 %     3.06 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 6.386254       n/a     $ 7.264910     $ 14.291823     $ 14.196883     $ 9.000976     $ 13.075035     $ 6.086256     $ 5.643363     $ 7.240302  
Total Return *
     -52.69 %     n/a       -31.10 %     -41.86 %***     -42.60 %     -41.10 %     -40.06 %     -37.97 %     -42.33 %     -31.85 %
Ratio of Expenses **
     3.06 %     n/a       4.00 %     2.92 %     2.95 %     3.445 %     2.92 %     2.92 %     2.92 %     3.06 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 13.499173       n/a     $ 10.543817     $ 26.239730     $ 24.731198     $ 15.282170     $ 21.815073     $ 9.812218     $ 9.785701     $ 10.624672  
Total Return *
     14.39 %***     n/a       3.70 %     2.45 %***     6.52 %     -2.84 %     8.85 %     -3.47 %***     -8.10 %***     -3.52 %***
Ratio of Expenses **
     3.06 %     n/a       4.00 %     2.72 %     2.95 %     3.445 %     2.92 %     2.92 %     2.92 %     3.06 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a       n/a     $ 10.167521     $ 23.065061     $ 23.216435     $ 15.728676     $ 20.041342       n/a       n/a     $ 10.767823  
Total Return *
     n/a       n/a       6.46 %     10.57 %     1.57 %     8.55 %     16.65 %     n/a       n/a       5.49 %***
Ratio of Expenses **
     n/a       n/a       4.00 %     2.45 %     2.95 %     3.445 %     2.92 %     n/a       n/a       2.92 %

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.
(b) Commencement of operations January 16, 2007.
(c) Commencement of operations October 11, 2010.

 
Page 51
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                     
JNL/Capital
                                      
               
JNL/Capital
    
Guardian
                      
JNL/Franklin
              
   
JNL/BlackRock
    
JNL/BlackRock
    
Guardian
    
Global
    
JNL/Capital
          
JNL/Eagle
    
Templeton
    
JNL/Franklin
    
JNL/Franklin
  
   
Commodity
    
Global
    
Global
    
Diversified
    
Guardian U.S.
    
JNL/Eagle
    
SmallCap
    
Founding
    
Templeton
    
Templeton
  
   
Securities
    
Allocation
    
Balanced
    
Research
    
Growth Equity
    
Core Equity
    
Equity
    
Strategy
    
Global Growth
    
Income
  
   
Portfolio(b)
    
Portfolio(c)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(a)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 11.385308     $ 10.322473     $ 12.008142     $ 27.046552     $ 26.729247     $ 17.585979     $ 29.402331     $ 8.810426     $ 7.966199     $ 11.114211  
Total Return *
     16.04 %     1.12 %***     7.66 %     10.39 %     11.33 %     10.63 %     34.17 %     9.02 %     5.74 %     11.22 %
Ratio of Expenses **
     1.20 %     1.20 %     1.25 %     1.25 %     1.20 %     1.10 %     1.10 %     1.25 %     1.25 %     1.20 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 9.811404       n/a     $ 11.153827     $ 24.501862     $ 24.008993     $ 15.895750     $ 21.915024     $ 8.081629     $ 7.533953     $ 9.992628  
Total Return *
     48.14 %     n/a       20.96 %     36.51 %     33.21 %     32.37 %     34.00 %     28.52 %     29.21 %     4.97 %***
Ratio of Expenses **
     1.20 %     n/a       1.25 %     1.25 %     1.20 %     1.10 %     1.10 %     1.25 %     1.25 %     1.20 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 6.622915       n/a     $ 9.221201     $ 17.948440     $ 18.024075     $ 12.009007     $ 16.353961     $ 6.288338     $ 5.830781     $ 7.598687  
Total Return *
     -50.26 %***     n/a       -29.18 %     -43.20 %     -37.16 %***     -39.70 %     -38.96 %     -36.93 %     -41.36 %     -30.61 %
Ratio of Expenses **
     1.20 %     n/a       1.25 %     1.25 %     1.20 %     1.10 %     1.10 %     1.25 %     1.25 %     1.25 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 13.730889       n/a     $ 13.020007     $ 31.597476     $ 30.659761     $ 19.916715     $ 26.791566     $ 9.970116     $ 9.943224     $ 10.950553  
Total Return *
     1.58 %***     n/a       6.61 %     -3.47 %***     8.36 %     -0.52 %     10.86 %     -4.99 %***     -7.78 %***     0.58 %***
Ratio of Expenses **
     1.25 %     n/a       1.25 %     1.25 %     1.25 %     1.10 %     1.10 %     1.25 %     1.25 %     1.25 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a       n/a     $ 12.212895     $ 26.214779     $ 28.294191     $ 20.020920     $ 24.167102       n/a       n/a     $ 10.887761  
Total Return *
     n/a       n/a       9.42 %     11.79 %     3.31 %     11.12 %     18.78 %     n/a       n/a       8.88 %***
Ratio of Expenses **
     n/a       n/a       1.25 %     1.35 %     1.25 %     1.10 %     1.10 %     n/a       n/a       1.40 %

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.
(b) Commencement of operations January 16, 2007.
(c) Commencement of operations October 11, 2010.

 
Page 52
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                     
JNL/Capital
                                      
               
JNL/Capital
    
Guardian
                      
JNL/Franklin
              
   
JNL/BlackRock
    
JNL/BlackRock
    
Guardian
    
Global
    
JNL/Capital
          
JNL/Eagle
    
Templeton
    
JNL/Franklin
    
JNL/Franklin
  
   
Commodity
    
Global
    
Global
    
Diversified
    
Guardian U.S.
    
JNL/Eagle
    
SmallCap
    
Founding
    
Templeton
    
Templeton
  
   
Securities
    
Allocation
    
Balanced
    
Research
    
Growth Equity
    
Core Equity
    
Equity
    
Strategy
    
Global Growth
    
Income
  
   
Portfolio(b)
    
Portfolio(c)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(a)
  
                                                             
Portfolio data
                                                            
Period ended December 31, 2010
                                                            
                                                             
Net Assets (in thousands)
   $ 31,623     $ 7,298     $ 18,133     $ 11,063     $ 20,025     $ 5,550     $ 29,936     $ 57,185     $ 9,349     $ 53,897  
Units Outstanding (in thousands)
     2,831       708       1,568       482       909       354       1,107       6,588       1,188       4,941  
Investment Income Ratio *
     0.32 %     0.00 %     1.13 %     0.73 %     0.26 %     0.32 %     0.23 %     3.14 %     1.55 %     4.20 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 28,331       n/a     $ 13,985     $ 8,855     $ 14,962     $ 4,315     $ 10,264     $ 41,621     $ 5,832     $ 34,693  
Units Outstanding (in thousands)
     2,934       n/a       1,299       446       800       328       521       5,214       782       3,531  
Investment Income Ratio *
     0.86 %     n/a       2.46 %     1.86 %     0.18 %     1.31 %     0.00 %     0.07 %     2.26 %     7.00 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 17,074       n/a     $ 9,625     $ 4,641     $ 6,682     $ 2,152     $ 4,286     $ 26,679     $ 3,094     $ 23,604  
Units Outstanding (in thousands)
     2,612       n/a       1,077       347       557       235       299       4,280       535       3,144  
Investment Income Ratio *
     0.08 %     n/a       1.10 %     0.00 %     0.00 %     2.51 %     0.00 %     1.39 %     0.02 %     0.09 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 22,157       n/a     $ 12,554     $ 5,787     $ 9,399     $ 4,094     $ 6,747     $ 36,507     $ 4,740     $ 28,076  
Units Outstanding (in thousands)
     1,622       n/a       990       299       537       286       296       3,678       479       2,586  
Investment Income Ratio *
     0.00 %     n/a       2.59 %     0.71 %     0.00 %     1.98 %     2.17 %     0.00 %     1.22 %     4.15 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a     $ 10,268     $ 3,676     $ 7,526     $ 4,580     $ 5,301       n/a       n/a     $ 5,251  
Units Outstanding (in thousands)
     n/a       n/a       859       273       528       314       273       n/a       n/a       484  
Investment Income Ratio *
     n/a       n/a       0.13 %     0.09 %     0.00 %     0.00 %     0.00 %     n/a       n/a       0.47 %

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations May 1, 2006.
(b) Commencement of operations January 16, 2007.
(c) Commencement of operations October 11, 2010.

 
Page 53
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

   
JNL/Franklin
                                                        
   
Templeton
                                                        
   
Inter-
    
JNL/Franklin
          
JNL/
    
JNL/Goldman
    
JNL/
                          
   
national Small
    
Templeton
    
JNL/Franklin
    
Goldman
    
Sachs
    
Goldman
    
JNL/Goldman
    
JNL/Invesco
    
JNL/Invesco
    
JNL/Invesco
  
   
Cap
    
Mutual
    
Templeton
    
Sachs
    
Emerging
    
Sachs
    
Sachs U.S.
    
Global Real
    
International
    
Large Cap
  
   
Growth
    
Shares
    
Small Cap
    
Core Plus
    
Markets Debt
    
Mid Cap
    
Equity Flex
    
Estate
    
Growth
    
Growth
  
   
Portfolio(b)
    
Portfolio(a)
    
Value Portfolio
    
Bond Portfolio
    
Portfolio(c)
    
Value Portfolio
    
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 7.714890     $ 7.942977     $ 11.704333     $ 17.043066     $ 12.970732     $ 12.014464     $ 8.210392     $ 11.382358     $ 12.940614     $ 9.866017  
Total Return *
     17.40 %     8.64 %     23.18 %     4.13 %     -1.70 %***     20.65 %     1.33 %***     13.62 %     8.92 %     12.80 %
Ratio of Expenses **
     2.645 %     2.56 %     2.92 %     3.30 %     2.81 %     3.06 %     2.81 %     3.06 %     3.06 %     4.00 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 6.571401     $ 7.311457     $ 9.501581     $ 16.366352     $ 11.542313     $ 9.958343     $ 7.830309     $ 10.018332     $ 11.880546     $ 8.746244  
Total Return *
     48.61 %     23.54 %     29.77 %     10.45 %     9.49 %***     28.66 %     22.16 %***     28.54 %     32.86 %     19.42 %
Ratio of Expenses **
     2.645 %     2.56 %     2.92 %     3.30 %     2.56 %     3.06 %     2.56 %     3.06 %     3.06 %     4.00 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 4.421985     $ 5.918448     $ 7.322015     $ 14.817905     $ 9.627208     $ 7.740295     $ 6.443505     $ 7.794000     $ 8.941970     $ 7.324091  
Total Return *
     -55.11 %     -39.47 %     -35.05 %     -8.25 %     1.68 %***     -38.02 %     -39.20 %     -37.64 %     -42.72 %     -40.11 %
Ratio of Expenses **
     2.645 %     2.56 %     2.92 %     3.30 %     2.32 %     3.06 %     2.46 %     3.06 %     3.06 %     4.00 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 9.849998     $ 9.777653     $ 11.273287     $ 16.150638       n/a     $ 12.488638     $ 10.597762     $ 12.498967     $ 15.610040     $ 12.228711  
Total Return *
     -2.45 %***     -5.59 %***     -8.86 %     3.51 %     n/a       -6.17 %***     -1.94 %***     -19.38 %***     6.87 %***     11.19 %
Ratio of Expenses **
     2.645 %     2.56 %     2.92 %     3.30 %     n/a       3.06 %     2.46 %     3.06 %     3.06 %     4.00 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a       n/a     $ 12.368543     $ 15.602425       n/a     $ 12.557941       n/a     $ 15.193606     $ 14.852999     $ 10.998069  
Total Return *
     n/a       n/a       8.71 %***     1.30 %     n/a       8.72 %***     n/a       32.43 %     19.03 %     3.64 %
Ratio of Expenses **
     n/a       n/a       2.92 %     3.30 %     n/a       2.92 %     n/a       2.95 %     2.95 %     4.00 %
 
*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations December 3, 2007.
(c) Commencement of operations October 6, 2008.
 
 
Page 54
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

   
JNL/Franklin
                                                        
   
Templeton
                                                        
   
Inter-
    
JNL/Franklin
          
JNL/
    
JNL/Goldman
    
JNL/
                          
   
national Small
    
Templeton
    
JNL/Franklin
    
Goldman
    
Sachs
    
Goldman
    
JNL/Goldman
    
JNL/Invesco
    
JNL/Invesco
    
JNL/Invesco
  
   
Cap
    
Mutual
    
Templeton
    
Sachs
    
Emerging
    
Sachs
    
Sachs U.S.
    
Global Real
    
International
    
Large Cap
  
   
Growth
    
Shares
    
Small Cap
    
Core Plus
    
Markets Debt
    
Mid Cap
    
Equity Flex
    
Estate
    
Growth
    
Growth
  
   
Portfolio(b)
    
Portfolio(a)
    
Value Portfolio
    
Bond Portfolio
    
Portfolio(c)
    
Value Portfolio
    
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 8.065387     $ 8.382027     $ 12.792624     $ 24.041331     $ 13.446113     $ 13.349617     $ 8.751043     $ 12.611990     $ 17.309587     $ 12.873477  
Total Return *
     19.11 %     10.12 %     25.14 %     6.45 %     3.93 %***     22.91 %     7.40 %     15.68 %     10.97 %     16.12 %
Ratio of Expenses **
     1.20 %     1.20 %     1.35 %     1.10 %     1.20 %     1.20 %     1.20 %     1.25 %     1.20 %     1.10 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 6.771385     $ 7.611388     $ 10.222878     $ 22.584355     $ 11.702888     $ 10.861081     $ 8.148045     $ 10.902034     $ 15.598755     $ 11.086130  
Total Return *
     0.84 %***     25.23 %     31.81 %     12.91 %     21.28 %     2.03 %***     23.37 %     30.89 %     35.36 %     22.93 %
Ratio of Expenses **
     1.20 %     1.20 %     1.35 %     1.10 %     1.35 %     1.20 %     1.20 %     1.25 %     1.20 %     1.10 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 4.484082     $ 6.077994     $ 7.755973     $ 20.002660     $ 9.649295     $ 8.241286     $ 6.604318     $ 8.329075     $ 11.524130     $ 9.018126  
Total Return *
     -54.52 %     -34.06 %***     -34.03 %     -6.21 %     7.15 %***     -36.95 %     -32.20 %***     -36.50 %     -35.61 %***     -38.35 %
Ratio of Expenses **
     1.35 %     1.20 %     1.35 %     1.10 %     1.35 %     1.35 %     1.20 %     1.25 %     1.20 %     1.10 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 9.859775     $ 9.900980     $ 11.756122     $ 21.327295       n/a     $ 13.070993     $ 10.710847     $ 13.117101     $ 19.623745     $ 14.626770  
Total Return *
     -2.17 %***     -2.04 %***     -7.40 %     5.83 %     n/a       1.41 %     4.97 %***     -16.07 %***     8.41 %     14.48 %
Ratio of Expenses **
     1.35 %     1.25 %     1.35 %     1.10 %     n/a       1.35 %     1.35 %     1.25 %     1.25 %     1.10 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a       n/a     $ 12.695707     $ 20.152585       n/a     $ 12.889320       n/a     $ 15.628634     $ 18.102209     $ 12.776730  
Total Return *
     n/a       n/a       16.13 %     3.54 %     n/a       14.18 %     n/a       34.78 %     21.07 %     6.68 %
Ratio of Expenses **
     n/a       n/a       1.35 %     1.10 %     n/a       1.35 %     n/a       1.35 %     1.25 %     1.10 %

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations December 3, 2007.
(c) Commencement of operations October 6, 2008.

 
Page 55
 


JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

   
JNL/Franklin
                                                        
   
Templeton
                                                        
   
Inter-
    
JNL/Franklin
          
JNL/
    
JNL/Goldman
    
JNL/
                          
   
national Small
    
Templeton
    
JNL/Franklin
    
Goldman
    
Sachs
    
Goldman
    
JNL/Goldman
    
JNL/Invesco
    
JNL/Invesco
    
JNL/Invesco
  
   
Cap
    
Mutual
    
Templeton
    
Sachs
    
Emerging
    
Sachs
    
Sachs U.S.
    
Global Real
    
International
    
Large Cap
  
   
Growth
    
Shares
    
Small Cap
    
Core Plus
    
Markets Debt
    
Mid Cap
    
Equity Flex
    
Estate
    
Growth
    
Growth
  
   
Portfolio(b)
    
Portfolio(a)
    
Value Portfolio
    
Bond Portfolio
    
Portfolio(c)
    
Value Portfolio
    
Portfolio(a)
    
Portfolio
    
Portfolio
    
Portfolio
  
                                                             
Portfolio data
                                                            
Period ended December 31, 2010
                                                            
                                                             
Net Assets (in thousands)
   $ 8,311     $ 17,073     $ 13,064     $ 23,678     $ 14,482     $ 11,928     $ 5,598     $ 16,691     $ 18,691     $ 13,781  
Units Outstanding (in thousands)
     1,044       2,069       1,038       1,084       1,087       914       650       1,354       1,181       1,124  
Investment Income Ratio *
     1.29 %     0.03 %     0.56 %     2.74 %     1.32 %     0.64 %     0.76 %     5.36 %     0.67 %     0.30 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 5,539     $ 10,152     $ 5,783     $ 18,061     $ 3,676     $ 5,694     $ 3,506     $ 9,829     $ 16,218     $ 9,404  
Units Outstanding (in thousands)
     826       1,351       574       886       316       536       436       919       1,140       892  
Investment Income Ratio *
     2.36 %     4.44 %     0.99 %     4.89 %     0.22 %     1.33 %     0.97 %     3.02 %     2.22 %     0.31 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 709     $ 5,576     $ 2,371     $ 14,518     $ 90     $ 2,680     $ 1,601     $ 4,718     $ 9,437     $ 5,553  
Units Outstanding (in thousands)
     159       925       310       825       9       331       245       577       906       650  
Investment Income Ratio *
     0.22 %     0.00 %     1.14 %     3.90 %     0.00 %     0.99 %     0.00 %     2.10 %     0.45 %     0.15 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 155     $ 7,161     $ 2,806     $ 15,399       n/a     $ 4,209     $ 518     $ 6,850     $ 14,387     $ 7,404  
Units Outstanding (in thousands)
     16       726       242       827       n/a       327       49       530       816       535  
Investment Income Ratio *
     0.00 %     0.00 %     2.67 %     3.69 %     n/a       2.05 %     0.00 %     2.50 %     1.71 %     0.42 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a     $ 1,909     $ 10,767       n/a     $ 1,796       n/a     $ 7,640     $ 8,157     $ 6,042  
Units Outstanding (in thousands)
     n/a       n/a       152       613       n/a       141       n/a       494       519       497  
Investment Income Ratio *
     n/a       n/a       0.07 %     0.00 %     n/a       0.09 %     n/a       0.08 %     0.17 %     0.00 %

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations December 3, 2007.
(c) Commencement of operations October 6, 2008.

 
Page 56
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                                                             
                           
JNL/JPMorgan
                                
   
JNL/Invesco
    
JNL/Ivy
    
JNL/JPMorgan
    
JNL/JPMorgan
    
U.S. Government
    
JNL/Lazard
    
JNL/Lazard
    
JNL/M&G
    
JNL/M&G
    
JNL/MCM
  
   
Small Cap
    
Asset Strategy
    
International
    
MidCap Growth
    
& Quality Bond
    
Emerging Markets
    
Mid Cap
    
Global Basics
    
Global Leaders
       10 x 10  
   
Growth Portfolio
    
Portfolio(d)
    
Value Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Equity Portfolio
    
Portfolio(c)
    
Portfolio(c)
    
Portfolio(b)
  
                                                               
Highest expense ratio
                                                              
Period ended December 31, 2010
                                                              
                                                               
Unit Value
   $ 12.706377     $ 11.034330     $ 9.791874     $ 19.509756     $ 12.722158     $ 13.133006     $ 15.183516     $ 14.419391     $ 12.310144     $ 8.378355  
Total Return *
     21.75 %     5.25 %***     3.71 %     21.98 %     3.13 %     18.23 %     18.69 %     20.95 %***     10.48 %     13.59 %
Ratio of Expenses **
     3.60 %     2.81 %     3.67 %     2.92 %     4.00 %     3.06 %     3.62 %     2.46 %     2.45 %     2.47 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 10.436552     $ 10.346684     $ 9.442039     $ 15.994559     $ 12.335502     $ 11.107627     $ 12.792119     $ 12.027677     $ 11.142480     $ 7.375850  
Total Return *
     30.03 %     -0.34 %***     25.48 %     38.84 %     -0.37 %     66.56 %     34.69 %     2.20 %***     52.64 %***     21.55 %
Ratio of Expenses **
     3.60 %     2.37 %     3.67 %     2.92 %     4.00 %     3.06 %     3.62 %     2.32 %     2.45 %     2.47 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 8.026065       n/a     $ 7.524892     $ 11.519886     $ 12.381527     $ 6.668671     $ 9.497574     $ 8.387379     $ 8.317768     $ 6.068298  
Total Return *
     -41.86 %     n/a       -46.49 %     -46.04 %     2.36 %     -51.55 %     -41.13 %     3.40 %***     12.15 %***     -37.80 %
Ratio of Expenses **
     3.60 %     n/a       3.67 %     2.92 %     4.00 %     3.06 %     3.62 %     1.65 %     2.00 %     2.47 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 13.804828       n/a     $ 14.063652     $ 21.350052     $ 12.096597     $ 13.765183     $ 16.133863       n/a       n/a     $ 9.756870  
Total Return *
     7.41 %     n/a       7.91 %     4.84 %     2.19 %     31.56 %***     -6.09 %     n/a       n/a       2.69 %***
Ratio of Expenses **
     3.60 %     n/a       3.67 %     2.92 %     4.00 %     3.06 %     3.62 %     n/a       n/a       2.47 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
   $ 12.851988       n/a     $ 13.032392     $ 20.365068     $ 11.837508     $ 10.811520     $ 17.179980       n/a       n/a       n/a  
Total Return *
     10.45 %     n/a       27.24 %     8.84 %     -0.79 %     14.76 %***     10.50 %     n/a       n/a       n/a  
Ratio of Expenses **
     3.60 %     n/a       3.67 %     2.92 %     4.00 %     2.47 %     3.62 %     n/a       n/a       n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations October 6, 2008.
(d) Commencement of operations September 28, 2009.

 
Page 57
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                           
JNL/JPMorgan
                                
   
JNL/Invesco
                
JNL/JPMorgan
    
U.S.
    
JNL/Lazard
                          
   
Small Cap
    
JNL/Ivy
    
JNL/JPMorgan
    
MidCap
    
Government
    
Emerging
    
JNL/Lazard
    
JNL/M&G
    
JNL/M&G
    
JNL/MCM
  
   
Growth
    
Asset Strategy
    
International
    
Growth
    
& Quality Bond
    
Markets
    
Mid Cap
    
Global Basics
    
Global Leaders
       10 x 10  
   
Portfolio
    
Portfolio(d)
    
Value Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Equity Portfolio
    
Portfolio(c)
    
Portfolio(c)
    
Portfolio(b)
  
                                                               
Lowest expense ratio
                                                              
Period ended December 31, 2010
                                                              
                                                               
Unit Value
   $ 15.763517     $ 11.238795     $ 13.619569     $ 25.333583     $ 19.708034     $ 14.324101     $ 20.983331     $ 14.782825     $ 12.613218     $ 8.762104  
Total Return *
     24.64 %     8.34 %     6.41 %     24.04 %     6.06 %     20.45 %     21.72 %     21.43 %     11.70 %     14.99 %
Ratio of Expenses **
     1.25 %     1.35 %     1.10 %     1.25 %     1.20 %     1.20 %     1.10 %     1.35 %     1.35 %     1.25 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 12.646845     $ 10.373870     $ 12.799740     $ 20.424376     $ 18.581407     $ 11.891765     $ 17.238509     $ 12.173516     $ 11.291894     $ 7.620194  
Total Return *
     33.13 %     4.38 %***     28.74 %     41.18 %     2.46 %     2.85 %***     38.13 %     45.03 %     35.55 %     23.04 %
Ratio of Expenses **
     1.25 %     1.35 %     1.10 %     1.25 %     1.20 %     1.20 %     1.10 %     1.35 %     1.35 %     1.25 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 9.499926       n/a     $ 9.942002     $ 14.466516     $ 18.135712     $ 6.998757     $ 12.480293     $ 8.393798     $ 8.330475     $ 6.193316  
Total Return *
     -40.48 %     n/a       -45.10 %     -45.13 %     5.26 %     -50.67 %     -39.63 %     11.48 %***     12.21 %***     -37.04 %
Ratio of Expenses **
     1.25 %     n/a       1.10 %     1.25 %     1.20 %     1.25 %     1.10 %     1.35 %     1.35 %     1.25 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 15.960342       n/a     $ 18.109633     $ 26.367299     $ 17.229132     $ 14.187324     $ 20.673108       n/a       n/a     $ 9.837116  
Total Return *
     9.98 %     n/a       10.74 %     6.61 %     1.64 %***     -0.35 %***     -3.68 %     n/a       n/a       -5.29 %***
Ratio of Expenses **
     1.25 %     n/a       1.10 %     1.25 %     1.20 %     1.25 %     1.10 %     n/a       n/a       1.25 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
   $ 14.511723       n/a     $ 16.353590     $ 24.731845     $ 16.297123     $ 10.892120     $ 21.462784       n/a       n/a       n/a  
Total Return *
     13.07 %     n/a       30.54 %     10.67 %     1.97 %     9.15 %***     13.31 %     n/a       n/a       n/a  
Ratio of Expenses **
     1.25 %     n/a       1.10 %     1.25 %     1.25 %     1.35 %     1.10 %     n/a       n/a       n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations October 6, 2008.
(d) Commencement of operations September 28, 2009.

 
Page 58
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                           
JNL/JPMorgan
                                
   
JNL/Invesco
                
JNL/JPMorgan
    
U.S.
    
