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Jnlny Separate Account I, et al. – ‘485APOS’ on 2/14/05

On: Monday, 2/14/05, at 5:18pm ET · Accession #: 933691-5-41 · File #s: 333-70384, 811-08401

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

 2/14/05  Jnlny Separate Account I          485APOS                4:375K                                   JNL Series Trust
          Jnlny Separate Account I

Post-Effective Amendment
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 485APOS     A Filing                                             131±   533K 
 2: EX-99       Miscellaneous Exhibit                                  6     24K 
 3: EX-99       Miscellaneous Exhibit                                  7±    38K 
 4: EX-99       Miscellaneous Exhibit                                  1      7K

485APOS — A Filing
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Access to Your Money Additional Tax Information Annuity Contract, The Calculation of Performance Contract Charges Death Benefit Death Benefits Directors and Officers of the Depositor Exhibits Fees and Expenses Tables Financial Statements Financial Statements and Exhibits (a) Financial Statements: Fixed Account, The Free Look General Information and History Glossary Guaranteed Minimum Income Benefit Income Payments (The Income Phase) Indemnification Investment Divisions Jackson National Life of Ny Key Facts Location of Accounts and Records Management Services Net Investment Factor Other Information Persons Controlled by or Under Common Control with the Depositor or Registrant Principal Underwriter Privacy Policy Purchase of Securities Being Offered Purchases Separate Account, The Services Special Spousal Continuation Option Table of Contents Table of Contents of the Statement of Additional Information Taxes Tax-Qualified Contracts Tax Treatment of Withdrawals Telephone and Internet Transactions The Annuity Contract The Fixed Account The Separate Account Transfers and Frequent Transfer Restrictions Undertakings and Representations Underwriters Waiver of Withdrawal and Recapture Charges for Extended Care Withholding Tax on Distributions 4% For Life Guaranteed Minimum Withdrawal Benefit 5% For Life Guaranteed Minimum Withdrawal Benefit 7% Guaranteed Minimum Withdrawal Benefit
1	1st Page - Filing Submission
5	Table of Contents
6	Glossary
7	Key Facts
8	Fees and Expenses Tables
9	Financial Statements
"	The Annuity Contract
"	Jackson National Life of Ny
"	The Fixed Account
"	The Separate Account
"	Investment Divisions
10	Contract Charges
"	Purchases
"	Transfers and Frequent Transfer Restrictions
"	Telephone and Internet Transactions
"	Access to Your Money
"	Waiver of Withdrawal and Recapture Charges for Extended Care
"	7% Guaranteed Minimum Withdrawal Benefit
"	5% For Life Guaranteed Minimum Withdrawal Benefit
"	4% For Life Guaranteed Minimum Withdrawal Benefit
"	Income Payments (The Income Phase)
"	Guaranteed Minimum Income Benefit
"	Death Benefit
"	Special Spousal Continuation Option
"	Taxes
"	Death Benefits
"	Other Information
"	Free Look
"	Privacy Policy
11	Table of Contents of the Statement of Additional Information
22	General Information and History
"	Services
"	Purchase of Securities Being Offered
"	Underwriters
"	Calculation of Performance
"	Additional Tax Information
"	Withholding Tax on Distributions
"	Tax Treatment of Withdrawals
"	Tax-Qualified Contracts
"	Net Investment Factor
24	Item 24. Financial Statements and Exhibits (a) Financial Statements:
"	Item 24.(b). Exhibits
"	Item 25. Directors and Officers of the Depositor
"	Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant
"	Item 28. Indemnification
"	Item 29. Principal Underwriter
"	Item 30. Location of Accounts and Records
"	Item 31. Management Services
"	Item 32. Undertakings and Representations

485APOS 1st “Page” of 27 TOC ↑Top Previous Next ↓Bottom Just 1st
 
As filed with the Securities and Exchange Commission on February 14, 2005.      
                                            Commission File Nos. 333-70384
                                                                 811-08401

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT UNDER                                                    
THE SECURITIES ACT OF 1933                                                      

Pre-Effective Amendment No.                                        [   ]        

Post-Effective Amendment No. 15                                    [ X ]        

and/or

REGISTRATION STATEMENT UNDER                                                    
THE INVESTMENT COMPANY ACT OF 1940                                              

Amendment No. 55                                                   [ 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: (888) 367-5651

 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:
John S. (Scott) Kreighbaum, Esq.
 Jackson National Life Insurance Company
 1 Corporate Way
 Lansing, MI 48951

It is  proposed   that  this   filing  will  become   effective                 

immediately upon filing pursuant to paragraph (b)             
----                                                                            
on (date) pursuant to paragraph (b)                           
----                                                                            
X       60 days after filing pursuant to paragraph (a)(1)                     
----                                                                            
on (date) pursuant to paragraph (a)(1) of Rule 485            
----                                                                            

If appropriate, check the following box:                                        

This post-effective amendment designates a new effective date for a 
----  previously filed post-effective amendment.                                

Title of Securities Being Registered                                            
    Variable Portion of Individual Deferred Variable Annuity Contracts

485APOS 2nd “Page” of 27 TOC 1st Previous Next ↓Bottom Just 2nd
THE INFORMATION IN THE PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT
SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES
AND EXCHANGE  COMMISSION IS EFFECTIVE.  THIS  PROSPECTUS IS NOT AN OFFER TO SELL
THESE  SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE  SECURITIES IN ANY
STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.                                 

 PERSPECTIVE II(R)

FLEXIBLE PREMIUM FIXED AND VARIABLE DEFERRED ANNUITY

 ISSUED BY

JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK(R) THROUGH
JNLNY SEPARATE ACCOUNT I

THE DATE OF THIS PROSPECTUS IS MAY 2, 2005, which states the information about  
the Separate Account, the Contract, and Jackson National Life of NY you should  
know before investing. 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 May 2, 2005 that is available upon request   
without charge. To obtain a copy, contact us at our:                            

ANNUITY SERVICE CENTER              
P.O. BOX 378004                     
DENVER, COLORADO 80237-8004         
1-800-599-5651                      
CONTACTUS@JNLNY.COM                 
WWW.JNLNY.COM                       

This prospectus also describes a variety of optional features, not all of which 
may be available at the time you are interested in purchasing a Contract, as we 
reserve the right to prospectively restrict availability of the optional        
features. Broker-dealers selling the Contracts may limit the availability of an 
optional feature. Ask your representative about what optional features are or   
are not offered. If a particular optional feature that interests you is not     
offered, you may want to contact another broker-dealer to explore its           
availability. In addition, not all optional features may be available in        
combination with other optional features, as we also reserve the right to       
prospectively restrict the availability to elect certain features if certain    
other optional features have been elected. Please confirm that you have the most
current prospectus and supplements to the prospectus that describe the current  
availability and any restrictions on the optional features.                     

Expenses for a Contract with a Contract Enhancement will be higher than those   
for a Contract without a Contract Enhancement, and in some cases the amount of a
Contract Enhancement may be more than offset by those expenses.                 

We offer other variable annuity products that offer different product features, 
benefits and charges.                                                           

The SAI is incorporated by reference into this prospectus, and its table of     
contents begins on page 71. 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.        

--------------------------------------------------------------------------------
NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED 
THE SECURITIES OFFERED THROUGH THIS PROSPECTUS DISCLOSURE. 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.                                                    
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------

485APOS 3rd “Page” of 27 TOC 1st Previous Next ↓Bottom Just 3rd
"JNL(R)," "Jackson National(R)" and "Jackson National Life(R)" are trademarks of
Jackson National Life Insurance Company.                                        

"Standard & Poor's(R)," "S&P(R)," "S&P 500(R)," "Standard & Poor's 500," "500," 
"Standard & Poor's MidCap 400" and "S&P MidCap 400" are trademarks of The       
McGraw-Hill Companies, Inc. and have been licensed for use by Jackson National  
Life Insurance Company. These Funds are not sponsored, endorsed, sold or        
promoted by Standard & Poor's and Standard & Poor's makes no representation     
regarding the advisability of investing in these Funds. Please see the Statement
of Additional Information which sets forth certain additional disclaimers and   
limitations of liabilities on behalf of S&P. The JNL/Mellon Capital Management  
The S&P(R) 10 Fund is not sponsored, endorsed, sold or promoted by Standard &   
Poor's and Standard & Poor's makes no representation regarding the advisability 
of investing in this Fund. Please see the Statement of Additional Information   
which sets forth certain additional disclaimers and limitations of liabilities  
on behalf of S&P.                                                               