JNL/Lazard
                          
   
Small Cap
    
JNL/Ivy
    
JNL/JPMorgan
    
MidCap
    
Government
    
Emerging
    
JNL/Lazard
    
JNL/M&G
    
JNL/M&G
    
JNL/MCM
  
   
Growth
    
Asset Strategy
    
International
    
Growth
    
& Quality Bond
    
Markets
    
Mid Cap
    
Global Basics
    
Global Leaders
     10 x 10  
   
Portfolio
    
Portfolio(d)
    
Value Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Equity Portfolio
    
Portfolio(c)
    
Portfolio(c)
    
Portfolio(b)
  
                                                               
Portfolio data
                                                              
Period ended December 31, 2010
                                                              
                                                               
Net Assets (in thousands)
   $ 9,681     $ 30,214     $ 18,237     $ 19,305     $ 24,533     $ 56,931     $ 13,800     $ 1,664     $ 1,297     $ 28,351  
Units Outstanding (in thousands)
     637       2,696       1,432       884       1,349       4,060       716       113       103       3,273  
Investment Income Ratio *
     0.00 %     0.01 %     2.40 %     0.00 %     3.28 %     0.55 %     0.53 %     0.75 %     0.48 %     2.05 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 6,353     $ 4,687     $ 19,101     $ 15,041     $ 17,065     $ 30,651     $ 10,301     $ 616     $ 465     $ 21,284  
Units Outstanding (in thousands)
     522       452       1,587       882       1,008       2,620       654       51       41       2,818  
Investment Income Ratio *
     0.00 %     0.00 %     4.38 %     0.00 %     2.66 %     2.46 %     0.83 %     0.61 %     1.25 %     4.74 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 2,303       n/a     $ 14,626     $ 3,832     $ 14,559     $ 7,602     $ 7,070     $ 22     $ 38     $ 11,357  
Units Outstanding (in thousands)
     254       n/a       1,560       397       896       1,100       619       3       5       1,845  
Investment Income Ratio *
     0.00 %     n/a       2.14 %     0.00 %     2.39 %     0.68 %     1.32 %     0.00 %     0.18 %     1.06 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 3,930       n/a     $ 28,958     $ 7,907     $ 9,981     $ 10,062     $ 12,268       n/a       n/a     $ 6,751  
Units Outstanding (in thousands)
     258       n/a       1,675       486       659       715       648       n/a       n/a       689  
Investment Income Ratio *
     0.28 %     n/a       5.58 %     0.00 %     3.48 %     0.22 %     5.55 %     n/a       n/a       0.00 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 3,987       n/a     $ 16,995     $ 5,617     $ 8,591     $ 1,501     $ 10,578       n/a       n/a       n/a  
Units Outstanding (in thousands)
     287       n/a       1,056       429       615       138       541       n/a       n/a       n/a  
Investment Income Ratio *
     0.00 %     n/a       0.14 %     0.00 %     0.00 %     0.00 %     0.20 %     n/a       n/a       n/a  

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations May 1, 2006.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations October 6, 2008.
(d) Commencement of operations September 28, 2009.

 
Page 59
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                     
JNL/MCM
                                      
                     
Consumer
                
JNL/MCM
          
JNL/MCM
        
         
JNL/MCM
    
JNL/MCM
    
Brands
    
JNL/MCM
    
JNL/MCM
    
Financial
    
JNL/MCM
    
Healthcare
    
JNL/MCM
  
   
JNL/MCM
    
Bond Index
    
Communications
    
Sector
    
Dow Dividend
    
European 30
    
Sector
    
Global Alpha
    
Sector
    
Index 5
  
   
25 Portfolio
    
Portfolio
    
Sector Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio(c)
    
Portfolio
    
Portfolio(d)
    
Portfolio
    
Portfolio(b)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 11.942160     $ 10.730476     $ 4.616627     $ 8.933898     $ 6.370230     $ 11.760139     $ 6.358391     $ 10.172833     $ 9.138311     $ 9.205757  
Total Return *
     19.32 %     1.91 %     18.84 %     18.42 %     8.82 %     -0.35 %     10.02 %     3.21 %***     0.18 %     12.70 %
Ratio of Expenses **
     2.92 %     3.82 %     3.06 %     3.595 %     2.92 %     2.46 %     3.10 %     2.32 %     3.62 %     2.695 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 10.008869     $ 10.529872     $ 3.884787     $ 7.544110     $ 5.853775     $ 11.801059     $ 5.779211     $ 9.824164     $ 9.121715     $ 8.168040  
Total Return *
     48.54 %     1.78 %     21.81 %     28.44 %     16.79 %     37.60 %     15.00 %     -2.35 %***     16.67 %     21.83 %
Ratio of Expenses **
     2.92 %     3.82 %     3.06 %     3.595 %     2.92 %     2.46 %     3.10 %     2.21 %     3.62 %     2.695 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 6.738050     $ 10.345302     $ 3.189306     $ 5.873650     $ 5.012113     $ 8.576221     $ 5.025586       n/a     $ 7.818485     $ 6.704217  
Total Return *
     -37.09 %     -0.19 %     -41.46 %     -33.72 %     -50.82 %     16.18 %***     -52.15 %     n/a       -25.93 %     -31.73 %
Ratio of Expenses **
     2.92 %     3.82 %     3.06 %     3.595 %     2.92 %     2.46 %     3.10 %     n/a       3.62 %     2.695 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 10.711080     $ 10.365024     $ 5.447865     $ 8.861998     $ 10.191738       n/a     $ 10.503013       n/a     $ 10.556132     $ 9.820725  
Total Return *
     -5.64 %     2.42 %     1.44 %***     -11.14 %     -5.83 %***     n/a       -19.90 %     n/a       3.72 %     -3.21 %***
Ratio of Expenses **
     2.92 %     3.82 %     3.06 %     3.595 %     2.92 %     n/a       3.10 %     n/a       3.62 %     2.695 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
   $ 11.351254     $ 10.120441     $ 5.591933     $ 9.972542       n/a       n/a     $ 13.112098       n/a     $ 10.177309       n/a  
Total Return *
     3.63 %***     -0.23 %     32.69 %     9.44 %     n/a       n/a       15.07 %     n/a       2.50 %     n/a  
Ratio of Expenses **
     2.92 %     3.82 %     2.56 %     3.595 %     n/a       n/a       3.10 %     n/a       3.62 %     n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 17, 2006.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations October 6, 2008.
(d) Commencement of operations September 28, 2009.

 
Page 60
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                     
JNL/MCM
                                      
                     
Consumer
                
JNL/MCM
          
JNL/MCM
        
         
JNL/MCM
    
JNL/MCM
    
Brands
    
JNL/MCM
    
JNL/MCM
    
Financial
    
JNL/MCM
    
Healthcare
    
JNL/MCM
  
   
JNL/MCM
    
Bond Index
    
Communications
    
Sector
    
Dow Dividend
    
European 30
    
Sector
    
Global Alpha
    
Sector
    
Index 5
  
   
25 Portfolio
    
Portfolio
    
Sector Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio(c)
    
Portfolio
    
Portfolio(d)
    
Portfolio
    
Portfolio(b)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 14.471906     $ 13.690850     $ 5.686513     $ 11.695318     $ 6.919764     $ 12.082548     $ 7.907944     $ 10.296112     $ 12.004152     $ 9.671778  
Total Return *
     21.33 %     4.72 %     21.01 %     21.23 %     10.66 %     0.87 %     12.13 %     4.57 %     2.59 %     14.23 %
Ratio of Expenses **
     1.25 %     1.10 %     1.25 %     1.25 %     1.25 %     1.25 %     1.20 %     1.35 %     1.25 %     1.35 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 11.928181     $ 13.074377     $ 4.699190     $ 9.647037     $ 6.253416     $ 11.978916     $ 7.052330     $ 9.845736     $ 11.701635     $ 8.466867  
Total Return *
     51.04 %     4.59 %     24.03 %     31.49 %     18.76 %     14.71 %***     17.20 %     -0.82 %***     19.47 %     23.48 %
Ratio of Expenses **
     1.25 %     1.10 %     1.25 %     1.25 %     1.25 %     1.25 %     1.20 %     1.35 %     1.25 %     1.35 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 7.897156     $ 12.500500     $ 3.788673     $ 7.336631     $ 5.265477     $ 8.598569     $ 6.017266       n/a     $ 9.794926     $ 6.856637  
Total Return *
     -36.03 %     2.56 %     -40.39 %     -32.14 %     -49.99 %     9.77 %***     -45.11 %***     n/a       -24.16 %     -30.81 %
Ratio of Expenses **
     1.25 %     1.10 %     1.25 %     1.25 %     1.25 %     1.35 %     1.20 %     n/a       1.25 %     1.35 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 12.345715     $ 12.188243     $ 6.355640     $ 10.812044     $ 10.529819       n/a     $ 12.296201       n/a     $ 12.914850     $ 9.909799  
Total Return *
     -4.04 %     5.26 %     3.00 %     -9.03 %     -5.70 %***     n/a       -18.39 %     n/a       6.23 %     -3.24 %***
Ratio of Expenses **
     1.25 %     1.10 %     1.25 %     1.25 %     1.25 %     n/a       1.25 %     n/a       1.25 %     1.35 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
   $ 12.865708     $ 11.579585     $ 6.170303     $ 11.885292       n/a       n/a     $ 15.067748       n/a     $ 12.157988       n/a  
Total Return *
     4.97 %***     2.51 %     34.43 %     12.04 %     n/a       n/a       17.22 %     n/a       4.95 %     n/a  
Ratio of Expenses **
     1.25 %     1.10 %     1.25 %     1.25 %     n/a       n/a       1.25 %     n/a       1.25 %     n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 17, 2006.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations October 6, 2008.
(d) Commencement of operations September 28, 2009.

 
Page 61
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                     
JNL/MCM
                                      
                     
Consumer
                
JNL/MCM
          
JNL/MCM
        
         
JNL/MCM
    
JNL/MCM
    
Brands
    
JNL/MCM
    
JNL/MCM
    
Financial
    
JNL/MCM
    
Healthcare
    
JNL/MCM
  
   
JNL/MCM
    
Bond Index
    
Communications
    
Sector
    
Dow Dividend
    
European 30
    
Sector
    
Global Alpha
    
Sector
    
Index 5
  
   
25 Portfolio
    
Portfolio
    
Sector Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio(c)
    
Portfolio
    
Portfolio(d)
    
Portfolio
    
Portfolio(b)
  
                                                             
Portfolio data
                                                            
Period ended December 31, 2010
                                                            
                                                             
Net Assets (in thousands)
   $ 26,660     $ 22,461     $ 4,063     $ 3,220     $ 17,318     $ 1,306     $ 9,304     $ 917     $ 11,108     $ 29,867  
Units Outstanding (in thousands)
     1,941       1,725       746       287       2,558       109       1,247       89       971       3,123  
Investment Income Ratio *
     3.13 %     2.69 %     3.28 %     0.49 %     3.09 %     0.07 %     1.31 %     0.00 %     1.16 %     1.02 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 9,395     $ 18,998     $ 1,568     $ 1,673     $ 13,360     $ 930     $ 6,988     $ 114     $ 8,822     $ 23,007  
Units Outstanding (in thousands)
     838       1,527       346       182       2,177       78       1,049       12       793       2,742  
Investment Income Ratio *
     3.81 %     2.67 %     4.72 %     0.66 %     7.65 %     6.05 %     1.90 %     0.00 %     1.48 %     1.37 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 11,781     $ 19,683     $ 1,047     $ 1,088     $ 9,598     $ 23     $ 3,204       n/a     $ 8,686     $ 4,148  
Units Outstanding (in thousands)
     1,607       1,652       285       155       1,851       3       566       n/a       937       608  
Investment Income Ratio *
     4.52 %     4.16 %     3.49 %     0.37 %     0.39 %     0.59 %     1.69 %     n/a       1.03 %     1.32 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 14,078     $ 21,147     $ 4,121     $ 1,042     $ 19,682       n/a     $ 2,950       n/a     $ 6,107     $ 1,982  
Units Outstanding (in thousands)
     1,206       1,814       656       100       1,890       n/a       255       n/a       500       201  
Investment Income Ratio *
     1.33 %     4.60 %     4.48 %     0.69 %     0.00 %     n/a       1.78 %     n/a       0.81 %     0.00 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 25,126     $ 15,092     $ 2,350     $ 737       n/a       n/a     $ 1,974       n/a     $ 4,999       n/a  
Units Outstanding (in thousands)
     2,053       1,355       360       64       n/a       n/a       139       n/a       433       n/a  
Investment Income Ratio *
     0.00 %     0.14 %     0.14 %     0.01 %     n/a       n/a       0.06 %     n/a       0.05 %     n/a  

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations January 17, 2006.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations October 6, 2008.
(d) Commencement of operations September 28, 2009.

 
Page 62
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                           
JNL/MCM
    
JNL/MCM
                
JNL/MCM
        
   
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
NYSE
    
Oil & Gas
    
JNL/MCM
    
JNL/MCM
    
S&P 400
    
JNL/MCM
  
   
International
    
JNL 5
    
JNL Optimized
    
Nasdaq 25
    
International
    
Sector
    
Pacific Rim 30
    
S&P 24
    
MidCap
    
S&P 500
  
   
Index Portfolio
    
Portfolio
    
5 Portfolio(a)
    
Portfolio
    
25 Portfolio(b)
    
Portfolio
    
Portfolio(c)
    
Portfolio(a)
    
Index Portfolio
    
Index Portfolio
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 12.461897     $ 9.888075     $ 9.050921     $ 10.345784     $ 7.983385     $ 24.537470     $ 12.646784     $ 9.103383     $ 13.623110     $ 8.812777  
Total Return *
     2.81 %     13.24 %     10.36 %     13.94 %     -0.37 %     14.82 %     2.81 %***     13.46 %     21.12 %     10.15 %
Ratio of Expenses **
     3.82 %     3.36 %     2.95 %     2.82 %     2.61 %     3.67 %     2.77 %     2.695 %     3.82 %     3.82 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 12.121486     $ 8.732037     $ 8.200923     $ 9.079936     $ 8.013086     $ 21.371032     $ 11.581197     $ 8.023137     $ 11.247860     $ 8.000841  
Total Return *
     24.44 %     20.03 %     33.72 %     30.38 %     32.54 %     15.76 %     -1.43 %***     15.68 %     32.86 %     21.25 %
Ratio of Expenses **
     3.82 %     3.36 %     2.95 %     2.82 %     2.61 %     3.67 %     2.32 %     2.695 %     3.82 %     3.82 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 9.741185     $ 7.274603     $ 6.132935     $ 6.964356     $ 6.045943     $ 18.461967     $ 9.557205     $ 6.935855     $ 8.465989     $ 6.598750  
Total Return *
     -45.06 %     -44.44 %     -47.65 %     -43.14 %     -47.32 %     -40.10 %     15.95 %***     -26.69 %***     -39.92 %     -39.98 %
Ratio of Expenses **
     3.82 %     3.36 %     2.95 %     2.82 %     2.61 %     3.67 %     1.90 %     2.695 %     3.82 %     3.82 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 17.731558     $ 13.092153     $ 11.714469     $ 12.247767     $ 11.477487     $ 30.822514       n/a     $ 10.659279     $ 14.092008     $ 10.994104  
Total Return *
     6.23 %     -5.04 %***     10.26 %     3.06 %***     9.88 %***     30.38 %     n/a       -1.79 %***     3.40 %     0.95 %
Ratio of Expenses **
     3.82 %     3.36 %     2.95 %     2.82 %     2.61 %     3.67 %     n/a       2.32 %     3.82 %     3.82 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
   $ 16.691558     $ 13.425250     $ 10.624143       n/a       n/a     $ 23.639818       n/a       n/a     $ 13.628381     $ 10.890975  
Total Return *
     20.88 %     15.19 %     6.26 %***     n/a       n/a       16.45 %     n/a       n/a       5.59 %     5.21 %
Ratio of Expenses **
     3.82 %     3.11 %     2.95 %     n/a       n/a       3.67 %     n/a       n/a       3.82 %     3.82 %

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations October 6, 2008.

 
Page 63
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                           
JNL/MCM
    
JNL/MCM
                
JNL/MCM
        
   
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
NYSE
    
Oil & Gas
    
JNL/MCM
    
JNL/MCM
    
S&P 400
    
JNL/MCM
  
   
International
    
JNL 5
    
JNL Optimized
    
Nasdaq 25
    
International
    
Sector
    
Pacific Rim 30
    
S&P 24
    
MidCap
    
S&P 500
  
   
Index Portfolio
    
Portfolio
    
5 Portfolio(a)
    
Portfolio
    
25 Portfolio(b)
    
Portfolio
    
Portfolio(c)
    
Portfolio(a)
    
Index Portfolio
    
Index Portfolio
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 15.759270     $ 11.315208     $ 9.821450     $ 11.446489     $ 8.391196     $ 32.601597     $ 13.084010     $ 9.693872     $ 17.228089     $ 11.245180  
Total Return *
     5.54 %     15.71 %     12.31 %     15.80 %     0.99 %     17.69 %     11.49 %     15.00 %     24.33 %     13.19 %
Ratio of Expenses **
     1.20 %     1.20 %     1.20 %     1.20 %     1.25 %     1.20 %     1.25 %     1.35 %     1.20 %     1.10 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 14.932353     $ 9.778792     $ 8.744697     $ 9.884589     $ 8.309309     $ 27.701731     $ 11.735522     $ 8.429408     $ 13.856434     $ 9.935174  
Total Return *
     27.74 %     22.66 %     36.08 %     32.51 %     -9.47 %***     18.65 %     6.47 %***     17.24 %     36.39 %     24.59 %
Ratio of Expenses **
     1.20 %     1.20 %     1.20 %     1.20 %     1.25 %     1.20 %     1.25 %     1.35 %     1.20 %     1.10 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 11.689743     $ 7.972541     $ 6.426124     $ 7.459688     $ 6.174597     $ 23.347075     $ 9.563759     $ 7.189709     $ 10.159610     $ 7.974214  
Total Return *
     -43.60 %     -43.22 %     -39.81 %***     -33.11 %***     -46.66 %     -38.60 %     7.51 %***     -33.63 %     -38.33 %     -38.32 %
Ratio of Expenses **
     1.20 %     1.20 %     1.20 %     1.20 %     1.35 %     1.20 %     1.60 %     1.35 %     1.20 %     1.10 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 20.728167     $ 14.041607     $ 12.051653     $ 12.887159     $ 11.574967     $ 38.027337       n/a     $ 10.833210     $ 16.473778     $ 12.929231  
Total Return *
     9.07 %     0.22 %***     12.16 %***     3.20 %***     13.64 %***     3.52 %***     n/a       -1.71 %***     6.16 %     3.75 %
Ratio of Expenses **
     1.20 %     1.20 %     1.25 %     1.25 %     1.35 %     1.20 %     n/a       1.35 %     1.20 %     1.10 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
   $ 19.005048     $ 14.010976     $ 10.744631       n/a       n/a     $ 28.341626       n/a       n/a     $ 15.517528     $ 12.462343  
Total Return *
     24.08 %     17.48 %     7.45 %***     n/a       n/a       19.29 %     n/a       n/a       8.38 %     13.82 %
Ratio of Expenses **
     1.20 %     1.25 %     1.40 %     n/a       n/a       1.25 %     n/a       n/a       1.20 %     1.10 %

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations October 6, 2008.

 
Page 64
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                                                             
                                                             
                           
JNL/MCM
    
JNL/MCM
                
JNL/MCM
        
   
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
JNL/MCM
    
NYSE
    
Oil & Gas
    
JNL/MCM
    
JNL/MCM
    
S&P 400
    
JNL/MCM
  
   
International
    
JNL 5
    
JNL Optimized
    
Nasdaq 25
    
International
    
Sector
    
Pacific Rim 30
    
S&P 24
    
MidCap
    
S&P 500
  
   
Index Portfolio
    
Portfolio
    
5 Portfolio(a)
    
Portfolio
    
25 Portfolio(b)
    
Portfolio
    
Portfolio(c)
    
Portfolio(a)
    
Index Portfolio
    
Index Portfolio
  
                                                             
Portfolio data
                                                            
Period ended December 31, 2010
                                                            
                                                             
Net Assets (in thousands)
   $ 34,076     $ 255,347     $ 33,786     $ 5,545     $ 6,020     $ 30,493     $ 3,376     $ 1,552     $ 35,871     $ 65,928  
Units Outstanding (in thousands)
     2,261       23,279       3,516       501       730       994       260       163       2,175       6,112  
Investment Income Ratio *
     1.93 %     2.06 %     2.13 %     0.21 %     2.23 %     1.09 %     0.00 %     0.34 %     0.70 %     1.42 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 32,115     $ 249,705     $ 26,986     $ 4,233     $ 5,157     $ 20,183     $ 850     $ 977     $ 24,246     $ 45,164  
Units Outstanding (in thousands)
     2,238       26,219       3,139       441       629       772       73       118       1,820       4,736  
Investment Income Ratio *
     2.70 %     3.68 %     2.95 %     0.00 %     5.16 %     1.05 %     3.01 %     0.09 %     1.18 %     1.67 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 22,887     $ 219,942     $ 16,995     $ 2,841     $ 3,077     $ 13,205     $ 26     $ 6,139     $ 19,157     $ 25,662  
Units Outstanding (in thousands)
     2,030       28,207       2,678       391       501       599       3       875       1,964       3,354  
Investment Income Ratio *
     1.79 %     2.19 %     0.01 %     0.03 %     0.01 %     0.58 %     0.00 %     0.00 %     1.09 %     1.57 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 43,240     $ 411,201     $ 23,935     $ 4,932     $ 4,036     $ 20,777       n/a     $ 605     $ 31,368     $ 44,016  
Units Outstanding (in thousands)
     2,147       29,805       2,004       390       350       580       n/a       56       1,961       3,514  
Investment Income Ratio *
     3.07 %     2.25 %     3.11 %     0.00 %     6.00 %     1.01 %     n/a       0.00 %     1.25 %     1.44 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 30,700     $ 203,454     $ 4,684       n/a       n/a     $ 15,509       n/a       n/a     $ 26,354     $ 38,038  
Units Outstanding (in thousands)
     1,650       14,699       437       n/a       n/a       588       n/a       n/a       1,735       3,118  
Investment Income Ratio *
     0.21 %     0.03 %     0.05 %     n/a       n/a       0.08 %     n/a       n/a       0.10 %     0.11 %

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations May 1, 2006.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations October 6, 2008.

 
Page 65
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

         
JNL/MCM
          
JNL/MCM
                
JNL/
                    
   
JNL/MCM
    
Select Small-
    
JNL/MCM
    
Technology
    
JNL/MCM
          
Oppenheimer
    
JNL/PAM
    
JNL/PAM
    
JNL/PIMCO
  
   
S&P SMid
    
Cap
    
Small Cap
    
Sector
    
Value Line 30
    
JNL/MCM
    
Global Growth
    
Asia ex-Japan
    
China-India
    
Real Return
  
   
60 Portfolio(b)
    
Portfolio
    
Index Portfolio
    
Portfolio
    
Portfolio
    
VIP Portfolio
    
Portfolio
    
Portfolio(c)
    
Portfolio(c)
    
Portfolio(a)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 10.970531     $ 10.486936     $ 12.246469     $ 5.790370     $ 11.226452     $ 10.242365     $ 11.671742     $ 9.095534     $ 8.267688     $ 12.012545  
Total Return *
     17.43 %     11.43 %     21.59 %     8.69 %     18.41 %     11.84 %     11.63 %     16.14 %     -1.16 %***     4.62 %
Ratio of Expenses **
     2.80 %     3.36 %     3.82 %     3.10 %     3.36 %     3.06 %     3.30 %     2.77 %     2.81 %     2.92 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 9.342505     $ 9.411601     $ 10.072059     $ 5.327626     $ 9.481303     $ 9.158067     $ 10.455341     $ 7.831456     $ 7.278544     $ 11.481733  
Total Return *
     57.13 %     1.43 %     22.60 %     58.82 %     10.89 %     20.21 %     34.90 %     15.78 %***     20.08 %***     13.87 %
Ratio of Expenses **
     2.80 %     3.36 %     3.82 %     3.10 %     3.36 %     3.06 %     3.30 %     2.77 %     2.77 %     2.92 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 5.945811     $ 9.279117     $ 8.215282     $ 3.354513     $ 8.549882     $ 7.618122     $ 7.750635     $ 4.752767     $ 4.118907     $ 10.083121  
Total Return *
     -32.15 %     -42.04 %     -37.37 %     -45.15 %     -49.18 %     -44.51 %     -42.78 %     -23.20 %***     -47.23 %***     -8.65 %***
Ratio of Expenses **
     2.80 %     3.36 %     3.82 %     3.10 %     3.36 %     3.06 %     3.30 %     2.67 %     2.47 %     2.92 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 8.762630     $ 16.008906     $ 13.116710     $ 6.115358     $ 16.824245     $ 13.729202     $ 13.546090       n/a       n/a     $ 10.789785  
Total Return *
     -5.95 %***     -13.42 %     -5.80 %     11.04 %     -0.66 %***     7.40 %     2.86 %     n/a       n/a       8.65 %***
Ratio of Expenses **
     2.80 %     3.36 %     3.82 %     3.10 %     3.36 %     3.06 %     3.30 %     n/a       n/a       2.87 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a     $ 18.491286     $ 13.923760     $ 5.507145       n/a     $ 12.783308     $ 13.170060       n/a       n/a       n/a  
Total Return *
     n/a       -2.48 %***     13.09 %     6.03 %     n/a       8.79 %     13.17 %     n/a       n/a       n/a  
Ratio of Expenses **
     n/a       3.36 %     3.82 %     3.10 %     n/a       3.06 %     3.30 %     n/a       n/a       n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations December 3, 2007.

 
Page 66
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

         
JNL/MCM
          
JNL/MCM
                
JNL/
                    
   
JNL/MCM
    
Select Small-
    
JNL/MCM
    
Technology
    
JNL/MCM
          
Oppenheimer
    
JNL/PAM
    
JNL/PAM
    
JNL/PIMCO
  
   
S&P SMid
    
Cap
    
Small Cap
    
Sector
    
Value Line 30
    
JNL/MCM
    
Global Growth
    
Asia ex-Japan
    
China-India
    
Real Return
  
   
60 Portfolio(b)
    
Portfolio
    
Index Portfolio
    
Portfolio
    
Portfolio
    
VIP Portfolio
    
Portfolio
    
Portfolio(c)
    
Portfolio(c)
    
Portfolio(a)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 11.612498     $ 13.444909     $ 15.486630     $ 7.164897     $ 12.846735     $ 11.467586     $ 14.438869     $ 9.531443     $ 8.674606     $ 12.858377  
Total Return *
     19.26 %     13.86 %     24.82 %     10.71 %     20.99 %     13.88 %     14.12 %     17.92 %     15.47 %     6.44 %
Ratio of Expenses **
     1.25 %     1.20 %     1.20 %     1.25 %     1.20 %     1.25 %     1.10 %     1.25 %     1.25 %     1.20 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 9.737114     $ 11.808406     $ 12.407508     $ 6.471498     $ 10.617842     $ 10.069636     $ 12.652627     $ 8.082935     $ 7.512174     $ 12.080609  
Total Return *
     21.01 %***     4.40 %***     25.86 %     61.78 %     13.32 %     22.41 %     37.90 %     1.99 %***     12.28 %***     -1.16 %***
Ratio of Expenses **
     1.25 %     1.20 %     1.20 %     1.25 %     1.20 %     1.25 %     1.10 %     1.25 %     1.25 %     1.20 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 6.091650     $ 11.339771     $ 9.858535     $ 4.000061     $ 9.370137     $ 8.226249     $ 9.175389     $ 4.820984     $ 4.168903     $ 10.418261  
Total Return *
     -31.15 %     -40.80 %     -35.71 %     -44.12 %     -48.07 %     -43.50 %     -41.51 %     -48.71 %***     -46.57 %***     -4.93 %
Ratio of Expenses **
     1.35 %     1.25 %     1.20 %     1.25 %     1.20 %     1.25 %     1.10 %     1.35 %     1.35 %     1.25 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 8.848332     $ 19.155566     $ 15.333345     $ 7.158545     $ 18.044364     $ 14.559087     $ 15.687217       n/a       n/a     $ 10.958251  
Total Return *
     -13.07 %***     -11.57 %     -3.28 %     13.13 %     0.42 %***     9.37 %     5.16 %     n/a       n/a       9.39 %***
Ratio of Expenses **
     1.35 %     1.25 %     1.20 %     1.25 %     1.20 %     1.25 %     1.10 %     n/a       n/a       1.25 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a     $ 21.661381     $ 15.853683     $ 6.327776       n/a     $ 13.311428     $ 14.918042       n/a       n/a       n/a  
Total Return *
     n/a       -1.07 %***     16.09 %     8.00 %     n/a       10.78 %     15.68 %     n/a       n/a       n/a  
Ratio of Expenses **
     n/a       1.25 %     1.20 %     1.25 %     n/a       1.25 %     1.10 %     n/a       n/a       n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations December 3, 2007.