"Dow Jones," "Dow Jones Industrial AverageSM," "DJIASM," "The DowSM" and "The   
Dow 10SM Index" are service marks of Dow Jones & Company, Inc. (Dow Jones) and  
have been licensed for use for certain purposes by Jackson National Life        
Insurance Company. Dow Jones has no relationship to the annuity and Jackson     
National Life Insurance Company, other than the licensing of the Dow Jones      
Industrial Average (DJIA) and its service marks for use in connection with the  
JNL/Mellon Capital Management The DowSM 10 Fund. Please see Appendix A for      
additional information. The JNL/Mellon Capital Management The DowSM 10 Fund is  
not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no  
representation regarding the advisability of investing in such product.         

The Product(s) is not sponsored,  endorsed, sold or promoted by The Nasdaq Stock
Market, Inc. (including  its  affiliates)  (Nasdaq,  with  its  affiliates,  are
referred  to as the  CORPORATIONS).  The  Corporations  have not  passed  on the
legality or  suitability  of or the  accuracy or  adequacy of  descriptions  and
disclosures relating to the Product(s).  The Corporations make no representation
or warranty, express or implied to the owners of the Product(s) or any member of
the public regarding the advisability of investing in securities generally or in
the Product(s) particularly,  or the ability of the Nasdaq-100 Index(R) to track
general stock market performance. The Corporations' only relationship to Jackson
National  Life  Insurance  Company   (LICENSEE)  is  in  the  licensing  of  the
Nasdaq-100(R),  Nasdaq-100  Index(R) and Nasdaq(R)  trademarks or service marks,
and  certain  trade  names  of the  Corporations  and the use of the  Nasdaq-100
Index(R) which is  determined,  composed and calculated by Nasdaq without regard
to Licensee or the Product(s). Nasdaq has no obligation to take the needs of the
Licensee or the owners of the  Product(s)  into  consideration  in  determining,
composing or  calculating  the Nasdaq-100  Index(R).  The  Corporations  are not
responsible for and have not participated in the determination of the timing of,
prices at or quantities of the  Product(s) to be issued or in the  determination
or  calculation  of the equation by which the Product(s) is to be converted into
cash. The Corporations have no liability in connection with the  administration,
marketing or trading of the Product(s).                                         

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION 
OF THE NASDAQ-100 INDEX(R) OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE  
NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE,      
OWNERS OF THE PRODUCT(S) OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE      
NASDAQ-100 INDEX(R) OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO      
EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF         
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE  
NASDAQ-100 INDEX(R) OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE   
FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST   
PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES,    
EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.                            

"The Nasdaq-100(R)," "Nasdaq-100 Index(R)," "Nasdaq Stock Market(R)" and        
"Nasdaq" are trade or service marks of The Nasdaq, Inc. (which with its         
affiliates are the "Corporations") and have been licensed for use by Jackson    
National Life Insurance Company. The JNL/Mellon Capital Management Nasdaq(R) 15 
Fund has not passed on the Corporations as to its legality or suitability. The  
JNL/Mellon Capital Management Nasdaq(R) 15 Fund is not issued, endorsed,        
sponsored, managed, sold or promoted by the Corporations. THE CORPORATIONS MAKE 
NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE JNL/MELLON CAPITAL      
MANAGEMENT NASDAQ(R) 15 FUND.                                                   

"Value Line(R)," "The Value Line Investment Survey" and "Value Line TimelinessTM
Ranking  System" are  trademarks  of Value Line  Securities,  Inc. or Value Line
Publishing,  Inc.  that have been licensed to Jackson  National  Life  Insurance
Company.  The  JNL/Mellon  Capital  Management  Value  Line(R)  25  Fund  is not
sponsored,  recommended,  sold or promoted by Value Line Publishing, Inc., Value
Line, Inc. or Value Line Securities,  Inc.  ("Value Line").  Value Line makes no
representation regarding the advisability of investing in the JNL/Mellon Capital
Management Value Line(R) 25 Fund. Jackson National Life Insurance Company is not
affiliated with any Value Line Company.                                         