 
Page 67
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

         
JNL/MCM
          
JNL/MCM
                
JNL/
                    
   
JNL/MCM
    
Select Small-
    
JNL/MCM
    
Technology
    
JNL/MCM
          
Oppenheimer
    
JNL/PAM
    
JNL/PAM
    
JNL/PIMCO
  
   
S&P SMid
    
Cap
    
Small Cap
    
Sector
    
Value Line 30
    
JNL/MCM
    
Global Growth
    
Asia ex-Japan
    
China-India
    
Real Return
  
   
60 Portfolio(b)
    
Portfolio
    
Index Portfolio
    
Portfolio
    
Portfolio
    
VIP Portfolio
    
Portfolio
    
Portfolio(c)
    
Portfolio(c)
    
Portfolio(a)
  
                                                             
Portfolio data
                                                            
Period ended December 31, 2010
                                                            
                                                             
Net Assets (in thousands)
   $ 11,167     $ 8,068     $ 31,066     $ 19,317     $ 31,854     $ 11,905     $ 21,462     $ 9,193     $ 21,618     $ 45,868  
Units Outstanding (in thousands)
     977       639       2,092       2,843       2,564       1,069       1,570       975       2,520       3,628  
Investment Income Ratio *
     0.09 %     0.52 %     0.65 %     0.14 %     0.59 %     2.35 %     0.84 %     0.13 %     0.00 %     1.65 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 9,384     $ 6,319     $ 25,412     $ 20,520     $ 29,692     $ 11,754     $ 15,773     $ 5,941     $ 16,155     $ 27,003  
Units Outstanding (in thousands)
     976       572       2,128       3,339       2,880       1,196       1,314       741       2,160       2,267  
Investment Income Ratio *
     1.10 %     1.07 %     0.82 %     0.12 %     0.13 %     1.81 %     1.61 %     0.01 %     0.00 %     3.10 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 4,163     $ 4,986     $ 18,450     $ 2,878     $ 33,476     $ 10,219     $ 9,571     $ 497     $ 1,081     $ 15,786  
Units Outstanding (in thousands)
     689       473       1,941       758       3,670       1,268       1,098       104       259       1,530  
Investment Income Ratio *
     0.03 %     0.29 %     1.38 %     0.02 %     0.32 %     1.51 %     1.38 %     1.70 %     0.00 %     1.75 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 1,146     $ 9,735     $ 26,807     $ 4,011     $ 66,341     $ 18,042     $ 17,153       n/a       n/a     $ 3,152  
Units Outstanding (in thousands)
     130       548       1,795       587       3,767       1,262       1,148       n/a       n/a       289  
Investment Income Ratio *
     2.30 %     6.35 %     1.44 %     0.08 %     0.00 %     5.52 %     1.17 %     n/a       n/a       0.00 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a     $ 21,688     $ 24,401     $ 2,834       n/a     $ 14,190     $ 13,164       n/a       n/a       n/a  
Units Outstanding (in thousands)
     n/a       1,068       1,561       457       n/a       1,079       922       n/a       n/a       n/a  
Investment Income Ratio *
     n/a       0.00 %     0.12 %     0.01 %     n/a       0.02 %     0.05 %     n/a       n/a       n/a  

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations April 30, 2007.
(c) Commencement of operations December 3, 2007.

 
Page 68
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                     
JNL/
          
JNL/
                          
         
JNL/
    
JNL/
    
PPM America
    
JNL/
    
Red Rocks
          
JNL/S&P
    
JNL/S&P
    
JNL/S&P
  
   
JNL/PIMCO
    
PPM America
    
PPM America
    
Small Cap
    
PPM America
    
Listed
          
Competitive
    
Disciplined
    
Disciplined
  
   
Total Return
    
High Yield
    
Mid Cap Value
    
Value
    
Value Equity
    
Private Equity
    
JNL/S&P 4
    
Advantage
    
Growth
    
Moderate
  
   
Bond Portfolio
    
Bond Portfolio
    
Portfolio(c)
    
Portfolio(c)
    
Portfolio
    
Portfolio(d)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(a)
    
Portfolio(a)
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 13.141741     $ 12.648094     $ 10.086549     $ 10.070203     $ 12.922995     $ 9.937014     $ 10.008757     $ 10.499543     $ 8.303223     $ 9.354633  
Total Return *
     3.35 %     12.15 %     14.61 %***     24.48 %     13.28 %     23.05 %***     10.49 %***     9.71 %     10.00 %     8.28 %
Ratio of Expenses **
     4.00 %     3.06 %     2.77 %     2.56 %     3.62 %     2.62 %     2.95 %     2.62 %     2.46 %     2.57 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 12.715484     $ 11.278177     $ 8.032651     $ 8.089606     $ 11.407772     $ 8.083713     $ 9.084017     $ 9.570035     $ 7.548666     $ 8.639117  
Total Return *
     10.93 %     41.89 %     43.66 %     30.59 %     39.44 %     27.38 %***     37.90 %     19.06 %***     22.34 %     15.66 %
Ratio of Expenses **
     4.00 %     3.06 %     2.56 %     2.56 %     3.62 %     2.56 %     2.82 %     2.62 %     2.46 %     2.57 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 11.462899     $ 7.948482     $ 5.591445     $ 6.194830     $ 8.181282     $ 5.911761     $ 6.587250     $ 6.824072     $ 6.170041     $ 7.469150  
Total Return *
     -3.54 %     -32.84 %     -47.33 %***     -41.04 %***     -49.09 %     -20.15 %***     -28.12 %***     -29.32 %***     -40.69 %     -28.46 %
Ratio of Expenses **
     4.00 %     3.06 %     2.56 %     2.56 %     3.62 %     2.32 %     2.82 %     2.46 %     2.46 %     2.57 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 11.883302     $ 11.835493       n/a       n/a     $ 16.069507       n/a     $ 9.914624     $ 9.908252     $ 10.402353     $ 10.440480  
Total Return *
     3.98 %     -6.10 %***     n/a       n/a       -9.00 %     n/a       0.00 %***     -1.94 %***     4.88 %***     3.32 %***
Ratio of Expenses **
     4.00 %     3.06 %     n/a       n/a       3.62 %     n/a       2.02 %     2.32 %     2.46 %     2.57 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
   $ 11.428512     $ 12.411995       n/a       n/a     $ 17.658545       n/a       n/a       n/a       n/a       n/a  
Total Return *
     -0.57 %     7.26 %     n/a       n/a       7.46 %     n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     4.00 %     2.995 %     n/a       n/a       3.62 %     n/a       n/a       n/a       n/a       n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations December 3, 2007.
(c) Commencement of operations March 31, 2008.
(d) Commencement of operations October 6, 2008.

 
Page 69
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                     
JNL/
          
JNL/
                          
         
JNL/
    
JNL/
    
PPM America
    
JNL/
    
Red Rocks
          
JNL/S&P
    
JNL/S&P
    
JNL/S&P
  
   
JNL/PIMCO
    
PPM America
    
PPM America
    
Small Cap
    
PPM America
    
Listed
          
Competitive
    
Disciplined
    
Disciplined
  
   
Total Return
    
High Yield
    
Mid Cap Value
    
Value
    
Value Equity
    
Private Equity
    
JNL/S&P 4
    
Advantage
    
Growth
    
Moderate
  
   
Bond Portfolio
    
Bond Portfolio
    
Portfolio(c)
    
Portfolio(c)
    
Portfolio
    
Portfolio(d)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(a)
    
Portfolio(a)
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 19.070164     $ 16.275861     $ 10.489142     $ 10.411098     $ 18.736365     $ 10.223513     $ 10.562974     $ 10.952490     $ 8.814252     $ 9.802583  
Total Return *
     6.39 %     14.37 %     27.84 %     26.00 %     16.00 %     24.62 %     12.44 %     11.23 %     11.67 %     9.61 %
Ratio of Expenses **
     1.10 %     1.10 %     1.35 %     1.35 %     1.25 %     1.35 %     1.20 %     1.25 %     0.95 %     1.35 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 17.924159     $ 14.231312     $ 8.204833     $ 8.262864     $ 16.152117     $ 8.203565     $ 9.394582     $ 9.846991     $ 7.893102     $ 8.943025  
Total Return *
     14.19 %     44.70 %     45.41 %     32.18 %     42.78 %     38.45 %     -1.36 %***     42.43 %     33.84 %***     17.08 %
Ratio of Expenses **
     1.10 %     1.10 %     1.35 %     1.35 %     1.25 %     1.35 %     1.20 %     1.25 %     0.95 %     1.35 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 15.696593     $ 9.834823     $ 5.642615     $ 6.251399     $ 11.312423     $ 5.925490     $ 6.699490     $ 6.913687     $ 6.305552     $ 7.638164  
Total Return *
     -0.70 %     -31.51 %     -47.13 %***     -40.54 %***     -47.87 %     -24.16 %***     -30.46 %***     -30.28 %     -40.02 %     -27.58 %
Ratio of Expenses **
     1.10 %     1.10 %     1.35 %     1.35 %     1.25 %     1.35 %     1.25 %     1.25 %     1.35 %     1.35 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 15.807122     $ 14.359995       n/a       n/a     $ 21.699183       n/a     $ 9.919737     $ 9.916389     $ 10.513413     $ 10.547354  
Total Return *
     7.06 %     -2.19 %     n/a       n/a       -6.80 %     n/a       0.77 %***     -1.88 %***     3.16 %***     3.22 %***
Ratio of Expenses **
     1.10 %     1.10 %     n/a       n/a       1.25 %     n/a       1.35 %     1.25 %     1.35 %     1.35 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
   $ 14.765246     $ 14.681915       n/a       n/a     $ 23.283251       n/a       n/a       n/a       n/a       n/a  
Total Return *
     2.34 %     9.31 %     n/a       n/a       11.63 %     n/a       n/a       n/a       n/a       n/a  
Ratio of Expenses **
     1.10 %     1.10 %     n/a       n/a       1.25 %     n/a       n/a       n/a       n/a       n/a  

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations December 3, 2007.
(c) Commencement of operations March 31, 2008.
(d) Commencement of operations October 6, 2008.

 
Page 70
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                     
JNL/
          
JNL/
                          
         
JNL/
    
JNL/
    
PPM America
    
JNL/
    
Red Rocks
          
JNL/S&P
    
JNL/S&P
    
JNL/S&P
  
   
JNL/PIMCO
    
PPM America
    
PPM America
    
Small Cap
    
PPM America
    
Listed
          
Competitive
    
Disciplined
    
Disciplined
  
   
Total Return
    
High Yield
    
Mid Cap Value
    
Value
    
Value Equity
    
Private Equity
    
JNL/S&P 4
    
Advantage
    
Growth
    
Moderate
  
   
Bond Portfolio
    
Bond Portfolio
    
Portfolio(c)
    
Portfolio(c)
    
Portfolio
    
Portfolio(d)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio(a)
    
Portfolio(a)
  
                                                             
Portfolio data
                                                            
Period ended December 31, 2010
                                                            
                                                             
Net Assets (in thousands)
   $ 155,396     $ 38,138     $ 2,879     $ 2,589     $ 5,414     $ 5,977     $ 46,655     $ 5,117     $ 8,907     $ 23,777  
Units Outstanding (in thousands)
     8,812       2,558       276       250       395       588       4,471       474       1,036       2,449  
Investment Income Ratio *
     2.46 %     7.46 %     0.00 %     0.22 %     1.56 %     0.29 %     0.00 %     0.58 %     1.35 %     1.19 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 95,964     $ 28,838     $ 770     $ 780     $ 3,170     $ 1,654     $ 35,257     $ 11,377     $ 5,843     $ 9,460  
Units Outstanding (in thousands)
     5,847       2,221       94       95       299       202       3,785       1,169       755       1,067  
Investment Income Ratio *
     3.55 %     8.43 %     0.79 %     0.74 %     5.57 %     5.56 %     1.29 %     0.02 %     3.62 %     3.34 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 39,877     $ 11,560     $ 188     $ 166     $ 2,063     $ 238     $ 9,167     $ 2,164     $ 1,078     $ 2,187  
Units Outstanding (in thousands)
     2,782       1,306       33       27       305       40       1,374       315       172       288  
Investment Income Ratio *
     4.39 %     8.74 %     0.98 %     0.49 %     2.45 %     0.99 %     0.01 %     1.26 %     1.63 %     1.42 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 34,092     $ 17,379       n/a       n/a     $ 4,475       n/a     $ 83     $ 2,620     $ 777     $ 980  
Units Outstanding (in thousands)
     2,361       1,328       n/a       n/a       358       n/a       8       264       74       93  
Investment Income Ratio *
     4.95 %     8.09 %     n/a       n/a       0.60 %     n/a       0.00 %     0.06 %     0.00 %     0.00 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 29,128     $ 18,079       n/a       n/a     $ 6,127       n/a       n/a       n/a       n/a       n/a  
Units Outstanding (in thousands)
     2,158       1,379       n/a       n/a       466       n/a       n/a       n/a       n/a       n/a  
Investment Income Ratio *
     0.30 %     0.63 %     n/a       n/a       0.00 %     n/a       n/a       n/a       n/a       n/a  

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations December 3, 2007.
(c) Commencement of operations March 31, 2008.
(d) Commencement of operations October 6, 2008.

 
Page 71
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

   
JNL/S&P
    
JNL/S&P
          
JNL/
                      
JNL/
              
   
Disciplined
    
Dividend
          
S&P Managed
    
JNL/
    
JNL/
    
JNL/
    
S&P Managed
              
   
Moderate
    
Income
    
JNL/S&P
    
Aggressive
    
S&P Managed
    
S&P Managed
    
S&P Managed
    
Moderate
    
JNL/S&P
    
JNL/Select
  
   
Growth
    
& Growth
    
Intrinsic Value
    
Growth
    
Conservative
    
Growth
    
Moderate
    
Growth
    
Total Yield
    
Balanced
  
   
Portfolio(a)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(b)
    
Portfolio
  
                                                             
Highest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 8.783516     $ 9.769767     $ 10.535984     $ 11.441106     $ 10.916993     $ 11.391867     $ 11.306591     $ 11.477855     $ 9.348699     $ 21.280258  
Total Return *
     10.54 %     13.82 %***     11.41 %     13.09 %     5.57 %     11.93 %     7.95 %     9.16 %     3.18 %***     7.23 %
Ratio of Expenses **
     2.46 %     2.56 %     2.645 %     3.47 %     2.92 %     3.67 %     3.06 %     3.62 %     2.81 %     3.30 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 7.946322     $ 8.495170     $ 9.457344     $ 10.116666     $ 10.340832     $ 10.177303     $ 10.474041     $ 10.514921     $ 8.799258     $ 19.845416  
Total Return *
     19.79 %     20.47 %     52.93 %     26.58 %     10.26 %     23.45 %     15.05 %     19.07 %     39.41 %     15.80 %
Ratio of Expenses **
     2.46 %     2.46 %     2.645 %     3.47 %     2.92 %     3.67 %     3.06 %     3.62 %     2.46 %     3.30 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 6.633553     $ 7.051872     $ 6.183952     $ 7.992469     $ 9.378612     $ 8.244253     $ 9.103785     $ 8.831129     $ 6.311926     $ 17.137028  
Total Return *
     -36.35 %     -26.05 %***     -27.31 %***     -41.23 %     -16.23 %     -37.69 %     -23.61 %     -30.08 %     -34.62 %***     -23.30 %
Ratio of Expenses **
     2.46 %     2.46 %     2.645 %     3.47 %     2.92 %     3.67 %     3.06 %     3.62 %     2.46 %     3.30 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 10.421913     $ 9.761266     $ 9.914769     $ 13.600178     $ 11.196051     $ 13.230251     $ 11.918026     $ 12.630402     $ 10.060337     $ 22.342118  
Total Return *
     4.87 %***     0.21 %***     -0.85 %***     5.43 %     3.22 %     4.76 %     4.47 %     4.77 %     0.60 %***     3.99 %
Ratio of Expenses **
     2.46 %     1.96 %     1.82 %     3.47 %     2.92 %     3.67 %     3.06 %     3.62 %     1.82 %     3.30 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a     $ 12.900074     $ 10.846849     $ 12.628705     $ 11.408016     $ 12.055314       n/a     $ 21.485865  
Total Return *
     n/a       n/a       n/a       11.64 %     4.75 %     10.04 %     7.07 %     8.20 %     n/a       9.98 %
Ratio of Expenses **
     n/a       n/a       n/a       3.47 %     2.92 %     3.67 %     3.06 %     3.62 %     n/a       3.30 %

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations December 3, 2007.

 
Page 72
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

   
JNL/S&P
    
JNL/S&P
          
JNL/
                      
JNL/
              
   
Disciplined
    
Dividend
          
S&P Managed
    
JNL/
    
JNL/
    
JNL/
    
S&P Managed
              
   
Moderate
    
Income
    
JNL/S&P
    
Aggressive
    
S&P Managed
    
S&P Managed
    
S&P Managed
    
Moderate
    
JNL/S&P
    
JNL/Select
  
   
Growth
    
& Growth
    
Intrinsic Value
    
Growth
    
Conservative
    
Growth
    
Moderate
    
Growth
    
Total Yield
    
Balanced
  
   
Portfolio(a)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(b)
    
Portfolio
  
                                                             
Lowest expense ratio
                                                            
Period ended December 31, 2010
                                                            
                                                             
Unit Value
   $ 9.177843     $ 10.141014     $ 10.967120     $ 15.182008     $ 12.153673     $ 15.602672     $ 12.658765     $ 15.521078     $ 9.808930     $ 29.551180  
Total Return *
     11.77 %     16.66 %     12.86 %     15.63 %     7.40 %     14.73 %     9.92 %     11.78 %     8.71 %     9.51 %
Ratio of Expenses **
     1.35 %     1.35 %     1.35 %     1.25 %     1.20 %     1.20 %     1.25 %     1.25 %     1.25 %     1.20 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Unit Value
   $ 8.211421     $ 8.693155     $ 9.717690     $ 13.129751     $ 11.315908     $ 13.599063     $ 11.516303     $ 13.885882     $ 9.022914     $ 26.985943  
Total Return *
     21.13 %     21.81 %     54.93 %     29.42 %     15.33 %***     1.53 %***     17.15 %     21.92 %     41.11 %     -0.06 %***
Ratio of Expenses **
     1.35 %     1.35 %     1.35 %     1.25 %     1.20 %     1.20 %     1.25 %     1.25 %     1.25 %     1.20 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Unit Value
   $ 6.779177     $ 7.136553     $ 6.272336     $ 10.145138     $ 10.066931     $ 10.690473     $ 9.830150     $ 11.389116     $ 6.394459     $ 22.665125  
Total Return *
     -35.64 %     -26.92 %     -35.26 %***     -39.91 %     -14.82 %     -36.16 %     -22.22 %     -28.40 %     -32.77 %***     -21.71 %
Ratio of Expenses **
     1.35 %     1.35 %     1.35 %     1.25 %     1.25 %     1.25 %     1.25 %     1.25 %     1.25 %     1.25 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Unit Value
   $ 10.533148     $ 9.765851     $ 9.917962     $ 16.884180     $ 11.818709     $ 16.745691     $ 12.638090     $ 15.907343     $ 10.063580     $ 28.949650  
Total Return *
     3.55 %***     -0.51 %***     -0.82 %***     7.81 %     3.07 %***     7.34 %     6.39 %     7.30 %     0.64 %***     6.15 %
Ratio of Expenses **
     1.35 %     1.35 %     1.40 %     1.25 %     1.25 %     1.25 %     1.25 %     1.25 %     1.40 %     1.25 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Unit Value
     n/a       n/a       n/a     $ 15.661481     $ 11.234342     $ 15.600037     $ 11.879071     $ 14.825502       n/a     $ 27.272162  
Total Return *
     n/a       n/a       n/a       14.13 %     6.41 %     12.73 %     9.02 %     10.78 %     n/a       12.25 %
Ratio of Expenses **
     n/a       n/a       n/a       1.25 %     1.35 %     1.25 %     1.25 %     1.25 %     n/a       1.25 %

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations December 3, 2007.

 
Page 73
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                                                             
   
JNL/S&P
    
JNL/S&P
          
JNL/
                      
JNL/
              
   
Disciplined
    
Dividend
          
S&P Managed
    
JNL/
    
JNL/
    
JNL/
    
S&P Managed
              
   
Moderate
    
Income
    
JNL/S&P
    
Aggressive
    
S&P Managed
    
S&P Managed
    
S&P Managed
    
Moderate
    
JNL/S&P
    
JNL/Select
  
   
Growth
    
& Growth
    
Intrinsic Value
    
Growth
    
Conservative
    
Growth
    
Moderate
    
Growth
    
Total Yield
    
Balanced
  
   
Portfolio(a)
    
Portfolio(b)
    
Portfolio(b)
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(b)
    
Portfolio
  
                                                             
Portfolio data
                                                            
Period ended December 31, 2010
                                                            
                                                             
Net Assets (in thousands)
   $ 24,630     $ 11,457     $ 4,508     $ 69,459     $ 88,159     $ 168,909     $ 146,451     $ 210,716     $ 1,933     $ 56,078  
Units Outstanding (in thousands)
     2,703       1,136       414       4,957       7,441       11,485       11,837       14,293       199       2,045  
Investment Income Ratio *
     1.28 %     1.69 %     0.77 %     0.74 %     2.92 %     1.03 %     2.20 %     1.37 %     1.09 %     1.44 %
                                                                                 
Period ended December 31, 2009
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 11,757     $ 3,914     $ 1,824     $ 53,254     $ 47,358     $ 122,493     $ 87,075     $ 129,482     $ 754     $ 30,956  
Units Outstanding (in thousands)
     1,443       453       189       4,404       4,287       9,602       7,740       9,880       84       1,261  
Investment Income Ratio *
     3.26 %     0.04 %     0.04 %     2.48 %     2.07 %     2.27 %     1.59 %     0.83 %     0.01 %     3.09 %
                                                                                 
Period ended December 31, 2008
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 2,967     $ 1,234     $ 214     $ 35,527     $ 29,567     $ 63,433     $ 43,694     $ 75,924     $ 4,842     $ 15,324  
Units Outstanding (in thousands)
     440       173       34       3,829       2,996       6,345       4,548       7,111       762       774  
Investment Income Ratio *
     1.45 %     4.76 %     2.56 %     0.37 %     4.28 %     0.53 %     3.86 %     2.22 %     4.10 %     2.61 %
                                                                                 
Period ended December 31, 2007
                                                                                
                                                                                 
Net Assets (in thousands)
   $ 1,785     $ 124     $ -     $ 67,327     $ 21,481     $ 108,086     $ 42,577     $ 113,848     $ -     $ 17,515  
Units Outstanding (in thousands)
     170       13       -       4,383       1,848       6,946       3,436       7,642       -       724  
Investment Income Ratio *
     0.00 %     0.08 %     0.00 %     1.89 %     3.54 %     1.72 %     3.07 %     2.20 %     0.00 %     2.63 %
                                                                                 
Period ended December 31, 2006
                                                                                
                                                                                 
Net Assets (in thousands)
     n/a       n/a       n/a     $ 66,027     $ 9,825     $ 93,895     $ 27,779     $ 92,695       n/a     $ 13,152  
Units Outstanding (in thousands)
     n/a       n/a       n/a       4,649       884       6,481       2,375       6,675       n/a       614  
Investment Income Ratio *
     n/a       n/a       n/a       0.09 %     0.17 %     0.11 %     0.20 %     0.14 %     n/a       0.15 %

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations January 16, 2007.
(b) Commencement of operations December 3, 2007.

 
Page 74
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

                                     
   
JNL/Select
    
JNL/
    
JNL/T. Rowe
    
JNL/T. Rowe
    
JNL/T. Rowe
    
JNL/T. Rowe
  
   
Money Market
    
Select Value
    
Price Established
    
Price Mid-Cap
    
Price Short-Term
    
Price Value
  
   
Portfolio
    
Portfolio
    
Growth Portfolio
    
Growth Portfolio
    
Bond Portfolio(a)
    
Portfolio
  
                                     
Highest expense ratio
                                    
Period ended December 31, 2010
                                    
                                     
Unit Value
   $ 9.984433     $ 16.682091     $ 20.082226     $ 32.621795     $ 9.873781     $ 11.685060  
Total Return *
     -3.01 %     9.65 %     12.18 %     22.85 %     -1.10 %***     11.80 %
Ratio of Expenses **
     3.06 %     3.62 %     4.00 %     4.00 %     2.81 %     3.595 %
                                                 
Period ended December 31, 2009
                                                
                                                 
Unit Value
   $ 10.294710     $ 15.213383     $ 17.901009     $ 26.554492     $ 9.897810     $ 10.451914  
Total Return *
     -2.87 %     19.57 %     37.87 %     41.08 %     4.03 %***     32.25 %
Ratio of Expenses **
     3.06 %     3.62 %     4.00 %     4.00 %     2.72 %     3.595 %
                                                 
Period ended December 31, 2008
                                                
                                                 
Unit Value
   $ 10.598972     $ 12.723152     $ 12.984192     $ 18.822510     $ 9.489982     $ 7.903368  
Total Return *
     -0.89 %     -35.72 %     -45.09 %     -42.97 %     -6.12 %***     -42.57 %
Ratio of Expenses **
     3.06 %     3.62 %     4.00 %     4.00 %     2.56 %     3.595 %
                                                 
Period ended December 31, 2007
                                                
                                                 
Unit Value
   $ 10.693817     $ 19.791966     $ 23.645204     $ 33.007381     $ 10.370787     $ 13.761959  
Total Return *
     1.57 %     3.99 %     5.77 %     12.60 %     2.25 %     -2.73 %
Ratio of Expenses **
     3.06 %     3.62 %     4.00 %     4.00 %     2.47 %     3.595 %
                                                 
Period ended December 31, 2006
                                                
                                                 
Unit Value
   $ 10.528457     $ 19.031960     $ 22.354247     $ 29.314299     $ 10.142734     $ 14.148551  
Total Return *
     1.37 %     16.63 %     9.25 %     2.62 %     1.78 %***     15.79 %
Ratio of Expenses **
     3.06 %     3.62 %     4.00 %     4.00 %     2.47 %     3.595 %

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

 
Page 75
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

               
JNL/T. Rowe
          
JNL/T. Rowe
        
               
Price
    
JNL/T. Rowe
    
Price Short-
        
   
JNL/Select
    
JNL/
    
Established
    
Price Mid-Cap
    
Term
    
JNL/T. Rowe
  
   
Money Market
    
Select Value
    
Growth
    
Growth
    
Bond
    
Price Value
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio
  
                                     
Lowest expense ratio
                                    
Period ended December 31, 2010
                                    
                                     
Unit Value
   $ 13.354786     $ 20.539277     $ 31.605518     $ 51.340354     $ 10.620291     $ 15.249172  
Total Return *
     -1.19 %     12.45 %     15.49 %     26.46 %     1.66 %     14.62 %
Ratio of Expenses **
     1.20 %     1.10 %     1.10 %     1.10 %     1.25 %     1.10 %
                                                 
Period ended December 31, 2009
                                                
                                                 
Unit Value
   $ 13.516004     $ 18.264828     $ 27.367367     $ 40.596956     $ 10.447023     $ 13.303769  
Total Return *
     -1.05 %     22.62 %     41.92 %     45.23 %     6.30 %     35.59 %
Ratio of Expenses **
     1.20 %     1.10 %     1.10 %     1.10 %     1.25 %     1.10 %
                                                 
Period ended December 31, 2008
                                                
                                                 
Unit Value
   $ 13.658998     $ 14.894958     $ 19.283022     $ 27.953583     $ 9.827941     $ 9.811921  
Total Return *
     0.97 %     -34.07 %     -43.47 %     -41.30 %     -8.05 %***     -41.12 %
Ratio of Expenses **
     1.20 %     1.10 %     1.10 %     1.10 %     1.25 %     1.10 %
                                                 
Period ended December 31, 2007
                                                
                                                 
Unit Value
   $ 13.527246     $ 22.593750     $ 34.112058     $ 47.618487     $ 10.566167     $ 16.664255  
Total Return *
     0.24 %***     6.66 %     8.90 %     15.93 %     3.41 %     -0.26 %
Ratio of Expenses **
     1.20 %     1.10 %     1.10 %     1.10 %     1.35 %     1.10 %
                                                 
Period ended December 31, 2006
                                                
                                                 
Unit Value
   $ 12.999350     $ 21.182543     $ 31.322792     $ 41.075162     $ 10.218127     $ 16.707908  
Total Return *
     3.24 %     19.60 %     12.46 %     5.63 %     2.14 %***     18.71 %
Ratio of Expenses **
     1.25 %     1.10 %     1.10 %     1.10 %     1.35 %     1.10 %

*
Total return for period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio.  The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented.  Total return for portfolios with no investment activity at period end is calculated based on the total return of the underlying mutual fund less expenses that are charged directly to the Separate Account.
**
Annualized contract expenses of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.
 
Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds are excluded.
***
Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.

(a) Commencement of operations May 1, 2006.

 
Page 76
 
 
JNLNY Separate Account I
Notes to Financial Statements (continued)
 
Note 7 - Financial Highlights

               
JNL/T. Rowe
          
JNL/T. Rowe
        
               
Price
    
JNL/T. Rowe
    
Price Short-
        
   
JNL/Select
    
JNL/
    
Established
    
Price Mid-Cap
    
Term
    
JNL/T. Rowe
  
   
Money Market
    
Select Value
    
Growth
    
Growth
    
Bond
    
Price Value
  
   
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio
    
Portfolio(a)
    
Portfolio
  
                                     
Portfolio data
                                    
Period ended December 31, 2010
                                    
                                     
Net Assets (in thousands)
   $ 25,381     $ 19,319     $ 54,174     $ 68,198     $ 13,770     $ 30,599  
Units Outstanding (in thousands)
     2,031       984       2,000       1,490       1,320       2,126  
Investment Income Ratio *
     0.00 %     1.03 %     0.04 %     0.19 %     1.46 %     1.04 %
                                                 
Period ended December 31, 2009
                                                
                                                 
Net Assets (in thousands)
   $ 24,500     $ 13,294     $ 38,909     $ 43,237     $ 7,691     $ 24,491  
Units Outstanding (in thousands)
     1,961       760       1,719       1,215       749       1,943  
Investment Income Ratio *
     0.16 %     1.79 %     0.32 %     0.00 %     4.06 %     1.66 %
                                                 
Period ended December 31, 2008
                                                
                                                 
Net Assets (in thousands)
   $ 34,271     $ 8,649     $ 20,911     $ 20,335     $ 3,960     $ 17,289  
Units Outstanding (in thousands)
     2,740       607       1,395       868       409       1,856  
Investment Income Ratio *
     2.12 %     0.03 %     0.09 %     0.00 %     4.34 %     1.90 %
                                                 
Period ended December 31, 2007
                                                
                                                 
Net Assets (in thousands)
   $ 23,711     $ 13,501     $ 37,429     $ 39,876     $ 3,611     $ 31,075  
Units Outstanding (in thousands)
     1,916       621       1,503       1,025       344       1,965  
Investment Income Ratio *
     4.63 %     4.05 %     1.05 %     1.76 %     3.54 %     2.18 %
                                                 
Period ended December 31, 2006
                                                
                                                 
Net Assets (in thousands)
   $ 15,513     $ 7,631     $ 24,645     $ 27,847     $ 1,443     $ 28,660  
Units Outstanding (in thousands)
     1,309       372       1,060       893       142       1,804  
Investment Income Ratio *
     0.41 %     0.15 %     0.06 %     0.11 %     0.00 %     0.22 %

*
These amounts represent the dividends, excluding distributions of capital gains, received by the portfolio from the underlying mutual fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the portfolio received dividend income from the underlying mutual fund.

(a) Commencement of operations May 1, 2006.

 
Page 77
 

Independent Auditors’ Report
 
The Board of Directors of Jackson National Life Insurance Company of New York and
Contract Owners of JNLNY Separate Account I:
 
We have audited the accompanying statements of assets and liabilities of each of the sub-accounts within JNLNY Separate Account I (Separate Account) as set forth herein as of December 31, 2010, and the related statements of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended. These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the transfer agent of the underlying mutual fund. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each sub-account within JNLNY Separate Account I as set forth herein as of December 31, 2010, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.
 
/s/ KPMG LLP
 
March 1, 2011
 

 
 
 
 
 
 
 
 
 
 



Jackson National Life Insurance Company of New York

Index to Financial Statements
December 31, 2010

__________________________________________________________________

 
 
Report of Independent Registered Public Accounting Firm
  
1
     
Balance Sheets
  
2
     
Income Statements
  
3
     
Statements of Stockholder’s Equity and Comprehensive Income
  
4
     
Statements of Cash Flows
  
5
     
Notes to Financial Statements
  
6
 
 
 
 
 
 


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Board of Directors and Stockholder of
Jackson National Life Insurance Company of New York:


We have audited the accompanying balance sheets of Jackson National Life Insurance Company of New York (the Company) as of December 31, 2010 and 2009, and the related income statements and statements of stockholder’s equity and comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 2010.  These financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Jackson National Life Insurance Company of New York as of December 31, 2010 and 2009, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2010 in conformity with U.S. generally accepted accounting principles.

As discussed in Note 2 to the financial statements, the Company has changed its method of evaluating other-than-temporary impairments of debt securities due to the adoption of FASB Staff Position FAS No. 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments” (included in FASB ASC Topic 320, Investments-Debt and Equity Securities), as of January 1, 2009.
 
/s/ KPMG LLP
 
Chicago, Illinois
March 14, 2011
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Financial Statements
 
 
Balance Sheets
(In thousands, except per share information)
 
 
 
 
     December 31,  
Assets
  
2010
    
2009
  
  Investments:
              
   Cash and short-term investments
   $ 88,587     $ 98,726  
   Investments available for sale, at fair value:
                
    Fixed maturities (amortized cost: 2010, $1,531,774; 2009, $1,394,883)
     1,587,407       1,368,403  
   Trading securities, at fair value
     431       2,141  
   Policy loans
     262       240  
    Total investments
     1,676,687       1,469,510  
                 
  Accrued investment income
     16,523       15,557   
  Deferred acquisition costs
     224,796       214,332  
  Deferred sales inducements
     12,526       14,085  
  Reinsurance recoverable
     32,300       38,649  
  Income taxes receivable from Parent
     65,478       58,752  
  Receivable from Parent
     2,858       1,644  
  Separate account assets
     2,848,302       1,898,571  
    Total assets
   $ 4,879,470     $ 3,711,100  
                 
Liabilities and Stockholder's Equity
                
 Liabilities
                
  Policy reserves and liabilities:
                
   Reserves for future policy benefits and claims payable
   $ 54,027     $ 53,568  
   Deposits on investment contracts
     1,482,795       1,338,871  
  Securities lending payable
     9,613       1,097  
  Deferred income taxes
     35,350       20,498  
  Other liabilities
     17,451       18,464  
  Separate account liabilities
     2,848,302       1,898,571  
    Total liabilities
     4,447,538       3,331,069  
                 
Stockholder's Equity
                
  Common stock, $1,000 par value; 2,000 shares
                
    authorized, issued and outstanding
     2,000       2,000  
  Additional paid-in capital
     256,000       256,000  
  Accumulated other comprehensive income (loss), net
                
    of tax of $2,836 in 2010 and $(11,906) in 2009
     26,898       (480) )
  Retained earnings
     147,034       122,511   
    Total stockholder's equity
     431,932       380,031  
    Total liabilities and stockholder's equity
   $ 4,879,470     $ 3,711,100  
                 
 
See accompanying notes to financial statements.
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Financial Statements
 

Income Statements
(In thousands)
 
 
 
   
Years Ended December 31,
  
   
2010
    
2009
    
2008
  
Revenues
                  
  Premiums, net of reinsurance
   $ (7,855 )   $ (7,641 )   $ (47,806 )
  Net investment income
     85,696       81,025       78,535  
  Net realized losses on investments:
                        
  Total other-than-temporary impairments
     (17,261 )     (44,400 )     (32,260 )
  Portion of other-than-temporary impairments included in
                        
    other comprehensive income
     7,556       16,002       -  
  Net other-than-temporary impairments
     (9,705 )     (28,398 )     (32,260 )
  Other investment (losses) gains
     (6,341 )     11,859       (7,131 )
    Total net realized losses on investments
     (16,046 )     (16,539 )     (39,391 )
Fee income
     59,419       36,864       36,689  
Other income (expense)
     155       177       (853 )
    Total revenues
     121,369       93,886       27,174  
                         
Benefits and Expenses
                        
  Policyholder benefits
     9,341       12,625       4,600  
  Interest credited on deposit liabilities
     40,921       44,098       44,898  
  Change in reserves, net of reinsurance recoverables
     1,433       (3,535 )     856  
  Commissions
     72,715       52,221       31,291  
  General and administrative expenses
     9,911       8,525       6,804  
  Taxes, licenses and fees
     3,660       3,729       953  
  Deferral of acquisition costs
     (67,014 )     (49,272 )     (29,646 )
  Deferral of sales inducements
     (5,065 )     (4,868 )     (3,029 )
  Amortization of deferred acquisition costs:
                        
    Attributable to operations
     23,319       25,278       16,544  
    Attributable to net realized losses on investments
     (3,375 )     (3,191 )     (13,482 )
  Amortization of deferred sales inducements:
                        
    Attributable to operations
     3,518       4,180       2,067  
    Attributable to net realized gains (losses) on investments
     (272 )     (285 )     5,530  
    Total benefits and expenses
     89,092       89,505       67,386  
    Pretax income (loss)
     32,277       4,381       (40,212 )
  Income tax expense (benefit)
     7,754       117       (75,560 )
    Net income
   $ 24,523     $ 4,264     $ 35,348  
                         
 
See accompanying notes to financial statements.
 
 
 

Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Financial Statements
 
 
 
Statements of Stockholder's Equity and Comprehensive Income
(In thousands)
 
 
 
               
Accumulated
              
         
Additional
    
other
          
Total
  
   
Common
    
paid-in
    
comprehensive
    
Retained
    
stockholder's
  
   
stock
    
capital
    
income (loss)
    
earnings
    
equity
  
Balances as of December 31, 2007
   $ 2,000     $ 141,000     $ (2,872 )   $ 80,529     $ 220,657  
Comprehensive income:
                                        
  Net income
                             35,348       35,348  
  Net unrealized losses
                                        
    on securities not other-than-
                                        
    temporarily impaired, net
                                        
    of tax benefit of $26,045
                     (48,901 )             (48,901 )
  Reclassification adjustment
                                        
    for losses included
                                        
    in net income, net of tax
                                        
    of $7,398
                     13,736               13,736  
Total comprehensive income (loss)
                     (35,165 )     35,348       183  
Capital contribution
             40,000                       40,000  
Balances as of December 31, 2008
   $ 2,000     $ 181,000     $ (38,037 )   $ 115,877     $ 260,840  
                                         
Comprehensive income:
                                        
  Net income
                             4,264       4,264  
  Net unrealized gains
                                        
    on securities not other-than-
                                        
    temporarily impaired, net
                                        
    of tax of $7,868
                     38,797               38,797  
  Net unrealized losses on other-than-
                                        
    temporarily impaired securities,
                                        
    net of tax benefit of $4,424
                     (8,215 )             (8,215 )
  Reclassification adjustment
                                        
    for losses included
                                        
    in net income, net of tax
                                        
    of $5,031
                     9,345               9,345  
Total comprehensive income
                     39,927       4,264       44,191  
Capital contribution
             75,000                       75,000  
Cumulative effect of change in
                                        
  accounting, net of DAC
                     (2,370 )     2,370       -  
Balances as of December 31, 2009
   $ 2,000     $ 256,000     $ (480 )   $ 122,511     $ 380,031  
                                         
Comprehensive income:
                                        
  Net income
                             24,523       24,523   
  Net unrealized gains
                                        
    on securities not other-than-
                                        
    temporarily impaired, net
                                        
    of tax of $13,874
                     25,764               25,764  
  Net unrealized losses on other-than-
                                        
    temporarily impaired securities,
                                        
    net of tax benefit of $2,044
                     (3,795 )             (3,795 )
  Reclassification adjustment
                                        
    for losses included
                                        
    in net income, net of tax
                                        
    of $2,912
                     5,409               5,409  
Total comprehensive income
                     27,378       24,523       51,901  
Balances as of December 31, 2010
   $ 2,000     $ 256,000     $ 26,898     $ 147,034     $ 431,932  

See accompanying notes to financial statements.
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Financial Statements
 
Statements of Cash Flows
(In thousands)
 
 
 
   
Years Ended December 31,
  
   
2010
    
2009
    
2008
  
Cash flows from operating activities:
                  
  Net income
   $ 24,523     $ 4,264     $ 35,348  
  Adjustments to reconcile net income to
                        
    net cash provided by operating activities:
                        
  Net realized losses on investments
     16,046       16,539       39,391  
  Interest credited on deposit liabilities
     40,921       44,098       44,898  
  Amortization of discount and premium on investments
     459       610       785  
  Deferred income tax provision
     109       (9,207 )     27,419  
  Change in:
                        
    Accrued investment income
     (966 )     (794 )     1,027  
    Deferred sales inducements and acquisition costs
     (48,890 )     (28,158 )     (22,016 )
    Trading portfolio activity, net
     1,710       832       -  
    Income taxes (receivable from) payable to Parent
     (6,726 )     43,222       (103,086 )
    Claims payable
     5,454       4,054       (7,132 )
    (Payable to) receivable from Parent
     (1,214 )     (49,034 )     47,784  
    Other assets and liabilities, net
     (459 )     2,903       19,134  
Net cash provided by operating activities
     30,967       29,329       83,552  
                         
Cash flows from investing activities:
                        
  Fixed maturities and equities available for sale:
                        
  Proceeds from sales
     233,634       292,030       226,750  
  Principal repayments, maturities, calls
                          
    and redemptions
     90,731       81,991       57,082  
  Purchases
     (476,419 )     (533,240 )     (308,825 )
  Other investing activities
     8,494       (5,181 )     (3,633 )
Net cash used in investing activities
     (143,560 )     (164,400 )     (28,626 )
                         
Cash flows from financing activities:
                        
  Policyholders' account balances:
                        
    Deposits
     1,071,851       792,246       458,829  
    Withdrawals
     (302,015 )     (376,665 )     (357,034 )
  Net transfers to separate accounts
     (667,382 )     (416,393 )     (131,428 )
Capital contribution
     -       75,000       40,000  
Net cash provided by financing activities
     102,454       74,188       10,367  
                         
Net (decrease) increase in cash and short-term
                        
  investments
     (10,139 )     (60,883 )     65,293  
                         
Cash and short-term investments, beginning of year
     98,726       159,609       94,316  
Cash and short-term investments, end of year
   $ 88,587     $ 98,726     $ 159,609  
 
See accompanying notes to financial statements.
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
1.   Nature of Operations
Jackson National Life Insurance Company of New York, (the “Company” or “Jackson-NY”) is wholly owned by Jackson National Life Insurance Company (“Jackson” or the “Parent”), a wholly owned subsidiary of Brooke Life Insurance Company (“Brooke Life”), which is ultimately a wholly owned subsidiary of Prudential plc (“Prudential”), London, England.  Jackson-NY is licensed to sell group and individual annuity products (including immediate annuities, deferred fixed annuities and variable annuities), guaranteed investment contracts and individual life insurance products, including variable universal life, in the states of New York, Delaware and Michigan.
 
2.   Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
 
The preparation of the financial statements in conformity with GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the financial statements and the accompanying notes.  Significant estimates or assumptions, as further discussed in the notes, include: 1) valuation of investments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is other-than-temporary; 2) assumptions impacting future gross profits, including lapse and mortality rates, expenses, investment returns and policy crediting rates, used in the calculation of amortization of deferred acquisition costs and deferred sales inducements; 3) assumptions used in calculating policy reserves and liabilities, including lapse and mortality rates, expenses and investment returns; 4) assumptions as to future earnings levels being sufficient to realize deferred tax benefits; 5) estimates related to liabilities for lawsuits and the liability for state guaranty fund assessments; and 6) assumptions and estimates associated with the Company’s tax positions which impact the amount of recognized tax benefits recorded by the Company.  These estimates and assumptions are based on management’s best estimates and judgments.  Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors deemed appropriate.  As facts and circumstances dictate, these estimates and assumptions may be adjusted.  Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.  Changes in those estimates, including those resulting from continuing changes in the economic environment, will be reflected in the financial statements in the periods the estimates are changed.
 
Changes in Accounting Principles – Adopted in Current Year
On January 1, 2010, the Company adopted Accounting Standards Update No. 2009-16, “Accounting for Transfers of Financial Assets” (“ASU 2009-16”).  This accounting guidance amends the current guidance on transfers of financial assets by eliminating the qualifying special-purpose entity (“QSPE”) concept, providing certain conditions that must be met to qualify for sale accounting, changing the amount of gain or loss recognized on certain transfers and requiring additional disclosures.  ASU 2009-16 did not have an impact on the Company’s financial statements.

On January 1, 2010, the Company adopted ASU 2010-10, “Amendment for Certain Investment Funds,” which provides accounting guidance for determining which enterprise, if any, has a controlling financial interest in a variable interest entity (“VIE”) and requires additional disclosures regarding a company’s involvement in VIEs.  ASU 2010-10 did not have an impact on the Company’s financial statements.

Changes in Accounting Principles – Adopted in Prior Years
On January 1, 2009, the Company adopted Accounting Standards Codification (“ASC”) 320-10-65, “Debt and Equity Securities – Transition and Open Effective Date Information” (previously FAS 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairments”).  ASC 320-10-65 requires entities to separate an other-than-temporary impairment of a debt security into two components when there are credit related losses associated with the impaired debt security for which management believes it does not have the intent to sell the security and is not more likely than not to be required to sell the security before recovery of its amortized cost
 
 
 
 

Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
2.   Summary of Significant Accounting Policies (continued)
 
basis.  The difference between the fair value and the amortized cost of the security is presented as an other-than-temporary impairment charge within earnings, with an offset for any non-credit related loss component of the charge to be recognized in other comprehensive income.  ASC 320-10-65 required companies to record, as of the period of adoption, a cumulative effect adjustment to reclassify the non-credit portion of a previously recognized other-than-temporary impairment from retained earnings to other comprehensive income, if, as of the date of adoption, the company did not intend to sell the security before anticipated recovery of its amortized cost basis.  Upon adoption, the Company transferred $5.7 million ($2.4 million net of deferred acquisition costs and sales inducements) of non-credit related impairments from retained earnings to other comprehensive income.

Changes in Accounting Principles – Not Yet Fully Adopted
In January 2010, the FASB issued ASU No. 2010-06, “Improving Disclosures about Fair Value Measurements,” which requires additional disclosures related to transfers between Levels 1 and 2 and for fair value measurement activity in Level 3.  Additional information to be provided will include purchases, sales, issuances, and settlements on a gross basis.  This ASU also clarifies certain other existing disclosure requirements including the level of disaggregation and disclosures around inputs and valuation techniques.  The accounting guidance for new disclosures and clarification of existing disclosures is effective for periods beginning after December 15, 2009.  The additional disclosures related to activity in Level 3 are effective for fiscal years beginning after December 15, 2010.  As required, the additional disclosures effective for periods beginning after December 15, 2009, are included herein.  The remaining required disclosures, effective for fiscal years beginning after December 15, 2010, will be included in the Company’s financial statements for the year ending December 31, 2011.

In April 2010, the FASB issued ASU No. 2010-15, “How Investments Held through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments.” This guidance clarifies that an insurance entity should not consider any separate account interests held for the benefit of policyholders in an investment to be the insurer’s interests and should not combine those interests with its general account interest in the same investment when assessing the investment for consolidation, unless the separate account interests are held for the benefit of a related policyholder, as defined in the Variable Interest Entities Subsections of Subtopic 810-10 and those Subsections require the consideration of related parties.  This accounting guidance will be effective on January 1, 2011, and is not expected to impact the Company’s financial statements.

In October 2010, the FASB issued ASU No. 2010-26, “Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.” ASU 2010-26 clarifies which costs related to the acquisition or renewal of insurance contracts can be deferred by insurance entities.  The guidance also specifies that only costs directly related to the successful acquisition of new or renewal contracts can be capitalized.  All other acquisition related costs should be expensed as incurred.  This accounting guidance will be effective on January 1, 2012 and can be applied either prospectively or retrospectively.  Jackson-NY has not yet determined the impact this guidance will have on the Company’s financial statements upon adoption.

Comprehensive Income (Loss)
Comprehensive income (loss) includes all changes in stockholder’s equity (except those arising from transactions with owners/stockholders) and, in the Company’s case, includes net income and net unrealized gains or losses on available for sale securities.

Investments
Cash and short-term investments, which primarily include high quality, non-asset-backed commercial paper and money market instruments, are carried at cost or amortized cost.  These investments have original maturities of three months or less and are considered cash equivalents for reporting cash flows.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
2.   Summary of Significant Accounting Policies (continued)
 
Fixed maturities consist primarily of bonds and asset-backed securities. Acquisition discounts and premiums on fixed maturities are amortized into investment income through call or maturity dates using the effective interest method.  Discounts and premiums on asset-backed securities are amortized over the estimated redemption period.  Certain asset-backed securities are considered to be other than high quality or otherwise deemed to be high-risk, meaning the Company might not recover substantially all of its recorded investment due to unanticipated prepayment events.  For these securities, changes in investment yields due to changes in estimated future cash flows are accounted for on a prospective basis.  The carrying value of such securities was $33.2 million and $26.9 million at December 31, 2010 and 2009, respectively.

All fixed maturities are classified as available for sale and are carried at fair value.  Effective January 1, 2009, for declines in fair value considered to be other-than-temporary, an impairment charge reflecting the difference between the amortized cost basis and fair value is included in net realized losses on investments.  If management believes the Company does not intend to sell the security and is not more likely than not to be required to sell the security prior to recovery of its amortized cost basis, an amount representing the non-credit related portion of a loss is reclassified out of net realized losses on investments and into other comprehensive income.  In determining whether an other-than-temporary impairment has occurred, and in calculating the non-credit related component of the total impairment loss, the Company considers a number of factors, which are further detailed in Note 4.  For periods prior to January 1, 2009, Jackson-NY recognized an other-than-temporary impairment when the Company did not expect full recovery of amortized cost or did not have the intent and ability to hold a security to recovery and impairment losses were recognized in net realized losses on investments for the full difference between fair value and amortized cost.

During 2009, the Company transferred its equity holdings, consisting of common stocks and preferred stocks, from available for sale to a trading portfolio and recognized a loss of $1.1 million.  At December 31, 2010 and 2009, all equity holdings were classified as trading.  Trading securities are carried at fair value with changes in value included in net investment income.

Policy loans are carried at the unpaid principal balances.

Realized gains and losses on the sale of investments are recognized in net income at the date of sale and are determined using the specific cost identification method.

The changes in unrealized gains and losses on investments which are classified as available for sale, net of tax and the effect of the adjustment for deferred acquisition costs and deferred sales inducements, and beginning in 2009, the non-credit related portion of other-than-temporary impairment charges, are excluded from net income and included as a component of other comprehensive income and stockholder’s equity.

Embedded Derivatives
Certain guarantees offered in connection with variable annuities issued by the Company, contain embedded derivatives as defined by ASC 815-15.  These derivatives, embedded in certain host liabilities that have been separated for accounting and financial reporting purposes, are carried at fair value.  Embedded derivative results are reported in change in reserves.

Deferred Acquisition Costs
Certain costs of acquiring new business, principally commissions and certain costs associated with policy issuance and underwriting, which vary with and are primarily related to the production of new business, are capitalized as deferred acquisition costs.  Deferred acquisition costs are increased by interest thereon and amortized in proportion to anticipated premium revenues for traditional life policies and in proportion to estimated gross profits for annuities and interest-sensitive life products.  Unamortized deferred acquisition costs are written off when a contract is internally replaced and substantially changed.  A review of assumptions used for estimating future gross profits
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
2.   Summary of Significant Accounting Policies (continued)
 
underlying the amortization of deferred acquisition costs is conducted on an annual basis.  Based on results of the annual review, the deferred acquisition cost balance is adjusted, with an offsetting credit or charge to amortization expense.
 
As fixed maturities available for sale are carried at fair value, an adjustment is made to deferred acquisition costs equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields.  This adjustment, along with the change in fair value of fixed maturities available for sale, net of applicable tax, is credited or charged directly to stockholder’s equity as a component of other comprehensive income.  Deferred acquisition costs have been decreased by $23.8 million and increased by $12.9 million at December 31, 2010 and 2009, respectively, to reflect this adjustment.  Effective January 1, 2009, in connection with the adoption of amended accounting guidance, Jackson-NY reclassified $3.1 million of deferred acquisition costs amortization from retained earnings to accumulated other comprehensive income.

For variable annuity business, the Company employs a mean reversion methodology that is applied with the objective of adjusting the amortization of deferred acquisition costs that would otherwise be highly volatile due to fluctuations in the level of future gross profits arising from changes in equity market levels.  The mean reversion methodology achieves this objective by applying a dynamic adjustment to the level of expectations of short-term future investment returns. Under the methodology, the projected returns for the next five years are set such that, when combined with the actual returns for the current and preceding two years, the average rate of return over the eight year period is 8.4%, after investment management fees. The mean reversion methodology does, however, include a cap and a floor of 15% and 0% per annum, respectively, on the projected return for each of the next five years. Projected returns after the next five years are set at 8.4%. At December 31, 2010 and 2009, future projected returns were capped at the 15% level.