485APOS 4th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 4th
*  THE CONTRACT MAKES AVAILABLE FOR INVESTMENT FIXED AND VARIABLE INVESTMENT    
OPTIONS. THE VARIABLE OPTIONS AVAILABLE 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/AIM Large Cap Growth Fund                                                   
JNL/AIM Real Estate Fund                                                        
JNL/AIM Small Cap Growth Fund                                                   
JNL/Alger Growth Fund                                                           
JNL/Eagle Core Equity Fund                                                      
JNL/Eagle SmallCap Equity Fund                                                  
JNL/FMR Balanced Fund                                                           
JNL/FMR Capital Growth Fund                                                     
JNL/Franklin Templeton Small Cap Value Fund                                     
JNL/Goldman Sachs Mid Cap Value Fund                                            
JNL/JPMorgan International Equity Fund                                          
JNL/JPMorgan International Value Fund                                           
JNL/Lazard Mid Cap Value Fund                                                   
JNL/Lazard Small Cap Value Fund                                                 
JNL/Mellon Capital Management S&P 500 Index Fund                                
JNL/Mellon Capital Management S&P 400 MidCap Index Fund                         
JNL/Mellon Capital Management Small Cap Index Fund                              
JNL/Mellon Capital Management International Index Fund                          
JNL/Mellon Capital Management Bond Index Fund                                   

JNL/Mellon Capital Management Enhanced S&P 500 Stock Index Fund                 
JNL/Oppenheimer Global Growth Fund                                              
JNL/Oppenheimer Growth Fund                                                     
JNL/PIMCO Total Return Bond Fund                                                
JNL/Putnam Equity Fund                                                          
JNL/Putnam Midcap Growth Fund                                                   
JNL/Putnam Value Equity Fund                                                    
JNL/Salomon Brothers High Yield Bond Fund                                       
JNL/Salomon Brothers Strategic Bond Fund                                        
JNL/Salomon Brothers U.S. Government & Quality Bond Fund                        
JNL/Select Balanced Fund                                                        
JNL/Select Global Growth Fund                                                   
JNL/Select Large Cap Growth Fund                                                
JNL/Select Money Market Fund                                                    
JNL/Select Value Fund                                                           
JNL/T. Rowe Price Established Growth Fund                                       
JNL/T. Rowe Price Mid-Cap Growth Fund                                           
JNL/T. Rowe Price Value Fund                                                    
JNL/S&P Managed Conservative Fund                                               
JNL/S&P Managed Moderate Fund                                                   
JNL/S&P Managed Moderate Growth Fund                                            
JNL/S&P Managed Growth Fund                                                     
JNL/S&P Managed Aggressive Growth Fund                                          

JNLNY VARIABLE FUND I LLC                                                       

JNL/Mellon Capital Management The DowSM 10 Fund                                 
JNL/Mellon Capital Management The S&P(R) 10 Fund                                
JNL/Mellon Capital Management Global 15 Fund                                    
JNL/Mellon Capital Management 25 Fund                                           
JNL/Mellon Capital Management Select Small-Cap Fund                             
JNL/Mellon Capital Management Nasdaq(R) 15 Fund                                 
JNL/Mellon Capital Management Value Line(R) 25 Fund                             

JNL VARIABLE FUND LLC                                                           

JNL/Mellon Capital Management JNL 5 Fund                                        
JNL/Mellon Capital Management VIP Fund                                          
JNL/Mellon Capital Management Communications Sector Fund                        
JNL/Mellon Capital Management Consumer Brands Sector Fund                       
JNL/Mellon Capital Management Financial Sector Fund                             
JNL/Mellon Capital Management Healthcare Sector Fund                            
JNL/Mellon Capital Management Oil & Gas Sector Fund                             
JNL/Mellon Capital Management Technology Sector Fund                            