Deferred Sales Inducements
Bonus interest on single premium deferred annuities and contract enhancements on variable annuities are capitalized as deferred sales inducements.  Deferred sales inducements are increased by interest thereon and amortized in proportion to estimated gross profits.  Unamortized deferred sales inducements are written off when a contract is internally replaced and substantially changed.  A review of assumptions used for estimating future gross profits underlying the amortization of deferred sales inducements is conducted on an annual basis.  Based on results of the annual review, the deferred sales inducement balance is adjusted, with an offsetting credit or charge to amortization expense.  As fixed maturities available for sale are carried at fair value, an adjustment is made to deferred sales inducements equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields.  This adjustment, along with the change in fair value of fixed maturities available for sale, net of applicable tax, is credited or charged directly to stockholder’s equity as a component of other comprehensive income.  Deferred sales inducements have been decreased by $2.1 million and increased by $1.2 million at December 31, 2010 and 2009, respectively, to reflect this adjustment.  Effective January 1, 2009, in connection with the adoption of FSP 115-2, Jackson-NY reclassified $0.2 million of deferred sales inducements from retained earnings to accumulated other comprehensive income.

Federal Income Taxes
The Company files a consolidated federal income tax return with Jackson and Brooke Life.  The Company has entered into a written tax sharing agreement, which is generally based on separate return calculations.  Intercompany balances are settled on a quarterly basis.  The Company is generally no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2007.

Deferred federal income taxes arise from the recognition of temporary differences between the basis of assets and liabilities determined for financial reporting purposes and the basis determined for income tax purposes.  Such temporary differences are principally related to the effects of recording certain invested assets at market value, the
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
2.   Summary of Significant Accounting Policies (continued)
 
deferral of policy acquisition costs and sales inducements and the provisions for future policy benefits and expenses.  Deferred tax assets and liabilities are measured using the tax rates expected to be in effect when such benefits are realized.  In accordance with GAAP, Jackson-NY is required to test the value of deferred tax assets for realizability.  Deferred tax assets are reduced by a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized.  In determining the need for a valuation allowance, the Company considers the carryback capacity of losses, reversal of existing temporary differences, estimated future taxable income and tax planning strategies.
 
The determination of the valuation allowance for Jackson-NY’s deferred tax assets requires management to make certain judgments and assumptions regarding future operations that are based on historical experience and expectations of future performance.  In order to recognize a tax benefit in the financial statements, there must be a greater than 50 percent chance of success with the relevant taxing authority with regard to that tax position.  Management’s judgments are potentially subject to change given the inherent uncertainty in predicting future performance, which is impacted by such factors as policyholder behavior, competitor pricing and other specific industry and market conditions.

The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits as a component of tax expense.  At December 31, 2010 and 2009, the Company had no unrecognized tax benefits.

Policy Reserves and Liabilities
Reserves for future policy benefits:
For traditional life insurance contracts, reserves for future policy benefits are determined using the net level premium method and assumptions as of the issue date or acquisition date as to mortality, interest, persistency and expenses plus provisions for adverse deviations.  Mortality assumptions range from 25% to 160% of the 1975-1980 Basic Select and Ultimate tables depending on policy duration.  Interest rate assumptions range from 4% to 6%.  Lapse and expense assumptions are based on studies of the Company’s experience in combination with that of the Parent.  
 
Deposits on investment contracts:
For the Company’s interest-sensitive life contracts, liabilities approximate the policyholder’s account value.  For deferred annuities and the fixed option on variable annuity contracts, the liability is the policyholder’s account value.

Separate Account Assets and Liabilities
The assets and liabilities associated with individual variable life and annuity contracts, which aggregated $2,848.3 million and $1,898.6 million at December 31, 2010 and 2009, respectively, are segregated in separate accounts.  The Company receives fees for assuming mortality and expense risks and other administrative fees related to the issuance and maintenance of the contracts.  Such fees are recorded as earned and are included in fee income.

Revenue and Expense Recognition
Premiums for traditional life insurance are reported as revenues when due.  Benefits, claims and expenses are associated with earned revenues in order to recognize profit over the lives of the contracts.  This association is accomplished through provisions for future policy benefits and the deferral and amortization of acquisition costs.

Deposits on interest-sensitive life products and investment contracts, principally universal and variable universal life contracts and deferred annuities, are treated as policyholder deposits and excluded from revenue.  Revenues consist primarily of investment income and charges assessed against the policyholder’s account value for mortality charges, surrenders, variable annuity benefit guarantees and administrative expenses. Surrender benefits are treated as repayments of the policyholder account.  Annuity benefit payments are treated as reductions to the policyholder account.  Death benefits in excess of the policyholder account are recognized as an expense when incurred.  Expenses consist primarily of the interest credited to policyholder deposits.  Underwriting and other acquisition
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
2.   Summary of Significant Accounting Policies (continued)
 
expenses are associated with gross profit in order to recognize profit over the life of the business.  This is accomplished through deferral and amortization of acquisition costs and sales inducements.  Expenses not related to policy acquisition are recognized as incurred.
 
Investment income is not accrued on securities in default and otherwise where the collection is uncertain.  Receipts of interest on such securities are generally used to reduce the cost basis of the securities.
 
Subsequent Events
The Company has evaluated events through March 14, 2011, which is the date the financial statements were available to be issued.
 
 
3.   Fair Value Measurements
 
The following chart summarizes the fair value and carrying value of Jackson-NY’s financial instruments (in thousands).  The basis for determining the fair value of each instrument is also described below.
 
   
December 31, 2010
    
December 31, 2009
  
   
Carrying Value
    
Fair Value
    
Carrying Value
    
Fair Value
  
Assets
                        
Cash and short-term investments
   $ 88,587     $ 88,587     $ 98,726     $ 98,726  
Fixed maturities
     1,587,407       1,587,407       1,368,403       1,368,403  
Trading securities
     431       431       2,141       2,141  
Policy loans
     262       194       240       177  
GMIB reinsurance recoverable
     6,980       6,980       7,754       7,754  
Separate account assets
     2,848,302       2,848,302       1,898,571       1,898,571  
                                 
Liabilities
                                
Annuity reserves (1)
   $ 1,460,957     $ 1,135,117     $ 1,337,169     $ 1,134,415  
Separate account liabilities
     2,848,302       2,848,302       1,898,571       1,898,571  
                                 
(1) - Annuity reserves represent only the components of deposits on investment contracts that are considered to be financial instruments and includes the applicable guaranteed benefit liabilities.
  
 
 
Fair value measurements are based upon observable and unobservable inputs.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information.  Jackson-NY utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.  All assets and liabilities measured at fair value are required to be classified into one of the following categories:

 
Level 1
Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date.  Level 1 securities include U.S. Treasury securities and exchange traded equity securities.

 
Level 2
Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities.  Most debt securities and preferred stocks that are model priced using observable inputs are classified within Level 2.

 
Level 3
Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Embedded derivative instruments that are valued using unobservable inputs are included in Level 3.  Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment may be used to determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
3.   Fair Value Measurements (continued)
 
In many situations, inputs used to measure the fair value of an asset or liability may fall into different levels of the fair value hierarchy. In these situations, the Company will determine the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. As a result, both observable and unobservable inputs may be used in the determination of fair values that the Company has classified within Level 3.
 
The Company determines the fair values of certain financial assets and liabilities based on quoted market prices, where available. The Company may also determine fair value based on estimated future cash flows discounted at the appropriate current market rate.  When appropriate, fair values reflect adjustments for counterparty credit quality, the Company’s credit standing, liquidity and risk margins on unobservable inputs.

Where quoted market prices are not available, fair value estimates are made at a point in time, based on relevant market data, as well as the best information about the individual financial instrument.  At times, illiquid market conditions may result in inactive markets for certain of the Company’s financial instruments.  In such instances, there is generally no or limited observable market data for these assets and liabilities.  Fair value estimates for financial instruments deemed to be in an illiquid market are based on judgments regarding current economic conditions, liquidity discounts, currency, credit and interest rate risks, loss experience and other factors.  These fair values are estimates and involve considerable uncertainty and variability as a result of the inputs selected and may differ materially from the values that would have been used had an active market existed.  As a result of market inactivity, such calculated fair value estimates may not be realizable in an immediate sale or settlement of the instrument.  In addition, changes in the underlying assumptions used in the fair value measurement technique could significantly affect these fair value estimates.

The following is a discussion of the methodologies used to determine fair values of the financial instruments listed in the above table.

Fixed Maturity and Equity Securities
The fair values for fixed maturity and equity securities are determined by management using information available from independent pricing services, broker-dealer quotes, or internally derived estimates. Priority is given to publicly available prices from independent sources, when available.  Securities for which the independent pricing service does not provide a quotation are either submitted to independent broker-dealers for prices or priced internally. Typical inputs used by these three pricing methods include, but are not limited to, reported trades, benchmark yields, credit spreads, liquidity premiums, and/or estimated cash flows based on default and prepayment assumptions.

As a result of typical trading volumes and the lack of specific quoted market prices for most fixed maturities, independent pricing services will normally derive the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable information as outlined above. If there are no recently reported trades, the independent pricing services and brokers may use matrix or pricing model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at relevant market rates.  Certain securities are priced using broker-dealer quotes, which may utilize proprietary inputs and models.  Additionally, the majority of these quotes are non-binding.

Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment assumptions believed to be relevant for the underlying collateral.  Actual prepayment experience may vary from these estimates.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
3.    Fair Value Measurements (continued)
 
Internally derived estimates may be used to develop a fair value for securities for which the Company is unable to obtain either a reliable price from an independent pricing service or a suitable broker-dealer quote. These estimates may incorporate Level 2 and Level 3 inputs and are generally derived using expected future cash flows, discounted at market interest rates available from market sources based on the credit quality and duration of the instrument to determine fair value.  For securities that may not be reliably priced using these internally developed pricing models, a fair value may be estimated using indicative market prices.  These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information, and, therefore, are considered to be Level 3 inputs.
 
The Company performs a monthly analysis on the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value.  This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals.  Examples of procedures performed include, but are not limited to, initial and on-going review of third party pricing service methodologies, review of pricing statistics and trends, back testing recent trades and monitoring of trading volumes.  In addition, the Company considers whether prices received from independent brokers represent a reasonable estimate of fair value through the use of internal and external cash flow models, which are developed based on spreads and, when available, market indices.  As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly.

For those securities that were internally valued at December 31, 2010 and 2009, an internally developed model was used to determine the fair value.  The pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the  market discount rate for the security.  Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated  in the discount rate.  Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value. 

On an ongoing basis, the Company reviews the independent pricing services’ valuation methodologies and related inputs, and evaluates the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy distribution based upon trading activity and the observability of market inputs. Based on the results of this evaluation, each price is classified into Level 1, 2, or 3. Most prices provided by independent pricing services, including broker quotes, are classified into Level 2 due to their use of market observable inputs.

Policy Loans
Fair values are determined using projected future cash flows, based on assumptions as to expected mortality and lapse rates, and discounted at current market interest rates.

Fair Values of Separate Account Assets and Liabilities
Separate account assets are invested in mutual funds, which are categorized as Level 1 assets.  The value of separate account liabilities are set equal to the value of separate account assets under GAAP.

Annuity Reserves
Fair values for immediate annuities without mortality features are derived by discounting the future estimated cash flows using current market interest rates for similar maturities.  Fair values for deferred annuities are determined using projected future cash flows discounted at the rate that would be required to transfer the liability to a willing third party.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
3.    Fair Value Measurements (continued)

Fair Values of Certain Guaranteed Benefits
Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, and income benefits. Certain benefits, primarily non-life contingent guaranteed minimum withdrawal benefits (“GMWB”) and the reinsured portion of the Company’s guaranteed minimum income benefits (“GMIB”), are recorded at fair value.  Guaranteed benefits that are not subject to fair value accounting are accounted for as insurance benefits.

Non-life contingent GMWBs are recorded at fair value with changes in fair value recorded in change in reserves. The fair value of the reserve is based on the expectations of future benefit payments and future fees associated with the benefits.  At the inception of the contract, the Company attributes to the derivative a portion of total fees collected from the contract holder, which is then held static in future valuations. Those fees, generally referred to as the attributed fees, are set such that the present value of the attributed fees is equal to the present value of future claims expected to be paid under the guaranteed benefit at the inception of the contract. In subsequent valuations, both the present value of future benefits and the present value of attributed fees are revalued based on current market conditions and policyholder behavior assumptions. The difference between each of the two components represents the fair value of the embedded derivative.

Jackson-NY’s GMIB book is reinsured through an unrelated party and, due to the net settlement provisions of the reinsurance agreement, this contract meets the definition of a freestanding derivative. Accordingly, the GMIB reinsurance agreement is recorded at fair value, with changes in fair value recorded in change in reserves.  Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009.

Fair values for GMWB embedded derivatives, as well as GMIB reinsured recoverables, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits.  The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts.  Estimating these cash flows requires numerous estimates and subjective judgments related to capital market inputs, as well as actuarially determined assumptions related to expectations concerning policyholder behavior. Capital market inputs include expected market rates of return, market volatility, correlations of market index returns to funds, fund performance and discount rates.  The more significant actuarial assumptions include the benefit utilization by policyholders under varying conditions, persistency, mortality assumptions and withdrawal rates.  Because of the dynamic and complex nature of these cash flows, best estimate assumptions, plus risk margins, and a stochastic process involving the generation of thousands of scenarios that assume risk neutral returns consistent with swap rates are used.  At each valuation date, the Company assumes expected returns based on LIBOR swap rates as of that date to determine the value of expected future cash flows produced in the stochastic process.

Volatility assumptions are based on a weighting of available market data for implied market volatility for durations up to 10 years, at which point the projected volatility is held constant.  Additionally, non-performance risk is incorporated into the calculation through the use of discount interest rates based on a AA corporate credit curve as an approximation of Jackson-NY’s own credit risk.  Other risk margins, particularly for policyholder behavior, are also incorporated into the model through the use of best estimate assumptions, plus a risk margin.  Estimates of future policyholder behavior are subjective and are based primarily on the Company’s experience and that of its Parent.

As markets change, mature and evolve and actual policyholder behavior emerges, management continually evaluates the appropriateness of its assumptions and adjusts its estimate accordingly for this component of the fair value model.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
3.    Fair Value Measurements (continued)

The use of the models and assumptions described above requires a significant amount of judgment.  Management believes the aggregation of each of these components results in an amount that the Company would be required to transfer for a liability, or receive for an asset, to or from a willing buyer or seller, if one existed, for those market participants to assume the risks associated with the guaranteed benefits and the related reinsurance. However, the ultimate settlement amount of the liability, which is currently unknown, will likely be significantly different than the fair value as the Company believes settlement will be based on our best estimate assumptions rather than those best estimate assumptions plus margins for risk.
 
Financial Instruments Measured at Fair Value on a Recurring Basis
The following table presents the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in thousands):
 
 
December 31, 2010
                        
   
Total
    
Level 1
    
Level 2
    
Level 3
  
Assets
                        
Fixed maturities
                        
Government securities
   $ 119,551     $ 119,551     $ -     $ -  
Public utilities
     82,783       -       82,783       -  
Corporate securities
     940,932       -       940,932       -  
Residential mortgage-backed
     141,026       -       141,026       -  
Commercial mortgage-backed
     219,977       -       219,977       -  
Other asset-backed securities
     83,138       -       83,138       -  
Trading securities
     431       431       -       -  
GMIB reinsurance recoverable
     6,980       -       -       6,980  
Separate account assets (1)
     2,848,302       2,848,302       -       -  
Total
   $ 4,443,120     $ 2,968,284     $ 1,467,856     $ 6,980  
                                 
Liabilities
                                
GMWB reserves (2)
   $ 692     $ -     $ -     $ 692  
                                 
(2) GMWB reserves are presented net of reinsurance ceded to Jackson of $65.3 million to illustrate the net effect on Jackson/NY's results.
  
                                 
December 31, 2009
                                
   
Total
    
Level 1
    
Level 2
    
Level 3
  
Assets
                                
Fixed maturities
                                
Government securities
   $ 1,022     $ 1,022     $ -     $ -  
Public utilities
     75,379       -       75,379       -  
Corporate securities
     885,335       -       877,731       7,604  
Residential mortgage-backed
     167,920       -       167,920       -  
Commercial mortgage-backed
     170,312       -       165,832       4,480  
Other asset-backed securities
     68,435       -       37,486       30,949  
Trading securities
     2,141       2,141       -       -  
GMIB reinsurance recoverable
     7,754       -       -       7,754  
Separate account assets (1)
     1,898,571       1,898,571       -       -  
Total
   $ 3,276,869     $ 1,901,734     $ 1,324,348     $ 50,787  
                                 
Liabilities
                                
GMWB reserves (2)
   $ 2,054     $ -     $ -     $ 2,054  
                                 
(1) Pursuant to ASC 944-80, the value of the separate account liabilities is set equal to the value of the separate account assets.
  
(2) GMWB reserves are presented net of reinsurance ceded to Jackson to illustrate the net effect on Jackson-NY's results.
          

 
 
 

Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
3.    Fair Value Measurements (continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
The tables below provide rollforwards for 2010 and 2009 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the table below include changes in fair value due partly to observable and unobservable factors. Additionally, the Company’s policy for determining and disclosing transfers between levels is to recognize transfers using the beginning of period balances.
 
         
 Total Realized / Unrealized Gains
(Losses) Included In
                    
   
Fair Value
                
Purchases,
          
Fair Value
  
   
as of
          
Other
    
Issuances
    
Transfers in
    
as of
  
   
January 1,
    
Net
    
Comprehensive
    
and
    
and/or out
    
December 31,
  
(in thousands)
  
2010
    
Income
    
Income
    
Settlements
    
of Level 3
    
2010
  
Assets
                                    
Fixed maturities
                                    
Corporate securities
   $ 7,604     $ -     $ -     $ -     $ (7,604 )   $ -  
Commercial mortgage-backed
     4,480       (156 )     2,144       (5,349 )     (1,119 )     -  
Other asset-backed securities
     30,949       (436 )     1,595       (4,977 )     (27,131 )     -  
GMIB reinsurance recoverable
     7,754       (774 )     -       -       -       6,980  
                                                 
Liabilities
                                                
GMWB reserves
   $ (2,054 )   $ 1,362     $ -     $ -     $ -     $ (692 )
                                                 
                                                 
                                                 
 
 
         
 Total Realized / Unrealized Gains
(Losses) Included in
                    
   
Fair Value
                
Purchases,
          
Fair Value
  
   
as of
          
Other
    
Issuances
    
Transfers in
    
as of
  
   
January 1,
    
Net
    
Comprehensive
    
and
    
and/or out
    
December 31,
  
(in thousands)
    2009    
Income
    
Income
    
Settlements
    
of Level 3
      2009  
Assets
                                                
Fixed maturities
                                                
Corporate securities
   $ -     $ -     $ 964     $ -     $ 6,640     $ 7,604  
Residential mortgage-backed
     143,379       3,021       (336 )     (4,486 )     (141,578 )     -  
Commercial mortgage-backed
     9,575       9       (5,104 )     -       -       4,480  
Other asset-backed securities
     68,059       355       (9,511 )     1,032       (28,986 )     30,949  
GMIB reinsurance recoverable
     14,868       (7,114 )     -       -       -       7,754  
                                                 
Liabilities
                                                
GMWB reserves
   $ (7,259 )   $ 5,205     $ -     $ -     $ -     $ (2,054 )

 
During 2008, the Company determined that, due to inactivity in certain markets, reliable market prices were no longer available on certain securities.  As a result, these securities were valued using internal estimates at December 31, 2008.  These securities were reflected as transfers into Level 3 during 2008.  At December 31, 2008, the related securities had an amortized cost and fair value of $249.2 million and $220.5 million, respectively and were primarily asset-backed securities.  During 2009, the Company determined that sufficient activity had returned to certain markets and, as a result, reliable market prices were available at December 31, 2009 for the majority of these securities.  This change was reflected as a transfer out of Level 3 during 2009.

Upon adoption of ASC 820-10, certain broker priced assets were classified as Level 3 holdings as a result of illiquidity in the market and the resultant lack of observability into the assumptions used to produce those fair values.  During 2010, as a result of changes in the level of observability of these inputs, Jackson-NY determined that these assets would be more appropriately categorized in Level 2.  As a result, Jackson-NY transferred securities with an amortized cost and fair value of $54.9 million and $35.9 million, respectively, from Level 3 to Level 2 during 2010.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
3.    Fair Value Measurements (continued)

The portion of gains (losses) included in net income or other comprehensive income attributable to the change in unrealized gains and losses related to financial instruments still held at December 31, 2010 and 2009, was as follows (in thousands):
 

   
December 31, 2010
    
December 31, 2009
  
Assets
            
Fixed maturities
            
Corporate securities
   $ -     $ 964  
Commercial mortgage-backed
     -       (5,104 )
Other asset-backed securities
     -       (9,581 )
GMIB reinsurance recoverable
     (774 )     (7,114 )
                 
Liabilities
                
GMWB reserves
   $ 1,362     $ 5,205  
 
4.    Investments
 
Investments are comprised primarily of fixed-income securities, primarily publicly traded industrial, utility and government bonds and asset-backed securites.  Asset-backed securities include mortgage-backed and other structured securities.  The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts and life insurance products on which it has committed to pay a declared rate of interest.  The Company's strategy of investing in fixed-income securities aims to ensure matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments.

Fixed Maturities
The following table sets forth fixed maturity investments at December 31, 2010, classified by rating categories as assigned by nationally recognized statistical rating organizations (“NRSRO”), the National Association of Insurance Commissioners (“NAIC”), or if not rated by such organizations, the Company’s affiliated investment advisor.  At December 31, 2010, the carrying value of investments rated by the Company’s affiliated investment advisor totaled $6.8 million.  For purposes of the table, if not otherwise rated higher by a NRSRO, NAIC Class 1 investments are included in the A rating, Class 2 in BBB, Class 3 in BB and Classes 4 through 6 in B and below.

 
    Percent of Total
 
    Fixed Maturities
Investment Rating
    December 31, 2010
AAA
              26.8%
AA
                7.9%
A
              28.7%
BBB
              32.7%
  Investment grade
              96.1%
BB
                1.8%
B and below
                2.1%
  Below investment grade
                3.9%
  Total fixed maturities
            100.0%
   

 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
  
4.    Investments (continued)

At December 31, 2010, based on ratings by NRSROs, of the total carrying value of fixed maturities in an unrealized loss position, 78% were investment grade, 14% were below investment grade and 8% were not rated.  Unrealized losses on fixed maturities that were below investment grade or not rated represented approximately 47% of the aggregate gross unrealized losses on available for sale fixed maturities.

Corporate securities in an unrealized loss position were diversified across industries. As of December 31, 2010, the industries accounting for the larger percentage of unrealized losses included energy (1.6% of fixed maturities gross unrealized losses) and computers and electronics (1.3%).  The largest unrealized loss related to a single corporate obligor was $0.3 million at December 31, 2010.

The amortized cost, gross unrealized gains and losses, fair value and non-credit OTTI of available for sale fixed maturities were as follows (in thousands):

         
Gross
    
Gross
              
   
Amortized
    
Unrealized
    
Unrealized
    
Fair
    
Non-credit
  
December 31, 2010
  
Cost
    
Gains
    
Losses
    
Value
    
OTTI (1)
  
Fixed Maturities
                              
  Government securities
   $ 119,250     $ 1,051     $ 750     $ 119,551     $ -  
  Public utilities
     78,775       4,343       335       82,783       -  
  Corporate securities
     883,563       61,112       3,743       940,932       (18 )
  Residential mortgage-backed
     159,026       2,343       20,343       141,026       (10,102 )
  Commercial mortgage-backed
     203,465       21,139       4,627       219,977       (2,048 )
  Other asset-backed securities
     87,695       1,494       6,051       83,138       (687 )
    Total fixed maturities
   $ 1,531,774     $ 91,482     $ 35,849     $ 1,587,407     $ (12,855 )
                                         
                                         
           
Gross
    
Gross
                  
   
Amortized
    
Unrealized
    
Unrealized
    
Fair
    
Non-credit
  
December 31, 2009
  
Cost
    
Gains
    
Losses
    
Value
    
OTTI (1)
  
Fixed Maturities
                                        
  Government securities
   $ 1,008     $ 29     $ 15     $ 1,022     $ -  
  Public utilities
     72,452       3,333       406       75,379       -  
  Corporate securities
     847,932       44,961       7,558       885,335       85  
  Residential mortgage-backed
     206,870       1,012       39,962       167,920       (16,548 )
  Commercial mortgage-backed
     185,301       5,663       20,652       170,312       -  
  Other asset-backed securities
     81,320       1,164       14,049       68,435       -  
    Total fixed maturities
   $ 1,394,883     $ 56,162     $ 82,642     $ 1,368,403     $ (16,463 )
                                         
(1) Represents the amount of cumulative non-credit OTTI gains (losses) recognized in other comprehensive income for securities on which credit impairments have been recorded.
  
 
 
 
 

Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
4.    Investments (continued)

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2010, by contractual maturity, are shown below (in thousands).  Expected maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.

         
Gross
    
Gross
        
   
Amortized
    
Unrealized
    
Unrealized
    
Fair
  
   
Cost
    
Gains
    
Losses
    
Value
  
Due in 1 year or less
   $ 89,805     $ 2,036     $ 3     $ 91,838  
Due after 1 year through 5 years
     343,774       20,754       393       364,135  
Due after 5 years through 10 years
     526,202       37,471       3,353       560,320  
Due after 10 years through 20 years
     86,881       4,407       947       90,341  
Due after 20 years
     34,926       1,838       132       36,632  
Residential mortgage-backed
     159,026       2,343       20,343       141,026  
Commercial mortgage-backed
     203,465       21,139       4,627       219,977  
Other asset-backed securities
     87,695       1,494       6,051       83,138  
  Total
   $ 1,531,774     $ 91,482     $ 35,849     $ 1,587,407  
 
U.S. Treasury securities with a carrying value of $505 thousand and $539 thousand at December 31, 2010 and 2009, respectively, were on deposit with the State of New York as required by state insurance law.

At December 31, 2010, the amortized cost and carrying value of fixed maturities in default that were anticipated to be income producing when purchased were zero and $3 thousand, respectively.  The amortized cost and carrying value of fixed maturities that have been non-income producing for the 12 months preceding December 31, 2010 were zero and $3 thousand, respectively, and for the 12 months preceding December 31, 2009 were less than $1 thousand and $13 thousand, respectively.

Residential mortgage-backed securities (“RMBS”) include certain RMBS which are collateralized by residential mortgage loans and are neither explicitly nor implicitly guaranteed by U.S. government agencies (“non-agency mortgage-backed securities”).  The Company’s non-agency mortgage-backed securities include investments in securities backed by prime, Alt-A, and subprime loans as follows (in thousands):
 
         
Gross
    
Gross
        
   
Amortized
    
Unrealized
    
Unrealized
    
Fair
  
December 31, 2010
  
Cost
    
Gains
    
Losses
    
Value
  
                         
Prime
   $ 46,312     $ 187     $ 7,470     $ 39,029  
Alt-A
     32,258       61       5,539       26,780  
Subprime
     21,664       73       7,143       14,594  
  Total non-agency RMBS
   $ 100,234     $ 321     $ 20,152     $ 80,403  
                                 
           
Gross
    
Gross
          
   
Amortized
    
Unrealized
    
Unrealized
    
Fair
  
December 31, 2009
  
Cost
    
Gains
    
Losses
    
Value
  
                                 
Prime
   $ 71,131     $ 144     $ 20,015     $ 51,260  
Alt-A
     39,313       53       9,369       29,997  
Subprime
     23,006       -       10,341       12,665  
  Total non-agency RMBS
   $ 133,450     $ 197     $ 39,725     $ 93,922  
                                 
 
 
 
 

Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 

4.    Investments (continued)

The Company defines its exposure to non-agency residential mortgage loans as follows.  Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers.  Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates.  Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 680 or lower.  53% of the Company’s investments in Alt-A related mortgage-backed securities are rated investment grade by at least one NRSRO.  34% of the Company’s investments in subprime related mortgage-backed securities are rated triple-A by at least one NRSRO.  In 2010, the Company recorded other-than-temporary impairment charges of $0.5 million, $2.9 million and $1.2 million, on securities backed by prime, Alt-A and subprime, respectively.  In 2009, the Company recorded other-than-temporary impairment charges of $20.0 million, $6.0 million and $0.6 million, on securities backed by prime, Alt-A and subprime, respectively.  In 2008, the Company recorded other-than-temporary impairment charges of $3.1 million and $11.3 million, on securities backed by prime and Alt-A, respectively, and no charges on subprime.

Asset-backed securities also include investments in securities which are collateralized by commercial mortgage loans (“CMBS”).  At December 31, 2010, the amortized cost and fair value of the Company’s investment in CMBS are $203.5 million and $220.0 million, respectively, of which 99% were rated investment grade by at least one NRSRO.  In 2010, the Company recorded other-than-temporary impairment charges of $2.8 million on CMBS.  No other-than-temporary impairment charges were recorded on CMBS during 2009 or 2008.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
4.    Investments (continued)

The following table shows the number of securities, fair value and the related amount of gross unrealized losses aggregated by investment category and length of time that individual fixed maturity investments have been in a continuous loss position (in thousands):
 
 
December 31, 2010
  
December 31, 2009
       
 
Less than 12 months
  
Less than 12 months
 
Gross
            
Gross
        
 
Unrealized
  
Fair
    
# of
  
Unrealized
  
Fair
  
# of
 
Losses
  
Value
    
securities
  
Losses
  
Value
  
securities
Fixed Maturities
                        
Government securities
 $ 750   $ 19,206     2   $ 15   $ 489   1
Public utilities
   335     9,564     5     223     10,742   5
Corporate securities
   3,585     105,248     58     546     58,991   27
Residential mortgage-backed
   391     11,054     3     6,505     84,515   22
Commercial mortgage-backed
   151     5,560     4     526     18,874   6
Other asset-backed securities
   94     11,983     8     471     5,094   10
Total temporarily impaired
                                
securities
 $ 5,306   $ 162,615     80   $ 8,286   $ 178,705   71
                                 
 
12 months or longer
  
12 months or longer
 
Gross
              
Gross
          
 
Unrealized
  
Fair
    
# of
  
Unrealized
  
Fair
  
# of
 
Losses
  
Value
    
securities
  
Losses
  
Value
  
securities
Fixed Maturities
                                
Government securities
 $ -   $ -     -   $ -   $ -   -
Public utilities
   -     -     -     183     810   1
Corporate securities
   158     9,854     3     7,012     109,270   42
Residential mortgage-backed
   19,952     69,898     32     33,457     57,180   31
Commercial mortgage-backed
   4,476     3,634     3     20,126     83,854   29
Other asset-backed securities
   5,957     22,494     21     13,578     32,641   24
Total temporarily impaired
                                
securities
 $ 30,543   $ 105,880     59   $ 74,356   $ 283,755   127
                                 
 
Total
  
Total
 
Gross
              
Gross
          
 
Unrealized
  
Fair
    
# of
  
Unrealized
  
Fair
  
# of
 
Losses
  
Value
    
securities
  
Losses
  
Value
  
securities
Fixed Maturities
                                
Government securities
 $ 750   $ 19,206     2   $ 15   $ 489   1
Public utilities
   335     9,564     5     406     11,552   6
Corporate securities
   3,743     115,102     61     7,558     168,261   69
Residential mortgage-backed
   20,343     80,952     35     39,962     141,695   53
Commercial mortgage-backed
   4,627     9,194     7     20,652     102,728   35
Other asset-backed securities
   6,051     34,477     29     14,049     37,735   34
Total temporarily impaired
                                
securities
 $ 35,849   $ 268,495     139   $ 82,642   $ 462,460   198
 
 
Other-Than-Temporary Impairments on Available For Sale Securities
The Company periodically reviews its available for sale fixed maturities and equities on a case-by-case basis to determine if any decline in fair value to below cost or amortized cost is other-than-temporary.  Factors considered in determining whether a decline is other-than-temporary include the length of time a security has been in an unrealized loss position, the severity of the unrealized loss and the reasons for the decline in value, and expectations for the amount and timing of a recovery in fair value.

Securities the Company determines are underperforming or potential problem securities are subject to regular review. To facilitate the review, securities with significant declines in value, or where other objective criteria evidencing credit deterioration have been met, are included on a watch list. Among the criteria for securities to be included on a watch list are: credit deterioration that has led to a significant decline in fair value of the security; a significant covenant related to the security has been breached; or an issuer has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled interest or principal payment, or has experienced a specific material adverse change that may impair its creditworthiness.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
4.    Investments (continued)

In performing these reviews, the Company considers the relevant facts and circumstances relating to each investment and exercises considerable judgment in determining whether a security is other-than-temporarily impaired. Assessment factors include judgments about an obligor’s current and projected financial position, an issuer’s current and projected ability to service and repay its debt obligations, the existence of, and realizable value of, any collateral backing the obligations and the macro-economic and micro-economic outlooks for specific industries and issuers.  This assessment may also involve assumptions regarding underlying collateral such as prepayment rates, default and recovery rates, and third-party servicing capabilities.

Among the specific factors considered are whether the decline in fair value results from a change in the credit quality of the security itself, or from a downward movement in the market as a whole, and the likelihood of recovering the carrying value based on the near-term prospects of the issuer.  Unrealized losses that are considered to be primarily the result of market conditions (e.g., increases in interest rates, temporary market illiquidity or volatility or industry-related events) are usually determined to be temporary, and where the Company also believes there exists a reasonable expectation for recovery in the near term.  To the extent that factors contributing to impairment losses recognized affect other investments, such investments are also reviewed for other-than-temporary impairment and losses are recorded when appropriate.

In addition to the review procedures described above, investments in asset-backed securities where market prices are depressed are subject to a review of their future estimated cash flows, including expected and stress case scenarios, to identify potential shortfalls in contractual payments.  These estimated cash flows are developed using available performance indicators from the underlying assets including current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics.  These estimates reflect a combination of data derived by third parties and internally developed assumptions.  Where possible, this data is benchmarked against third-party sources.

Even in the case of severely depressed market values on asset-backed securities, the Company places significant reliance on the results of its cash flow testing and its lack of an intent to sell these securities until their fair values recover when reaching other-than-temporary impairment conclusions with regard to these securities.  Other-than-temporary impairment charges are recorded on asset-backed securities when the Company forecasts a contractual payment shortfall.

Prior to January 1, 2009, Jackson-NY generally recognized an other-than-temporary impairment on debt securities in an unrealized loss position when Jackson-NY did not expect full recovery of amortized cost or did not have the intent and ability to hold such securities until they had fully recovered their amortized cost.  The recognition of other-than-temporary impairments in reporting periods prior to January 1, 2009 captured the entire difference between the amortized cost and fair value with this difference being recorded in net income and a corresponding decrease to the amortized cost of the security.

Effective January 1, 2009, Jackson-NY began recognizing other-than-temporary impairments on debt securities in an unrealized loss position when any one of the following circumstances exist:

·  
The Company does not expect full recovery of the amortized cost based on the discounted cash flows estimated to be collected;
·  
The Company intends to sell a security; or,
·  
It is more likely than not that the Company will be required to sell a security prior to recovery.

For mortgage-backed securities, credit impairment is assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure.  The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements existing in that structure.  The cash flow model incorporates actual cash flows on the mortgage-backed securities through the
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
4.    Investments (continued)

current period and then projects the remaining cash flows using a number of assumptions, including prepayment speeds, default rates and loss severity.

These estimates reflect a combination of data derived by third-parties and internally developed assumptions.  Where possible, this data is benchmarked against other third-party sources.  In addition, these estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate.

Effective January 1, 2009, total other-than-temporary impairments are calculated as the difference between amortized cost and fair value.   For other-than-temporarily impaired securities where Jackson-NY does not intend to sell the security and it is not more likely than not that Jackson-NY will be required to sell the security prior to recovery, total other-than-temporary impairments are reduced by the non-credit portion of the other-than-temporary impairments, which are recognized in other comprehensive income.  The resultant net other-than-temporary impairments recorded in net income reflect the credit loss on the other-than-temporarily impaired securities.  The amortized cost of the other-than-temporarily impaired securities is reduced by the amount of this credit loss.

For securities that were deemed to be other-than-temporarily impaired and for which a non-credit loss was recorded in other comprehensive income, the amount recorded as an unrealized gain (loss) represents the difference between the fair value and the new amortized cost basis of the securities.  The unrealized gain (loss) on other-than-temporarily impaired securities is recorded in other comprehensive income.

The following table summarizes net realized investment gains (losses) for the periods indicated (in thousands):

   
2010
    
2009
    
2008
  
Available-for-sale securities
                  
   Realized gains on sale
   $ 10,273     $ 14,584     $ 3,796  
   Realized losses on sale
     (16,614 )     (1,614 )     (10,927 )
Impairments:
                        
  Total other-than-temporary impairments
     (17,261 )     (44,400 )     (32,260 )
   Portion of other-than-temporary impairments
                        
included in other comprehensive income
     7,556       16,002       -  
   Net other-than-temporary impairments
     (9,705 )     (28,398 )     (32,260 )
Transfer to trading portfolio
     -       (1,111 )     -  
   Net realized losses on investments
   $ (16,046 )   $ (16,539 )   $ (39,391 )
 
The aggregate fair value of securities sold at a loss for the years ended December 31, 2010, 2009 and 2008 was $72.7 million, $19.0 million and $71.9 million, respectively, which was approximately 81%, 92% and 87% of book value, respectively.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
4.    Investments (continued)

The following summarizes the current year activity for credit losses recognized in net income on debt securities where an other-than-temporary impairment was identified and the non-credit portion of the other-than-temporary impairment was included in other comprehensive income (in thousands):

       
   
For the years ending December 31,
  
   
2010
    
2009
  
Cumulative credit loss beginning balance
   $ 32,397     $ -  
Adoption of new accounting guidance related to other-than-temporary impairments
     -       25,623  
Additions:
                
New credit losses
     6,040       20,432  
Incremental credit losses
     3,665       7,966  
Reductions:
                
Securities sold, paid down or disposed of
     (25,294 )     (21,624 )
Cumulative credit loss ending balance
   $ 16,808     $ 32,397  
 
 
There are inherent uncertainties in assessing the fair values assigned to the Company’s investments and in determining whether a decline in fair value is other-than-temporary. The Company’s reviews of net present value and fair value involve several criteria including economic conditions, credit loss experience, other issuer-specific developments and estimated future cash flows. These assessments are based on the best available information at the time. Factors such as market liquidity, the widening of bid/ask spreads and a change in the cash flow assumptions can contribute to future price volatility. If actual experience differs negatively from the assumptions and other considerations used in the financial statements, unrealized losses currently reported in accumulated other comprehensive income may be recognized in the income statements in future periods.

The Company currently has no intent to sell securities with unrealized losses considered to be temporary until they mature or recover in value and believes that it has the ability to do so.  However, if the specific facts and circumstances surrounding an individual security, or the outlook for its industry sector change, the Company may sell the security prior to its maturity or recovery and realize a loss.

Securities Lending
The Company has entered into a securities lending agreement with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms.  As of December 31, 2010 and 2009, the estimated fair value of loaned securities was $9.4 million and $1.6 million, respectively.  The agreement requires a minimum of 102 percent of the fair value of the loaned securities to be held as collateral, calculated on a daily basis.  To further minimize the credit risks related to this program, the financial condition of counterparties is monitored on a regular basis.  At December 31, 2010 and 2009, cash collateral received in the amount of $9.6 million and $1.1 million, respectively, was invested by the agent bank and included in cash and short-term investments of the Company.  A securities lending payable is included in liabilities for the amount of cash collateral received.  Additionally, $0.5 million of non-cash collateral was received in 2009.

Securities lending transactions are used to generate income.  Income and expenses associated with these transactions are reported as net investment income.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
5.    Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees
 
The Company issues variable contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder (traditional variable annuities).  The Company also issues variable annuity and life contracts through separate accounts where the Company contractually guarantees to the contract holder (variable contracts with guarantees) either a) return of no less than total deposits made to the contract adjusted for any partial withdrawals, b) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, or c) the highest contract value on a specified anniversary date adjusted for any withdrawals following the contract anniversary.  These guarantees include benefits that are payable in the event of death (GMDB), annuitization (GMIB) or at specified dates during the accumulation period (GMWB).
 
The assets supporting the variable portion of both traditional variable annuities and variable contracts with guarantees are carried at fair value and reported as summary total separate account assets with an equivalent summary total reported for separate account liabilities.  Liabilities for guaranteed benefits are general account obligations and are reported in policy reserves.  Amounts assessed against the contract holders for mortality, administrative, and other services are reported in revenue.  Changes in liabilities for minimum guarantees are reported in the increase in reserves, net of reinsurance in the income statement.  Separate account net investment income, net investment gains and losses, and the related liability changes are offset within the same line item in the income statements.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
5.    Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees (continued)
 
At December 31, 2010 and 2009, the Company provided variable annuity contracts with guarantees, for which the net amount at risk is the amount of guaranteed benefit in excess of current account value, as follows (dollars in millions):
 
                         
Average
December 31, 2010
                      
Period
                     
Weighted
  
until
     
Minimum
    
Account
    
Net Amount
  
Average
  
Expected
     
Return
    
Value
    
at Risk
  
Attained Age
  
Annuitization
Return of net deposits plus a minimum return
                        
 
GMDB
     0 %   $ 2,067.1     $ 79.0  
63.7 years
  
 
 
GMWB - Premium only
     0 %     323.2       14.4        
 
GMWB - For life
     0-5 %*     164.2       40.7        
Highest specified anniversary account value minus
                              
     withdrawals post-anniversary
                              
 
GMDB
             780.5       111.5  
64.1 years
    
 
GMWB - Highest anniversary only
             219.8       37.4        
 
GMWB - For life
             69.9       15.0        
Combination net deposits plus minimum return, highest
                              
     specified anniversary account value minus
                              
     withdrawals post-anniversary
                              
 
GMIB
     0-6 %     140.4       34.1      
5 years
 
GMWB - For life
     0-8 %*     1,427.8       58.8        
                                 
                                 
                               
Average
December 31, 2009
                            
Period
                           
Weighted
  
until
     
Minimum
    
Account
    
Net Amount
  
Average
  
Expected
     
Return
    
Value
    
at Risk
  
Attained Age
  
Annuitization
Return of net deposits plus a minimum return
                              
 
GMDB
     0 %   $ 1,265.4     $ 167.7  
63.5 years
  
 
 
GMWB - Premium only
     0 %     284.4       29.5        
 
GMWB - For life
     0-5 %*     132.5       48.8        
 
GMAB - Premium only
             39.7       12.4        
Highest specified anniversary account value minus
                              
     withdrawals post-anniversary
                              
 
GMDB
             632.4       146.6  
63.4 years
    
 
GMWB - Highest anniversary only
             183.2       56.4        
 
GMWB - For life
             67.7       20.4        
Combination net deposits plus minimum return, highest
                              
     specified anniversary account value minus
                              
     withdrawals post-anniversary
                              
 
GMIB
     0-6 %     138.1       42.7      
5.9 years
 
GMWB - For life
     0-7 %*     641.1       47.2        
                                 
                                 
* Ranges shown based on simple interest. The upper limits of 5%, 7%, or 8% simple interest are approximately equal to 4.1%, 5.5%, and 6%, respectively, on a compound interest basis over a typical 10-year bonus period.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
5.    Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees (continued)
 
Amounts shown as GMWB ‘for-life’ above include a ‘not-for-life’ component up to the point at which the guaranteed withdrawal benefit is exhausted, after which benefits paid are considered to be ‘for-life’ benefits.  The liability related to this ‘not-for-life’ portion is valued as an embedded derivative, while the ‘for-life’ benefits are valued as an insurance liability (see below).  For this table, the net amount at risk of the ‘not-for-life’ component is the undiscounted excess of the guaranteed withdrawal benefit over the account value, and that of the ‘for-life’ component is the estimated value of additional life contingent benefits paid after the guaranteed withdrawal benefit is exhausted.
 
Account balances of contracts with guarantees were invested in variable separate accounts as follows (in millions):
 
   
December 31,
  
Fund type:
  
2010
    
2009
  
    Equity
   $ 2,247.9     $ 1,489.7  
    Bond
     278.1       186.8  
    Balanced
     296.4       197.1  
    Money market
     25.4       24.5  
        Total
   $ 2,847.8     $ 1,898.1  

 
GMDB liabilities reflected in the general account were as follows (in millions):
 
   
2010
    
2009
    
2008
  
Balance at January 1
   $ 4.8     $ 10.8     $ 1.5  
  Incurred guaranteed benefits
     2.5       0.5       12.3  
  Paid guaranteed benefits
     (3.2 )     (6.5 )     (3.0 )
Balance at December 31
   $ 4.1     $ 4.8     $ 10.8  
 
The GMDB liability is determined by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments.  The Company regularly evaluates estimates used and adjusts the liability balance through the income statement within reserves, net of reinsurance, if actual experience or other evidence suggests that earlier assumptions should be revised.

The following assumptions and methodology were used to determine the GMDB liability at both December 31, 2010 and 2009 (except where noted):
1)  
Use of a series of deterministic investment performance scenarios, based on historical average market volatility.
2)  
Mean investment performance assumption of ­­8.4% after investment management fees, but before investment advisory fees and mortality and expense charges.
3)  
Mortality equal to 80.0% of the Annuity 2000 table.
4)  
Lapse rates varying by contract type, duration and degree the benefit is in-the-money and ranging from 0.75% to 49.0%, with an average of 5.0% during the surrender charge period and 11.0% thereafter at December 31, 2010 and from 0.75% to 49.0%, with an average of 6.0% during the surrender charge period and 12.0% thereafter at December 31, 2009.
5)  
Discount rate of 8.4%.
 
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
5.    Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees (continued)

Most GMWB reserves are considered to be derivatives under current accounting guidance and are recognized at fair value, with the change in fair value reported in change in reserves.  The fair value of these liabilities is determined using stochastic modeling and inputs as further described in Note 3.    The GMWB reserve totaled $20.4 million and $27.9 million at December 31, 2010 and December 31, 2009, respectively, and was included in reserves for future policy benefits.

Jackson-NY has also issued certain GMWB products that guarantee payments over a lifetime.  Reserves for the portion of these benefits after the point where the guaranteed withdrawal balance is exhausted are calculated as required by ASC 944-20.  The reserve calculation uses a series of stochastic investment performance scenarios.  Otherwise, the methodology and assumptions used are consistent with those used for calculating the GMDB liability.  At December 31, 2010 and 2009, these GMWB reserves totaled $6.5 million and $3.6 million, respectively, and were included in reserves for future policy benefits.

The direct GMIB liability is determined at each period end by estimating the expected value of the annuitization benefits in excess of the projected account balance at the date of annuitization and recognizing the excess ratably over the accumulation period based on total expected assessments.  The Company regularly evaluates estimates used and adjusts the liability balance through the income statement within reserves, net of reinsurance, if actual experience or other evidence suggests that earlier assumptions should be revised.  The assumptions used for calculating the direct GMIB liability at December 31, 2010 and 2009, are consistent with those used for calculating the GMDB liability.  GMIB reserves totaled $0.3 million and $0.2 million at December 31, 2010 and December 31, 2009, respectively.
 
6.    Reinsurance
 
The Company cedes reinsurance to unaffiliated insurance companies in order to limit losses from large exposures; however, if the reinsurer is unable to meet its obligations, the originating issuer of the coverage retains the liability.  The maximum amount of life insurance risk retained by the Company on any one life is generally $500 thousand.  Amounts not retained are ceded to other companies on either a yearly renewable-term or a coinsurance basis.

With the approval of the Superintendent of Insurance for the State of New York, Jackson-NY also cedes 90% of the guaranteed minimum withdrawal benefit associated with variable annuities issued prior to 2009 to its Parent.  This agreement resulted in an initial gain to Jackson-NY of $0.9 million, which was deferred and included in other liabilities in the accompanying balance sheet.  The deferred gain is being amortized into income over the life of the business. Premiums ceded to Jackson for guaranteed minimum withdrawal benefits were $6.9 million, $6.7 million and $47.1 million in 2010, 2009 and 2008, respectively.

The effect of reinsurance on premiums was as follows (in thousands):

   
Years ended December 31,
  
   
2010
    
2009
    
2008
  
Direct premiums
   $ 558     $ 643     $ 695  
Less reinsurance ceded:
                        
  Life
     (438 )     (563 )     (573 )
Guaranteed annuity benefits
     (7,975 )     (7,721 )     (47,928 )
    Net premiums
   $ (7,855 )   $ (7,641 )   $ (47,806 )

 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
6.    Reinsurance
 
Components of the reinsurance recoverable were as follows (in thousands):
 
   
December 31,
  
   
2010
    
2009
  
Ceded reserves
   $ 32,206     $ 38,641  
Ceded claims liability
     90       -  
Ceded other
     4       8  
  Total
   $ 32,300     $ 38,649  
 
Reserves ceded to the Parent totaled $22.9 million and $28.6 million at December 31, 2010 and December 31, 2009, respectively.
 
 
7.    Federal Income Taxes
 
The components of the provision for federal income taxes were as follows (in thousands):
 
   
Years ended December 31,
  
   
2010
    
2009
    
2008
  
Current tax expense (benefit)
   $ 7,645     $ 9,324     $ (102,979 )
Deferred tax expense (benefit)
     109       (9,207 )     27,419  
                         
Income tax expense (benefit)
   $ 7,754     $ 117     $ (75,560 )
 
 
The federal income tax provisions differ from the amounts determined by multiplying pretax income by the statutory federal income tax rate of 35% for 2010, 2009 and 2008.  During 2008, a difference arose related to the ceding commission on reinsurance ceded to Jackson, which was categorized as a capital contribution for statutory reporting purposes.  As this difference will not reverse through the income statement, it has been included as a permanent difference in the table below.  These differences from the tax at the statutory rate are summarized as follows (in thousands):
 
 
   
Years ended December 31,
  
   
2010
    
2009
    
2008
  
Income taxes at statutory rate
   $ 11,297     $ 1,533     $ (14,074 )
Dividends received deduction
     (3,581 )     (1,416 )     (2,021 )
Ceding commission
     -       -       (68,075 )
Deferred tax valuation allowance
     -       -       8,400  
Other
     38       -       210  
Income tax expense (benefit)
   $ 7,754     $ 117     $ (75,560 )
                         
Effective tax rate
     24.0 %     2.7 %     187.9 %
 
Federal income taxes paid to (received from) Jackson in 2010, 2009 and 2008 were $14.4 million, $(102.0) million and $0.1 million, respectively.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
7.    Federal Income Taxes (continued)
 
The tax effects of significant temporary differences that gave rise to deferred tax assets and liabilities were as follows (in thousands):
 
 
   
December 31,
  
   
2010
    
2009
  
Gross deferred tax asset
            
Difference between financial reporting and the tax basis of:
            
  Policy reserves and other insurance items
   $ 51,203     $ 39,839  
  Other-than-temporary impairments and other investment related items
     8,617       3,954  
  Net unrealized losses on available for sale securities
     -       9,268  
Total gross deferred tax asset
     59,820       53,061  
                 
Gross deferred tax liability
                
Difference between financial reporting and the tax basis of:
                
  Deferred acquisition costs and sales inducements
     (75,675 )     (73,456 )
  Net unrealized gains on available for sale securities
     (19,472 )     -  
  Other, net
     (23 )     (103 )
Total gross deferred tax liability
     (95,170 )     (73,559 )
                 
Net deferred tax liability
   $ (35,350 )   $ (20,498 )
 
During 2008, Jackson-NY recorded a valuation allowance, included in deferred tax expense, of $8.4 million against the deferred tax assets related to realized losses where management no longer believed that it was more likely than not that the full tax benefit of the losses would be realized. Jackson-NY also recorded a valuation allowance against the deferred tax assets associated with certain equity securities in an unrealized loss position for which recovery in value could not be anticipated.  This valuation allowance, which was recorded in other comprehensive income, totaled $187 thousand.  During 2009, management determined that it was now more likely than not that the full tax benefit of the losses would be realized.  Since the reversal of the valuation allowance was due to unrealized gains emerging in 2009, the valuation allowance was reversed with the offset being credited to other comprehensive income rather than net income.

Realization of Jackson-NY’s deferred tax asset is dependent on generating sufficient taxable income.  Although realization is not assured, management believes that it is more likely than not that the results of future operations and investment activity will generate sufficient taxable income to realize gross deferred tax assets.

At December 31, 2010, the Company had federal tax capital loss carryforwards totaling $12.2 million, which begin expiring in 2014.

In August 2007, the Internal Revenue Service (“IRS”) issued Revenue Ruling 2007-54 that would have changed accepted industry and IRS interpretations of the statutes governing the computation of the Dividends Received Deduction ("DRD") on separate account assets held in connection with variable annuity and life contracts, but that ruling was suspended by Revenue Ruling 2007-61. Revenue Ruling 2007-61 also announced the Treasury Department's and the IRS's intention to issue regulations with respect to certain computational aspects of the DRD on separate account assets held in connection with variable contracts. Any regulations that the IRS ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other interested parties will have the opportunity to raise legal and practical questions about the content, scope and application of such regulations. Although regulations that represent a substantial change in an interpretation of the law are generally given a prospective effective date, there is no assurance that the change will not be retrospectively applied.  As a result, depending on the ultimate timing and substance of any such regulations, which are unknown at this time, such future regulations could result in the elimination of some or all of the separate account DRD tax benefit that the Company receives. In January 2010, Jackson-NY received a formal Notice of Assessment from the IRS disallowing the separate account DRD for 2003, 2005 and 2006.  Jackson-NY did not
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
7.    Federal Income Taxes (continued)
 
agree with the assessment and filed a protest with the Appellate Division of the IRS.  No reserve has been established for this potential exposure since Jackson-NY believes its position is sustainable.  The Company recognized an income tax benefit related to the separate account DRD of $3.6 million, $1.4 million and $2.0 million during 2010, 2009 and 2008, respectively.
 
The Company has considered both permanent and temporary positions in determining the unrecognized tax benefit rollforward.  There were no unrecognized benefits that, if recognized, would have affected the effective tax rate at both December 31, 2010 and 2009.

Interest expense totaling $0.2 million related to unrecognized tax benefits is included in income tax expense in the income statement for 2008 with none in 2010 and 2009.  The Company has not recorded any amounts for penalties related to unrecognized tax benefits during 2010, 2009 or 2008.

Based on information available as of December 31, 2010, the Company believes that, in the next 12 months, there are no positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease.  The Company is generally no longer subject to United States federal, state or local income tax examinations by taxing authorities for tax years that began before 2007.
 
 
8.    Contingencies
 
Management believes that the Company is not involved in litigation that would have a material adverse affect on the Company's financial condition or results of operations.
 
 
9.    Stockholder's Equity
 
The declaration of dividends which can be paid by the Company is regulated by New York insurance law.  The Company must file a notice of its intention to declare a dividend and the amount thereof with the Superintendent at least thirty days in advance of any proposed dividend declaration.  No dividends were paid to Jackson in 2010, 2009 or 2008.  Jackson made a capital contribution of $75.0 million to Jackson-NY in 2009.  A capital contribution was not received in 2010.

Statutory capital and surplus of the Company, as reported in its Annual Statement, was $256.1 million and $212.4 million at December 31, 2010 and 2009, respectively.  Statutory net income (loss) of the Company, as reported in its Annual Statement, was $43.9 million, $44.7 million and $(309.4) million in 2010, 2009 and 2008, respectively.
 
10.  Other Related Party Transactions
 
The Company's investment portfolio is managed by PPM America, Inc. (“PPM”), a registered investment advisor and ultimately a wholly owned subsidiary of Prudential. The Company paid $1.2 million, $1.2 million and $0.5 million to PPM for investment advisory services during 2010, 2009 and 2008, respectively.

The Company has an administrative services agreement with Jackson, under which Jackson provides certain administrative services.  Administrative fees were $7.0 million, $5.8 million and $4.2 million in 2010, 2009 and 2008, respectively.
 
 
 
 
 
Jackson National Life Insurance Company of New York
(a wholly owned subsidiary of Jackson National Life Insurance Company)
Notes to Financial Statements
December 31, 2010
 
 
11.  Benefit Plans
 
The Company participates in a defined contribution retirement plan covering substantially all employees, sponsored by its Parent.  To be eligible to participate in the Company’s contribution, an employee must have attained the age of 21, completed at least 1,000 hours of service in a 12-month period and passed their 12-month employment anniversary.  In addition, the employees must be employed on the applicable January 1 or July 1 entry date.  The Company’s annual contributions are based on a percentage of eligible compensation paid to participating employees during the year.  In addition, the Company matches a participant’s elective contribution, up to 6 percent of eligible compensation, to the plan during the year.  The Company’s expense related to this plan was $255 thousand, $241 thousand and $157 thousand in 2010, 2009 and 2008, respectively.

The Company maintains non-qualified voluntary deferred compensation plans for certain employees, sponsored by its Parent.  Additionally, the Company sponsors a non-qualified voluntary deferred compensation plan for certain agents, with the assets retained by Jackson under an administrative services agreement.  At December 31, 2010 and 2009, Jackson’s liability for the Company’s portion of such plans totaled $1.7 million and $1.4 million, respectively.  There was no expense related to these plans in 2010, 2009 or 2008.

 
 
 

PART C

OTHER INFORMATION


Item 24. Financial Statements and Exhibits

(a) Financial Statements:

(1) Financial statements and schedules included in Part A:

Not Applicable.

(2) Financial statements and schedules included in Part B –

JNLNY Separate Account I:

Report of Independent Registered Public Accounting Firm
Statements of Assets and Liabilities as of December 31, 2010
Statements of Operations for the period ended December 31, 2010
Statements of Changes in Net Assets for the periods ended December 31, 2010 and 2009
Notes to Financial Statements

Jackson National Life Insurance Company of New York:

Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2010 and 2009
Consolidated Income Statements for the years ended December 31, 2010, 2009, and 2008
Consolidated Statements of Stockholder's Equity and Comprehensive Income for the years ended
December 31, 2010, 2009, and 2008
Consolidated Statements of Cash Flows for the years ended December 31, 2010, 2009, and 2008
Notes to Consolidated Financial Statements

(b) Exhibits

Exhibit              Description
No.

1.
Resolution of Depositor's Board of Directors authorizing the establishment of the Registrant, incorporated herein by reference to the Registrant’s Registration Statement filed on October 3, 1997 (File Nos. 333-37175 and 811-08401).

2.
Not Applicable.

3.
Amended and Restated General Distributor Agreement dated June 1, 2006, incorporated herein by reference to the Registrant's Registration Statement filed on August 10, 2006 (File Nos. 333-136472 and 811-08401).

4.

a.  
Specimen of Individual Deferred Variable and Fixed Annuity Contract, incorporated herein by reference to the Registrant’s Registration Statement filed on October 13, 2011 (File Nos. 333-177298 and 811-08401).

b.  
Specimen of Individual Deferred Variable Annuity Contract, incorporated herein by reference to the Registrant’s Registration Statement filed on October 13, 2011 (File Nos. 333-177298 and 811-08401).

c.  
Specimen of Tax Sheltered Annuity Endorsement, incorporated herein by reference to the Registrant’s Registration Statement filed on August 19, 2004 (File Nos. 333-118370 and 811-08401).

d.  
Specimen of Retirement Plan Endorsement, incorporated herein by reference to the Registrant’s Registration Statement filed on August 19, 2004 (File Nos. 333-118370 and 811-08401).

e.  
Specimen of Individual Retirement Annuity Endorsement, incorporated herein by reference to the Registrant’s Registration Statement filed on August 19, 2004 (File Nos. 333-118370 and 811-08401).

f.  
Specimen of Roth IRA Endorsement, incorporated herein by reference to the Registrant’s Registration Statement filed on August 19, 2004 (File Nos. 333-118370 and 811-08401).

g.  
Specimen of Charitable Remainder Trust Endorsement, incorporated herein by reference to the Registrant’s Pre-Effective Amendment filed on December 30, 2004 (File Nos. 333-119659 and 811-08401).

h.  
Specimen of the Reduced Administration Charge Endorsement (7536 09/09), incorporated herein by reference to the Registrant’s Post-Effective Amendment No. 39, filed on September 24, 2009 (File Nos. 333-70384 and 811-08401).

i.  
Specimen of DOMA Endorsement, incorporated herein by reference to Registrant's Registration Statement filed on July 22, 2011 (File Nos. 333-175721 and 811-08401).

5.
Form of Variable and Fixed Annuity Application (NV650 03/12), attached hereto.
 
6.

a.  
Declaration and Charter of Depositor, incorporated herein by reference to Registrant's to the Registrant’s Registration Statement filed on October 3, 1997 (File Nos. 333-37175 and 811-08401).

b.  
By-laws of Depositor, incorporated herein by reference to the Registrant’s Registration Statement filed on October 3, 1997 (File Nos. 333-37175 and 811-08401).

7.
Not Applicable.

8.
Not Applicable.

9.
Opinion and Consent of Counsel, attached hereto.

10.
Consent of Independent Registered Public Accounting Firm, attached hereto.

11.
Not Applicable.

12.
Not Applicable.

Item 25. Directors and Officers of the Depositor

Name and Principal Business Address
Positions and Offices with Depositor
   
Donald B. Henderson, Jr.
Director
4A Rivermere Apartments
  
Bronxville, NY 10708
  
   
David L. Porteous
Director
20434 Crestview Drive
  
Reed City, MI 49777
  
   
Donald T. DeCarlo
Director
200 Manor Road
  
Douglaston, New York 11363
  
   
Gary H. Torgow
Director
220 West Congress
  
Detroit, MI 48226-3213
  
   
John C. Colpean
Director
1640 Haslett Road, Suite 160
  
Haslett, MI 48840
  
   
Richard David Ash
Vice President, Actuary & Appointed
1 Corporate Way
Actuary
Lansing, MI 48951
  
   
Savvas (Steve) Panagiotis Binioris
Vice President
1 Corporate Way
  
Lansing, MI  48951
  
   
Dennis Allen Blue
Vice President
1 Corporate Way
  
Lansing, MI  48951
  
   
Jeffry Ross Borton
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
John Howard Brown
Vice President & Director
1 Corporate Way
  
Lansing, MI 48951
  
   
Michael Alan Costello
Vice President, Treasurer & Director
1 Corporate Way
  
Lansing, MI  48951
  
   
Joseph Mark Clark
Senior Vice President,  Chief Information Officer & Director
1 Corporate Way
  
Lansing, MI 48951
  
   
James Bradley Croom
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
George D. Daggett
Illustration Officer
7601 Technology Way
  
Denver, CO 80237
  
   
Lisa Carol Drake
Senior Vice President & Chief Actuary
1 Corporate Way
  
Lansing, MI 48951
  
   
Phillip Brian Eaves
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Charles Fox Field, Jr.
Vice President
6550 Carothers Pkwy.
  
Suite 170
  
Franklin, TN  27067
  
   
Dana R. Malesky Flegler
Vice President
1 Corporate Way
  
Lansing, MI  48951
  
   
Julia Anne Goatley
Vice President, Assistant Secretary &
1 Corporate Way
Director
Lansing, MI 48951
  
   
Matthew Phillip Gonring
Vice President
300 Innovation Drive
  
Franklin, TN  37067
  
   
John A. Gorgenson, Jr.
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Robert William Hajdu
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Clifford Schuyler Hale, M.D.
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Laura Louise Hanson
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Herald Dean Hosfield
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Clifford James Jack
Executive Vice President,
7601 Technology Way
Head of Retail & Chairman
Denver, CO 80237
  
   
Scott Francis Klus
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Everett William Kunzelman
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Herbert George May III
Chief Administrative Officer &
275 Grove St Building
Director
4th floor
  
Auburndale, MA 02466
  
   
Thomas John Meyer
Senior Vice President, General
1 Corporate Way
Counsel, Secretary & Director
Lansing, MI 48951
  
   
Keith Richard Moore
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Paul Chad Myers
Executive Vice President & Chief Financial Officer
1 Corporate Way
  
Lansing, MI 48951
  
   
Russell Erwin Peck
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Laura Louene Prieskorn
Senior Vice President & Director
1 Corporate Way
  
Lansing, MI 48951
  
   
Gregory Brandon Salsbury
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
William Robert Schulz
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Muhammad Sajid Shami
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Kathleen Marie Smith
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
James Ronald Sopha
Chief Operating Officer
1 Corporate Way
  
Lansing, MI 48951
  
   
Kenneth Harold Stewart
Senior Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Heather Rachelle Strang
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Marcia Lynn Wadsten
Vice President
1 Corporate Way
  
Lansing, MI  48951
  
   
Michael Andrew Wells
President & Chief Executive Officer
300 Innovation Drive
  
Franklin, TN  37067
  

Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant.

 
Company
 
 
State of Organization
 
 
Control/Ownership
 
Alcona Funding LLC
 
Delaware
 
100% Jackson National Life Insurance Company
 
 
Ascent Insurance Brokers Limited
 
United Kingdom
 
50% Prudential Property Investment Managers Limited
 
 
BOCI – Prudential Asset Management Limited
 
Hong Kong
 
36% Prudential Corporation Holdings Limited
 
 
BOCI – Prudential Trustee Limited
 
Hong Kong
 
 
36% Prudential Corporation Holdings Limited
 
 
Berrien Funding LLC
 
Delaware
 
100% Jackson National Life Insurance Company
 
 
Brooke LLC
 
Delaware
 
77% Prudential (US Holdco2) Limited
 
23% Brooke (Jersey) Limited
 
 
Brooke (Holdco 1) Inc.
 
 
Delaware
 
100% Prudential (US Holdco 3) BV
 
 
Brooke Holdings LLC
 
 
Delaware
 
100% Nicole Finance Inc.
 
Brooke Holdings (UK) Limited
 
United Kingdom
 
100% Brooke GP
 
 
Brooke Investment, Inc.
 
 
Delaware
 
100% Brooke Holdings LLC
 
Brooke (Jersey) Limited
 
 
Jersey
 
100%  Prudential (US Holdco 2) Limited
 
 
Brooke Life Insurance Company
 
 
Michigan
 
100% Brooke Holdings LLC
 
Brooke UK LLC
 
Delaware
 
100% Brooke
(Holdco 1) Inc.
 
 
Buying Force Limited
 
United Kingdom
 
50% Prudential Property Investment Managers Limited
 
 
CIMPL Pty Limited
 
Australia
 
100% PPM Capital (Holdings) Limited
 
 
CITIC  Prudential Life Insurance Company Limited
 
China
 
50% Prudential Corporation Holdings Limited
 
 
CITIC – Prudential Fund Management Company Limited
 
China
 
49% Prudential Corporation Holdings Limited
 
 
CSU One Limited
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
 
Calhoun Funding LLC
 
Delaware
 
100% Jackson National Life Insurance Company
 
 
Calvin Asset Management Limited
 
England
 
100% Calvin Capital Limited
 
 
Calvin Capital Limited (formerly Marlin Acquisitions Limited)
 
England
 
100% Marlin Acquisitions Holdings Limited
 
 
Canada Property (Trustee) No 1 Limited
 
 
Jersey
 
100% Canada Property Holdings Limited
 
 
Canada Property Holdings Limited
 
England
 
100% M&G Limited
 
 
Curian Capital, LLC
 
 
Michigan
 
100% Jackson National Life Insurance Company
 
 
Curian Clearing LLC
 
 
Michigan
 
100% Jackson National Life Insurance Company
 
 
Curian Series Trust
 
Massachusetts
 
100% Curian Capital, LLC
 
 
Earth and Wind Energias Removables, S.L.
 
 
Spain
 
100% Infracapital E&W B.V.
 
 
FA II Limited
 
England
 
100% FA III Limited
 
 
FA III Limited
 
England
 
100% Infracapital Nominees Limited
 
 
Falcon Acquisitions Limited
 
United Kingdom
 
100% FA II Limited
 
 
Falcon Acquisitions Holdings  Limited
 
United Kingdom
 
100% Infracapital Nominees Limited
 
 
First Dakota, Inc.
 
North Dakota
 
100% IFC Holdings, Inc.
 
 
First Dakota of Montana, Inc.
 
 
Montana
 
100% IFC Holdings, Inc.
 
First Dakota of New Mexico, Inc.
 
 
New Mexico
 
100% IFC Holdings, Inc.
 
First Dakota of Texas, Inc.
 
 
Texas
 
100% IFC Holdings, Inc.
 
First Dakota of Wyoming, Inc.
 
 
Wyoming
 
100% IFC Holdings, Inc.
 
Furnival Insurance Company Limited
 
 
Guernsey
 
100% Prudential Corporation Holdings Limited
 
 
GS Five plc LPH
 
England
 
100% Prudential Group Holdings Limited
 
 
GS Twenty Two Limited
 
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
 
Geoffrey Snushall Limited
 
 
United Kingdom
 
100% Snushalls Team Limited
 
Giang Vo Development JV Company
 
 
Vietnam
 
65% Prudential Vietnam Assurance Private Limited
 
 
Hermitage Management, LLC
 
 
Michigan
 
100% Jackson National Life Company Insurance
 
 
Holborn Bars Nominees Limited
 
 
United Kingdom
 
100% M&G Investment Management Limited
 
 
Holborn Delaware LLC
 
Delaware
 
100% Prudential Four Limited
 
 
Holborn Finance Holdco 2
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
 
Holborn Finance Holding Company
 
 
United Kingdom
 
100% Prudential Securities Limited
 
Hyde Holdco 1 Limited
 
 
United Kingdom
 
100% Prudential Corporation Holdings Limited
 
 
Hyde Holdco 3 Limited
 
 
United Kingdom
 
100% Prudential Capital Holding Company  Limited
 
 
ICICI Prudential Asset Management Company Limited
 
 
India
 
49% Prudential Corporation Holdings Limited
 
ICICI Prudential Life Insurance Company Limited
 
 
India
 
25.96% Prudential Corporation Holdings Limited
 
ICICI Prudential Pension Funds Management Company Ltd.
 
India
 
100% ICICI Prudential Life Insurance Company Limited
 
 
ICICI Prudential Trust Limited
 
 
India
 
49% Prudential Corporation Holdings Limited
 
 
IFC Holdings, Inc.
d/b/a INVEST Financial Corporation
 
 
Delaware
 
100% National Planning Holdings Inc.
 
INVEST Financial Corporation Insurance Agency Inc. of Alabama
 
 
Alabama
 
100% INVEST Financial Corporation Insurance Agency, Inc. of Delaware
 
 
INVEST Financial Corporation Insurance Agency Inc. of Connecticut
 
 
Connecticut
 
100% INVEST Financial Corporation Insurance Agency, Inc. of Delaware
 
INVEST  Financial Corporation Insurance Agency Inc. of Georgia
 
Georgia
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
 
INVEST Financial Corporation Insurance Agency Inc. of Illinois
 
Illinois
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
 
INVEST Financial Corporation Insurance Agency Inc. of Maryland
 
 
Maryland
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
INVEST Financial Corporation Insurance Agency Inc. of Massachusetts
 
 
Massachusetts
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
INVEST Financial Corporation Insurance Agency Inc. of Montana
 
 
Montana
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
 
INVEST Financial Corporation Insurance Agency Inc. of Nevada
 
 
Nevada
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
 
INVEST Financial Corporation Insurance Agency Inc. of New Mexico
 
 
New Mexico
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
INVEST Financial Corporation Insurance Agency Inc. of Ohio
 
 
Ohio
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
 
INVEST Financial Corporation Insurance Agency Inc. of Oklahoma
 
 
Oklahoma
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
INVEST Financial Corporation Insurance Agency Inc. of South Carolina
 
South Carolina
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
 
INVEST Financial Corporation Insurance Agency Inc. of Texas
 
 
Texas
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
 
INVEST Financial Corporation Insurance Agency Inc. of Wyoming
 
 
Wyoming
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
INVEST Financial Corporation Insurance Agency PA of Mississippi
 
 
Mississippi
 
100% INVEST Financial Corporation Insurance Agency Inc. of Delaware
 
Infracapital CI II Limited
 
Scotland
 
100% M&G Limited
 
 
Infracapital EF II Limited
 
Scotland
 
100% M&G Limited
 
 
Infracapital E&W B.V.
 
 
Netherlands
 
100% Infracapital F1 S.a.r.l.
 
Infracapital Employee Feeder GP Limited
 
 
Scotland
 
100% M&G Limited
 
 
Infracapital GP II Limited
 
 
England
 
100% M&G Limited
 
Infracapital F1 S.a.r.l.
 
Luxembourg
 
100% Infracapital F1 Holdings S.a.r.l
 
 
Infracapital F1 Holdings S.a.r.l.
 
Luxembourg
 
 
100% Infracapital Nominees Limited
 
Infracapital GP Limited
 
 
United Kingdom
 
100% M&G Limited
 
Infracapital Nominees Limited
 
 
United Kingdom
 
100% M&G Limited
 
Infracapital SLP Limited
 
United Kingdom
 
100% M&G Limited
 
 
Innisfree M&G PPP LLP
 
 
United Kingdom
 
35% M&G IMPPP1 Limited
 
Investment Centers of America, Inc.
 
North Dakota
 
100% IFC Holdings, Inc.
 
 
JNL Investors Series Trust
 
 
Massachusetts
 
100% Jackson National Life Insurance Company
 
 
Jackson Investment Management LLC
 
 
Michigan
 
100% Brooke Holdings LLC
 
 
Jackson National Asset Management, LLC
 
 
Michigan
 
100% Jackson National Life Insurance Company
 
 
Jackson National Life (Bermuda) Ltd.
 
Bermuda
 
100% Jackson National Life Insurance Company
 
 
Jackson National Life Distributors LLC
 
 
Delaware
 
100% Jackson National Life Insurance Company
 
 
Jackson National Life Insurance Company of New York
 
 
New York
 
100% Jackson National Life Insurance Company
 
 
JNLI LLC
 
Delaware
 
100% Jackson National Life Insurance Company
 
 
JNL Series Trust
 
Massachusetts
 
Common Law Trust with contractual association with Jackson National Life Insurance Company of New York
 
 
JNL Southeast Agency, LLC
 
 
Michigan
 
100% Jackson National Life Insurance Company
 
 
JNL Variable Fund LLC
 
Delaware
 
100% Jackson National Separate Account – I
 
 
M&G (Guernsey) Limited
 
 
Guernsey
 
100% M&G Limited
 
 
M&G Financial Services Limited
 
 
United Kingdom
 
100% M&G Limited
 
M&G Founders 1 Limited
 
 
United Kingdom
 
100% M&G Limited
 
M&G General Partner Inc.
 
 
Cayman Islands
 
100% M&G Limited
 
M&G Group Limited
 
 
United Kingdom
 
100% Prudential plc
 
M&G IMPPP 1 Limited
 
 
United Kingdom
 
100% M&G Limited
 
 
M&G International Investments Limited
 
 
United Kingdom
 
100% M&G Limited
 
M&G International Investments Limited
 
 
France (Representative Bureau)
 
100% M&G International Investments Limited
 
M&G International Investments Limited
 
Germany (Branch only)
 
100% M&G International Investments Limited
 
 
M&G International Investments Limited
 
 
Italy (Branch only)
 
100% M&G International Investments Limited
 
M&G International Investments Limited
 
 
Spain (Representative Bureau)
 
100% M&G International Investments Limited
 
M&G International Investments Nominees Limited
 
 
United Kingdom
 
100% M&G International Investments Limited
 
M&G Investment Management Limited
 
 
United Kingdom
 
100% M&G Limited
 
M&G Life Assurance Company Limited
 
 
United Kingdom
 
100% M&G Limited
 
M&G Limited
 
 
 United Kingdom
 
100% M&G Group Limited
 
 
M&G Management Services Limited
 
 
United Kingdom
 
100% M&G Limited
 
M&G Nominees Limited
 
 
United Kingdom
 
100% M&G Limited
 
M&G Pensions and Annuity Company Limited
 
 
United Kingdom
 
100% M&G Limited
 
M&G RED Employee Feeder GP Limited
 
 
Scotland
 
100% M&G Limited
 
M&G RED GP Limited
 
 
Guernsey
 
100% M&G Limited
 
M&G RED SLP GP Limited
 
 
Scotland
 
100% M&G Limited
 
M&G Real Estate Finance 1 Co S.a.r.l
 
Luxemborg
 
100% M&G RED GP Limited
 
 
M&G Securities Limited
 
 
United Kingdom
 
100% M&G Limited
 
M&G Support Services Limited
 
 
United Kingdom
 
100% M&G Limited
 
MM&S (2375) Limited
 
 
Scotland
 
100% The Prudential Assurance Company Limited
 
 
Marlin Acquisitions Holdings Limited
 
 
United Kingdom
 
100% Infracapital GP Limited
 
National Planning Corporation
 
 
Delaware
 
100% National Planning Holdings, Inc.
 
 
National Planning Corporation Insurance Agency Inc. of Nevada
 
 
Nevada
 
100% National Planning Corporation
 
National Planning Holdings, Inc.
 
 
Delaware
 
100% Brooke Holdings LLC
 
 
National Planning Insurance Agency Inc.
 
Alabama
 
100% National Planning Corporation
 
 
National Planning Insurance Agency Inc.
 
Florida
 
100% National Planning Corporation
 
 
National Planning Insurance Agency Inc.
 
 
Georgia
 
100% National Planning Corporation
 
 
National Planning Insurance Agency Inc.
 
 
Idaho
 
100% National Planning Corporation
 
 
National Planning Insurance Agency Inc.
 
Massachusetts
 
100% National Planning Corporation
 
 
National Planning Insurance Agency Inc.
 
Montana
 
100% National Planning Corporation
 
 
National Planning Insurance Agency Inc.
 
 
Oklahoma
 
100% National Planning Corporation
 
 
National Planning Insurance Agency Inc.
 
Texas
 
100% National Planning Corporation
 
 
National Planning Insurance Agency Inc.
 
 
Wyoming
 
100% National Planning Corporation
 
 
Nicole Finance Inc.
 
 
Delaware
 
100% Brooke GP
 
North Sathorn Holdings Company Limited
 
 
Thailand
 
100% Prudential Corporation Holdings Limited
 
Nova Sepadu Sdn Bhd
 
 
Malaysia
 
96% Sri Han Suria Sdn Berhad
 
P&A Holdco Limited
 
England
 
100% Prudential Four Limited
 
 
P&A Opco Limited
 
 
England
 
100% P&A Holdco Limited
 
PCA Asset Management Limited
 
 
Japan
 
100% Prudential Corporation Holdings Limited
 
 
PCA Asset Management Co. Ltd.
 
Korea
 
100% Prudential Corporation Holdings Limited
 
 
PCA Life Assurance Company Limited
 
 
Taiwan
 
99.79% Prudential Corporation Holdings Limited
 
PCA Life Insurance Company Limited (Japan)
 
 
Japan
 
100% Prudential Corporation Holdings Limited
 
PCA Life Insurance Company Limited (Korea)
 
 
Korea
 
100% Prudential Corporation Holdings Limited
 
PCA Securities Investment Trust Company Limited
 
 
Taiwan
 
99.54%  Prudential Corporation Holdings  Limited
 
PGDS (UK One) Limited
 
 
United Kingdom
 
 
100% Prudential IP Services Limited
 
PGDS (UK Two) Limited
 
 
United Kingdom
 
100% PDGS (UK One) Limited
 
PGDS (US One) LLC
 
 
Delaware
 
100% Jackson National Life Insurance Company
 
 
Piedmont Funding LLC
 
Delaware
 
100% Jackson National Life Insurance Company
 
 
PPEM Pte. Limited
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
 
PPM America, Inc.
 
 
Delaware
 
100% PPM Holdings, Inc.
 
 
PPM America Private Equity Fund LP
 
 
Delaware
 
54.775% Jackson National Life Insurance Company
 
 
PPM Capital (Holdings) Limited
 
 
United Kingdom
 
100% M&G Limited
 
PPM Finance, Inc.
 
Delaware
 
100% PPM Holdings, Inc.
 
 
PPM Holdings, Inc.
 
 
Delaware
 
100% Brooke Holdings LLC
 
 
PPM Ventures (Asia) Limited
 
 
Hong Kong
 
100% PPM Capital (Holdings) Limited
 
PPM Ventures Pty Limited
 
 
Australia
 
100% CIMPL Pty Limited
 
PPMC First Nominees Limited
 
 
United Kingdom
 
100% M&G Limited
 
PPS Five Limited
 
 
United Kingdom
 
100% Reeds Rains Prudential Limited
 
 
PPS Nine Limited
 
 
United Kingdom
 
100% Prudential Property Services Limited
 
 
PPS Twelve Limited
 
United Kingdom
 
100% Prudential Property Services Limited
 
 
PT Paja Indonesia
 
Indonesia
 
100% PT Prudential Life Assurance
 
 
PT Prudential Asset Management
 
 
Indonesia
 
99% Prudential Asset Management
 
PT Prudential Life Assurance
 
 
Indonesia
 
94.6% Prudential Corporation Holdings  Limited
 
 
PVM Partnerships Limited
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
 
Pacus (UK) Limited
 
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
 
Park Avenue (Singapore Two) Limited
 
 
Gibraltar
 
100% Prudential Group Holdings Limited
 
 
Park Avenue Investments (Guernsey) Limited
 
 
Guernsey
 
 
50% Prudential (Netherlands) BV
 
Pru Life Assurance Limited
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
 
Pru Life Insurance Corporation of UK
 
Philippines
 
100% Prudential Corporation Holdings Limited
 
 
Pru Pte Limited
 
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
 
Prudential  (A1) Limited
 
 
Gibraltar
 
100% Prudential (Netherlands) BV
 
Prudential (AN) Limited
 
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
 
Prudential (B1) Limited
 
Gibraltar
 
100% Prudential (Netherlands) BV
 
 
Prudential (B2) Limited
 
 
Gibraltar
 
100% Prudential (Netherlands) BV
 
Prudential (B3) Limited
 
 
Gibraltar
 
100% Prudential (Netherlands) BV
 
Prudential (B4) Limited
 
 
Gibraltar
 
100% Prudential (Netherlands) BV
 
Prudential (Gibraltar Five) Limited
 
 
Gibraltar
 
100% Prudential (Gibraltar Four) Limited
 
 
Prudential (Gibraltar Four) Limited
 
 
Gibraltar
 
100% Prudential (US Holdco 1) Limited
 
 
Prudential (Gibraltar Three)
 
 
Gibraltar
 
100% Prudential (Gibraltar Four) Limited
 
 
Prudential (Gibraltar Two) S.a.r.l.
 
Luxembourg
 
 
100% Prudential Capital Holding Company Limited
 
 
Prudential (Gibraltar) Limited
 
 
Gibraltar
 
100% Prudential Australia One Limited
 
Prudential (LPH One) Limited
 
 
Gibraltar
 
100% Prudential Group Holdings Limited
 
 
Prudential (LPH Two) Limited
 
Gibraltar
 
100% Prudential (LPH One) Limited
 
 
Prudential (Namibia) Unit Trusts Limited
 
 
Namibia
 
93% Prudential Portfolio Managers (Namibia) (Pty) Limited
 
Prudential (Netherlands One) Limited
 
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
Prudential (Netherlands) BV
 
 
Netherlands
 
100% Prudential Corporation Holdings Limited
 
 
Prudential (US Holdco 1) BV
 
 
Netherlands
 
100% Prudential (US Holdco 1) Limited
 
 
Prudential (US Holdco 1) Limited
 
United Kingdom
 
76.72% Brooke LLC
 
23.28% Prudential Four Limited
 
 
Prudential (US Holdco 2) BV
 
 
Netherlands
 
100% Prudential (US Holdco 1) BV
 
Prudential (US Holdco 2) Limited
 
 
Gibraltar
 
100% Holborn Delaware LLC
 
Prudential (US Holdco 3) BV
 
 
Netherlands
 
100% Prudential (US Holdco 2) BV
 
Prudential – AA Office Joint Venture Company
 
Vietnam
 
70% Prudential Vietnam Assurance Private Limited
 
 
Prudential / M&G UKCF GP Limited
 
 
United Kingdom
 
100% M&G Limited
 
Prudential Al-Wara’ Asset Management Berhad
 
 
Malaysia
 
100% Prudential Corporation Holdings Limited
 
Prudential Annuities Limited
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
 
Prudential Asset Management (Hong Kong) Limited
 
 
Hong Kong
 
100% Prudential Corporation Holdings Limited
 
Prudential Asset  Management (Singapore) Limited
 
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
Prudential Asset Management Limited
 
 
United Arab Emirates
 
100% Prudential Corporation Holdings Limited
 
Prudential Assurance Company Singapore (Pte) Limited
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
 
Prudential Assurance Malaysia Bhd
 
 
Malaysia
 
100% Sri Han Suria Sdn Berhad
 
Prudential Assurance Singapore (Property Services) Pte Limited
 
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
Prudential Atlantic Reinsurance Company Limited
 
 
Ireland
 
100% Prudential Corporation Holdings Limited
 
Prudential Australia Holdings (UK) Limited
 
 
United Kingdom
 
 
100% Prudential (Netherlands) BV
 
Prudential Australia Holdings (UK) Two Limited
 
 
United Kingdom
 
100% Prudential Australia Holdings (UK) Limited
 
Prudential Australia One Limited
 
United Kingdom
 
100% Prudential Corporation Holdings Limited
 
 
Prudential BSN Takaful Berhad
 
 
Malaysia
 
49% Prudential Corporation Holdings Limited
 
 
Prudential Capital (Singapore) Pte.  Ltd. Prudential Tower
 
 
Singapore
 
 
100% Prudential Capital Holding Company Ltd.
 
Prudential Capital Holding Company Limited
 
 
United Kingdom
 
100% Prudential plc
 
Prudential Capital PLC
 
United Kingdom
 
100% Prudential Capital Holding Company Limited
 
 
Prudential Corporate Pensions Trustee Limited
 
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
Prudential Corporation Asia Limited
 
 
Hong Kong
 
100% Prudential Corporation Holdings Limited
 
 
Prudential Corporation Australasia Holdings Pty Limited
 
 
Australia
 
100% Prudential Group Holdings Limited
 
Prudential plc
 
 
United Kingdom
 
Publicly Traded
 
Prudential Corporation Holdings Limited
 
 
United Kingdom
 
100% Prudential Holdings Limited
 
 
Prudential Corporation Limited
 
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
 
Prudential Distribution Limited
 
 
United Kingdom
 
100% Prudential Financial Services Limited
 
 
Prudential Europe Assurance Holdings plc
 
Scotland
 
100% MM&S (2375) Limited
 
 
Prudential Finance BV
 
Netherlands
 
100% Prudential Corporation Holdings Limited
 
 
Prudential Financial Services Limited
 
 
United Kingdom
 
100% Prudential plc
 
Prudential Five Limited
 
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
Prudential Four Limited
 
United Kingdom
 
97.62% Prudential Corporation Holdings Limited
 
2.38% Prudential plc
 
 
Prudential Fund Management Berhad
 
 
Malaysia
 
100% Nova Sepadu Sdn Bhd
 
Prudential Fund Management Services Private Limited
 
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
Prudential GP Limited
 
Scotland
 
100% M&G Limited
 
 
Prudential General Insurance Hong Kong Limited
 
 
Hong Kong
 
100% The Prudential Assurance Company Limited
 
Prudential Group Holdings Limited
 
 
United Kingdom
 
100% Prudential plc
 
Prudential Group Pensions Limited
 
 
United Kingdom
 
100% Prudential Financial Services Limited
 
 
Prudential Group Secretarial Services Limited
 
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
Prudential Health Holdings Limited
 
 
United Kingdom
 
25% The Prudential Assurance Company Limited
 
 
Prudential Health Limited
 
 
United Kingdom
 
100% Prudential Health Holdings Limited
 
 
Prudential Health Insurance Limited
 
England
 
100% Prudential Health Holdings Limited
 
 
Prudential Health Services Limited
 
 
United Kingdom
 
100% Prudential Health Holdings Limited
 
 
Prudential Holborn Life Limited
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
 
Prudential Holdings Limited
 
 
Scotland
 
100% Prudential plc
 
 
Prudential Hong Kong Limited
 
 
Hong Kong
 
100% The Prudential Assurance Company Limited
 
 
Prudential IP Services Limited
 
 
United Kingdom
 
100% Prudential Corporation Holdings Limited
 
Prudential International Assurance plc
 
Ireland
 
100% Prudential Europe Assurance Holdings plc
 
 
Prudential International Management Services Limited
 
 
Ireland
 
100% Prudential Europe Assurance Holdings plc
 
Prudential Investments (UK) Limited
 
 
United Kingdom
 
100% Prudential Capital Holding Company
 
 
Prudential Jersey (No 2) Limited
 
 
Jersey
 
100% Prudential Corporation Holdings Limited
 
 
Prudential Jersey Limited
 
 
Jersey
 
100% Prudential Corporation Holdings Limited
 
 
Prudential Lalondes Limited
 
 
United Kingdom
 
100% Prudential Property Services Limited
 
 
Prudential Life Assurance (Thailand) Public Company Limited
 
 
Thailand
 
42.59% North Sathorn Holdings Company Limited
 
32.11% Staple Limited
 
24.82% Prudential Corporation Holdings Limited
 
0.48% Others
 
 
Prudential Lifetime Mortgages Limited
 
 
Scotland
 
100% The Prudential Assurance Company Limited
 
Prudential Pensions Administration Limited
 
United Kingdom
 
100% Prudential Financial Services Limited
 
 
Prudential Pensions Limited
 
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
 
Prudential Personal Equity Plans Limited
 
United Kingdom
 
100% M&G Limited
 
 
Prudential Phoebus Lux S.a.r.l.
 
 
Luxembourg
 
100% Prudential Capital Holding Company Limited
 
 
Prudential Portfolio Managers (Namibia) (Pty) Limited
 
 
Namibia
 
75% Prudential Portfolio Managers (South Africa) (Pty) Limited
 
Prudential Portfolio Managers (South Africa) (Pty) Limited
 
 
South Africa
 
75% M&G Limited
 
Prudential Portfolio Managers (South Africa) Life Limited
 
 
South Africa
 
99.4% Prudential Portfolio Managers (South Africa) (Pty) Limited
 
Prudential Portfolio Managers Unit Trusts Limited
 
 
South Africa
 
94% Prudential Portfolio Managers (South Africa) (Pty) Limited
 
Prudential Process Management Services India Private Limited
 
India
 
99.97% Prudential Corporation Holdings Limited
 
0.03% Prudential UK Services Limited
 
 
Prudential Properties Trusty Pty Limited
 
 
Australia
 
100% The Prudential Assurance Company Limited
 
Prudential Property Investment Management (Singapore) Pte Limited
 
Singapore
 
50% Prudential Singapore Holdings Pte Limited
 
50% PruPIM Ltd
 
 
Prudential Property Investment Managers Limited
 
 
United Kingdom
 
100% M&G Limited
 
Prudential Property Services (Bristol) Limited
 
United Kingdom
 
100% Prudential Property Services Limited
 
 
Prudential Property Services Limited
 
 
United Kingdom
 
100% Prudential plc
 
Prudential Protect Limited
 
 
United Kingdom
 
100% Prudential Health Holdings Limited
 
 
Prudential Pte Ltd
 
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
 
Prudential Quest Limited
 
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
 
Prudential Retirement Income Limited
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
 
Prudential Securities Limited
 
 
United Kingdom
 
50% Prudential (B1) Limited
 
50% Prudential (B2) Limited
 
 
Prudential Services Asia Sdn Bhd
 
Malaysia
 
100% Prudential Corporation Holdings Limited
 
 
Prudential Services Limited
 
 
United Kingdom
 
100% Prudential Corporation Holdings Limited
 
 
Prudential Services Singapore Pte Limited
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
 
Prudential Singapore Holdings Pte Limited
 
Singapore
 
100% Prudential Corporation Holdings Limited
 
 
Prudential Staff Pensions Limited
 
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
 
Prudential Trustee Company Limited
 
 
United Kingdom
 
100% M&G Limited
 
Prudential UK Services Limited
 
United Kingdom
 
100% Prudential Financial Services Limited
 
 
Prudential Unit Trusts Limited
 
 
United Kingdom
 
100% M&G Limited
 
Prudential Vietnam Assurance Private Limited
 
 
Vietnam
 
100% Prudential Corporation Holdings Limited
 
Prudential Vietnam Finance Company Limited
 
 
Vietnam
 
100% Prudential Holborn Life Limited
 
Prudential Vietnam Fund Management Private Limited Company
 
 
Vietnam
 
100% Prudential Vietnam Assurance Private Limited
 
Prulink Pte Limited
 
 
Singapore
 
100% Prudential Singapore Holdings Pte Limited
 
Prutec Limited
 
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
 
Quinner AG
 
 
Germany
 
100% Prudential Corporation Holdings Limited
 
 
Reeds Rain Prudential Limited
 
 
United Kingdom
 
100% Prudential Property Services Limited
 
 
SII Insurance Agency, Inc.
 
 
Massachusetts
 
100% SII Investments, Inc.
 
SII Insurance Agency, Inc.
 
 
Wisconsin
 
100% SII Investments, Inc.
 
SII Investments, Inc.
 
Wisconsin
 
100% National Planning Holdings, Inc.
 
 
SII Ohio Insurance Agency, Inc.
 
 
Ohio
 
100% SII Investments, Inc.
 
Scottish Amicable Finance plc
 
 
Scotland
 
100% The Prudential Assurance Company Limited
 
 
Scottish Amicable ISA Managers Limited
 
 
Scotland
 
100% The Prudential Assurance Company Limited
 
Scottish Amicable Life Assurance Society
 
 
Scotland
 
100% The Prudential Assurance Company Limited
 
Scottish Amicable Life Limited
 
 
Scotland
 
100% The Prudential Assurance Company Limited
 
 
Scottish Amicable PEP and ISA Nominees Limited
 
 
Scotland
 
100% Scottish Amicable Life Assurance Society
 
Snushalls Team Limited
 
United Kingdom
 
100% Prudential Property Services Limited
 
 
Squire Reassurance Company LLC
 
 
Michigan
 
100% Jackson National Life Insurance Company
 
 
Squire Capital I LLC
 
 
Michigan
 
100% Jackson National Life Insurance Company
 
Squire Capital II LLC
 
 
Michigan
 
100% Jackson National Life Insurance Company
 
 
Sri Han Suria Sdn Berhad
 
 
Malaysia
 
51% Prudential Corporation Holdings Limited
 
 
Stableview Limited
 
United Kingdom
 
100% M&G Limited
 
 
Staple Limited
 
 
Thailand
 
100% Prudential Corporation Holdings Limited
 
 
Staple Nominees Limited
 
 
United Kingdom
 
100% Prudential Personal Equity Plans Limited
 
 
The First British Fixed Trust Company Limited
 
 
United Kingdom
 
100% M&G Limited
 
The Forum, Solent, Management Company Limited
 
 
United Kingdom
 
100% The Prudential Assurance Company Limited
 
The Prudential Assurance Company Limited
 
 
United Kingdom
 
100% Prudential plc
 
True Prospect Limited
 
 
British Virgin Islands
 
100% Prudential Corporation Holdings Limited
 
 
Wharfedale Acquisitions Limited
 
United Kingdom
 
100% Wharfedale Acquisitions Subholdings Limited
 
 
Wharfedale Acquisitions Holdings Limited
 
United Kingdom
 
100% Infracapital Nominees Limited
 
 
Wharfedale Acquisitions Subholdings Limited
 
United Kingdom
 
100% Wharfedale Acquisitions Holdings Limited
 
 
Yeslink Interco Limited
 
 
United Kingdom
 
100% Prudential Group Holdings Limited
 
 
Zelda Acquisitions Holdings Limited
 
 
United Kingdom
 
100% Infracapital Nominees Limited
 
Zelda Acquisitions Limited
 
 
United Kingdom
 
100% Zelda Acquisitions Holdings Limited
 

Item 27. Number of Contract Owners.

Not applicable at this time.

Item 28. Indemnification

Provision is made in the Company's By-Laws for indemnification by the Company of any person made or threatened to be made a party to an action or proceeding, whether civil or criminal by reason of the fact that he or she is or was a director, officer or employee of the Company or then serves or has served any other corporation in any capacity at the request of the Company, against expenses, judgments, fines and amounts paid in settlement to the full extent that officers and directors are permitted to be  indemnified  by the laws of the State of New York.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 ("Act") may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against liabilities  (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 29. Principal Underwriter

(a)           Jackson National Life Distributors LLC acts as general distributor for the JNLNY Separate Account I. Jackson National Life Distributors LLC also acts as general distributor for the Jackson National Separate Account - I, the Jackson National Separate Account III, the Jackson National Separate Account IV, the Jackson National Separate Account V, the JNLNY Separate Account II, and the JNLNY Separate Account IV.

(b)           Directors and Officers of Jackson National Life Distributors LLC:

Name and Business Address
Positions and Offices with Underwriter
   
   
Greg Cicotte
Manager, President & Chief Executive Officer
7601 Technology Way
  
Denver, CO  80237
  
   
Clifford J. Jack
Manager
7601 Technology Way
  
Denver, CO 80237
  
   
Thomas J. Meyer
Manager & Secretary
1 Corporate Way
  
Lansing, MI 48951
  
   
Paul Chad Myers
Manager
1 Corporate Way
  
Lansing, MI  48951
  
   
Stephen M. Ash
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Pamela Aurbach
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Jeffrey Bain
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Brad Baker
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Lawrence Barredo
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Mercedes Biretto
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
James Bossert
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
J. Edward Branstetter, Jr.
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Kristina Brendlinger
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Tori Bullen
Senior Vice President
210 Interstate North Parkway
  
Suite 401
  
Atlanta, GA 30339-2120
  
   
Bill J. Burrow
Senior Vice President
7601 Technology Way
  
Denver, CO  80237
  
   
Michelle L. Carroll
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Maura Collins
Executive Vice President, Chief Financial Officer & FinOP
7601 Technology Way
  
Denver, CO 80237
  
   
Christopher Cord
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
George Daggett
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Paul Fitzgerald
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Julia A. Goatley
Assistant Secretary
1 Corporate Way
  
Lansing, MI 48951
  
   
Luis Gomez
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Kevin Grant
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Bonnie Howe
Vice President & General Counsel
7601 Technology Way
  
Denver, CO 80237
  
   
Thomas Hurley
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Mark Jones
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
John Koehler
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Doug Mantelli
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
James McCorkle
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Tamu McCreary
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Brook Meyer
Vice President
1 Corporate Way
  
Lansing, MI 48951
  
   
Jack Mishler
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Diane Montana
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Steven O’Connor
Assistant Vice President
7601 Technology Way
  
Denver, CO  80237
  
   
Eric Palumbo
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Allison Pearson
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Jeremy D. Rafferty
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Alison Reed
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Traci Reiter
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Scott Romine
Executive Vice President, National Sales Manager
7601 Technology Way
  
Denver, CO  80237
  
   
Gregory B. Salsbury
Executive Vice President, Distribution
7601 Technology Way
  
Denver, CO 80237
  
   
Marilynn Scherer
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Kathleen Schofield
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Barbara Logsdon Smith
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Daniel Starishevsky
Senior Vice President
7601 Technology Way
  
Denver, CO 80237
  
   

 
 
 


Brian Sward
Vice President
7601 Technology Way
  
Denver, CO  80237
  
   
Jeremy Swartz
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Robin Tallman
Vice President & Controller
7601 Technology Way
  
Denver, CO 80237
  
   
Daniel W. Thomas
Vice President
7601 Technology Way
  
Denver, CO  80237
  
   
Doug Townsend
Executive Vice President, Operations
7601 Technology Way
  
Denver, CO 80237
  
   
Brad Whiting
Vice President
7601 Technology Way
  
Denver, CO  80237
  
   
Matt Witulski
Assistant Vice President
7601 Technology Way
  
Denver, CO  80237
  
   
Daniel Wright
Vice President & Chief Compliance Officer
7601 Technology Way
  
Denver, CO 80237
  
   
Phil Wright
Vice President
7601 Technology Way
  
Denver, CO 80237
  
   
Matthew Yellott
Assistant Vice President
7601 Technology Way
  
Denver, CO 80237
  
   

(c)

Name of Principal Underwriter
Net Underwriting           Discounts and Commissions
Compensation on Redemption or               Annuitization
Brokerage Commissions
Compensation
Jackson National Life           Distributors LLC
Not Applicable
Not Applicable
Not Applicable
Not Applicable

Item. 30. Location of Accounts and Records

Jackson National Life Insurance Company
1 Corporate Way
Lansing, Michigan 48951

Jackson National Life Insurance Company
Institutional Marketing Group Service Center
1 Corporate Way
Lansing, Michigan 48951

Jackson National Life Insurance Company
7601 Technology Way
Denver, Colorado 80237

Jackson National Life Insurance Company
225 West Wacker Drive, Suite 1200
Chicago, IL  60606

Item. 31. Management Services

Not Applicable.

Item. 32. Undertakings and Representations

a)  
Jackson National Life Insurance Company of New York hereby undertakes to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than sixteen (16) months old for so long as payment under the variable annuity contracts may be accepted.

b)  
Jackson National Life Insurance Company of New York hereby undertakes to include either (1) as part of any application to purchase a contract offered by the Prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the Prospectus that the applicant can remove to send for a Statement of Additional Information.

c)  
Jackson National Life Insurance Company of New York hereby undertakes to deliver any Statement of Additional Information and any financial statement required to be made available under this Form promptly upon written or oral request.

d)  
Jackson National Life Insurance Company of New York represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by Jackson National Life Insurance Company of New York.

e)  
The Registrant hereby represents that any contract offered by the prospectus and which is issued pursuant to Section 403(b) of the Internal Revenue Code of 1986 as amended, is issued by the Registrant in reliance upon, and in compliance with, the Securities and Exchange Commission's industry-wide no-action letter to the American Council of Life Insurance (publicly available November 28, 1988) which permits withdrawal restrictions to the extent necessary to comply with IRS Section 403(b)(11).

 
 
 


SIGNATURES

 
As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has caused this Pre-Effective Amendment to the Registration Statement to be signed on its behalf, in the City of Lansing, and State of Michigan, on this 20th day of December, 2011.

JNLNY Separate Account I
(Registrant)

Jackson National Life Insurance Company of New York


By:  /s/ Thomas J. Meyer                                                                           
Thomas J. Meyer
Senior Vice President, General Counsel
and Secretary

Jackson National Life Insurance Company of New York
(Depositor)


By:  /s/ Thomas J. Meyer                                                                           
Thomas J. Meyer
Senior Vice President, General Counsel
and Secretary

As required by the Securities Act of 1933, this Pre-Effective Amendment to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Michael A. Wells, President and
  
Chief Executive Officer
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
James R. Sopha, Chief Operating Officer
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Clifford J. Jack, Executive Vice President,
  
Head of Retail & Chairman
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
P. Chad Myers, Executive Vice President,
and Chief Financial Officer
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Herbert G. May III, Chief Administrative Officer
and Director
  

 
 
 


   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Joseph M. Clark, Senior Vice President,
Chief Information Officer and Director
  
   
   
  /s/ Thomas J. Meyer 
December 20, 2011
Thomas J. Meyer, Senior Vice President,
General Counsel, Secretary and Director
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Laura L. Prieskorn, Senior Vice President and
  
Director
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
John H. Brown, Vice President and Director
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Michael A. Costello, Vice President, Director
  
and Treasurer
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Julia A. Goatley, Vice President,
  
Assistant Secretary and Director
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Donald B. Henderson, Jr., Director
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
David L. Porteous, Director
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Donald T. DeCarlo, Director
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
Gary H. Torgow, Director
  
   
*
  
  /s/ Thomas J. Meyer 
December 20, 2011
John C. Colpean, Director
  


* Thomas J. Meyer, Senior Vice President,
General Counsel, Secretary and Attorney-in-Fact
pursuant to Power of Attorney effective
October 28, 2011

 
 
 


POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each of the undersigned as directors and/or officers of JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK (the “Depositor”), a New York corporation, hereby appoint Michael A. Wells, P. Chad Myers, Thomas J. Meyer, Patrick W. Garcy, Susan S. Rhee and Anthony L. Dowling (each with power to act without the others) his/her attorney-in-fact and agent, with full power of substitution and resubstitution, for and in his/her name, place and stead, in any and all capacities, to sign applications and registration statements, and any and all amendments, with power to affix the corporate seal and to attest it, and to file the applications, registration statements, and amendments, with all exhibits and requirements, in accordance with the Securities Act of 1933, the Securities and Exchange Act of 1934, and/or the Investment Company Act of 1940.  This Power of Attorney concerns JNLNY Separate Account I (File Nos. 333-37175, 333-48822, 333-70384, 333-81266, 333-118370, 333-119659, 333-137485, 333-163323, 333-172873, 333-175720,  333-175721, and 333-177298), JNLNY Separate Account II (File No. 333-86933), and JNLNY Separate Account IV (File Nos. 333-109762 and 333-118132), as well as any future separate account(s) and/or future file number(s) within any separate account(s) that the Depositor establishes through which securities, particularly variable annuity contracts and variable universal life insurance policies, are to be offered for sale.  The undersigned grant to each attorney-in-fact and agent full authority to take all necessary actions to effectuate the above as fully, to all intents and purposes, as he/she could do in person, thereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.  This instrument may be executed in one or more counterparts.

IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney effective as of the 28 day of October, 2011.

 
/s/ MICHAEL A. WELLS
______________________________________________
Michael A. Wells, President and Chief Executive Officer
 
 
/s/ JAMES R. SOPHA
______________________________________________
James R. Sopha, Chief Operating Officer
 
 
/s/ CLIFFORD J. JACK
______________________________________________
Clifford J. Jack, Executive Vice President, Head of Retail
and Chairman
 
 
/s/ P. CHAD MYERS
______________________________________________
P. Chad Myers, Executive Vice President
and Chief Financial Officer
 
 
/s/ HERBERT G. MAY III
______________________________________________
Herbert G. May III, Chief Administrative Office
and Director
 
 
/s/ JOSEPH M. CLARK
______________________________________________
Joseph M. Clark, Senior Vice president, Chief
Information Officer and Director
 
 
/s/  THOMAS J. MEYER
______________________________________________
Thomas J. Meyer, Senior Vice President, General
Counsel, Secretary and Director
 
 
/s/ LAURAL L. PRIESKORN
______________________________________________
Laura L. Prieskorn, Senior Vice President and Director
 
 
/s/ JOHN H. BROWN
______________________________________________
John H. Brown, Vice President and Director
 
 
/s/ MICHAEL A. COSTELLO
______________________________________________
Michael A. Costello, Vice President, Treasurer
and Director
 
 
/s/ JULIA A. GOATLEY
______________________________________________
Julia A. Goatley, Vice President, Assistant Secretary
and Director
 
 
/s/ DONALD B. HENDERSON, JR.
______________________________________________
Donald B. Henderson, Jr., Director
 
 
/s/ DAVID L. PORTEOUS
______________________________________________
David L. Porteous, Director
 
 
/s/ DONALD T. DECARLO
______________________________________________
Donald T. DeCarlo, Director
 
 
/s/ GARY H. TORGOW
______________________________________________
Gary H. Torgow
Director
 
 
/s/ JOHN C. COLPEAN
______________________________________________
John C. Colpean
Director

 
 
 




EXHIBIT LIST

Exhibit No.                      Description

5.
Form of Variable and Fixed Annuity Application.

9.
Opinion and Consent of Counsel.

10.
Consent of Independent Registered Public Accounting Firm.

 
 
 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-4/A’ Filing    Date    Other Filings
2/28/13NSAR-U
2/27/13
1/15/13
1/14/13
2/28/12NSAR-U
1/15/12
1/1/12
12/31/1124F-2NT,  NSAR-U
12/30/11
Filed on:12/20/11
10/28/11CORRESP
10/13/11N-4
7/22/11N-4
3/14/11
3/1/11
2/22/11497
1/1/11
12/31/1024F-2NT,  NSAR-U
12/15/10
10/11/10485BPOS
5/3/10
1/1/10
12/31/0924F-2NT,  NSAR-U
12/15/09
9/28/09485BPOS
9/25/0940-OIP
9/24/09485BPOS
9/15/09
4/6/09485BPOS
4/3/09
1/1/09
12/31/0824F-2NT,  485BPOS,  NSAR-U
10/6/08485BPOS
3/31/08485BPOS
12/31/0724F-2NT,  NSAR-U
12/3/07485BPOS
4/30/07485BPOS
1/16/07
12/31/0624F-2NT,  24F-2NT/A,  NSAR-U
8/10/06
6/1/06
5/1/06485BPOS,  497
1/17/06
12/30/04N-4/A
8/19/04N-4
11/27/98
10/3/97N-4 EL,  N-8A
9/12/97
 List all Filings 

4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/25/24  Jnlny Separate Account I          485BPOS     4/29/24    3:1.9M
 4/27/23  Jnlny Separate Account I          485BPOS     5/01/23    3:1.8M
 4/21/22  Jnlny Separate Account I          485BPOS     4/25/22    3:1.9M
 4/21/21  Jnlny Separate Account I          485BPOS     4/26/21    3:6.8M
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