485APOS 5th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 5th
THESE FUNDS ARE NOT THE SAME MUTUAL FUNDS THAT YOU WOULD BUY THROUGH YOUR       
STOCKBROKER OR A RETAIL MUTUAL FUND. THE PROSPECTUSES FOR THESE FUNDS ARE       
ATTACHED TO THIS PROSPECTUS.                                                    

                                                        [Enlarge/Download Table]

                                                                                                                   

                                                 TABLE OF CONTENTS                                                 

GLOSSARY..........................................................................................................2

KEY FACTS.........................................................................................................4

FEES AND EXPENSES TABLES..........................................................................................6

THE ANNUITY CONTRACT.............................................................................................13

JACKSON NATIONAL LIFE OF NY......................................................................................14

THE FIXED ACCOUNTS...............................................................................................14

THE SEPARATE ACCOUNT.............................................................................................16

INVESTMENT DIVISIONS.............................................................................................16

CONTRACT CHARGES.................................................................................................26

PURCHASES .......................................................................................................35

TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS.....................................................................39

TELEPHONE AND INTERNET TRANSACTIONS..............................................................................42

ACCESS TO YOUR MONEY.............................................................................................44

INCOME PAYMENTS (THE INCOME PHASE)...............................................................................52

DEATH BENEFIT....................................................................................................58

TAXES............................................................................................................62

OTHER INFORMATION................................................................................................67

PRIVACY POLICY...................................................................................................69

TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION.....................................................71

APPENDIX A (about Dow Jones)....................................................................................A-1

APPENDIX B (about Contract Enhancement recapture charges).......................................................B-1

APPENDIX C (GMWB examples)......................................................................................C-1

APPENDIX D (5% for Life GMWB examples)..........................................................................D-1

APPENDIX E (additional 5% for Life GMWB examples)...............................................................E-1

APPENDIX F (4% for Life GMWB examples)..........................................................................F-1

APPENDIX G (additional 4% for Life GMWB examples)...............................................................G-1

APPENDIX H (Accumulation Unit values)...........................................................................H-1


485APOS 6th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 6th
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 Annuitants.                                 

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.                                                              

CONTRACT - the individual deferred variable and fixed annuity contract and any  
optional endorsements you may have selected.                                    

CONTRACT ANNIVERSARY - each one year anniversary of the Contract's Issue Date.  

CONTRACT ENHANCEMENT - a credit that we will make to each premium payment you   
make during the first Contract Year.                                            

CONTRACT VALUE - the sum of your allocations between the Contract's Fixed       
Account and Investment Divisions.                                               

CONTRACT YEAR - the succeeding twelve months from a Contract's Issue Date and   
every anniversary.                                                              

INTEREST RATE ADJUSTMENT - an adjustment to the Contract Value allocated to the 
Fixed Account that is withdrawn, transferred, or annuitized before the end of   
the period.                                                                     

FIXED ACCOUNT - one of several sub-accounts of our General Account to which the 
Contract Value you allocate is guaranteed to earn a stated rate of return over  
the specified period.                                                           

GENERAL ACCOUNT - the General Account includes all our assets, including any    
Contract Value you allocated to the Fixed Account, which are available to our   
creditors.                                                                      

GOOD ORDER - when our administrative requirements are met for any requested     
action or change, including that we have received sufficient supporting         
documentation.                                                                  

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 variable because the     
return on investment is not guaranteed.                                         

JACKSON NATIONAL LIFE 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 Owners.                                                      

SEPARATE ACCOUNT - JNLNY Separate Account I.                                    

485APOS 7th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 7th
 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 a Fixed  Account and  Investment  Divisions  for
allocation of your premium  payments and Contract  Value.  For more  information
about the fixed options,  please see "THE FIXED  ACCOUNT"  beginning on page 14.
For more  information  about the Investment  Divisions,  please see  "INVESTMENT
DIVISIONS" beginning on page 16.                                                
--------------------------------------------------------------------------------
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 62.                                                           
--------------------------------------------------------------------------------
FREE LOOK                                                                       

If you change your mind about having  purchased the Contract,  you may return it
without  penalty.  There are conditions and limitations.  For more  information,
please see "FREE LOOK" beginning on page 67.                                    
--------------------------------------------------------------------------------
PURCHASES                                                                       

There are minimum and maximum premium  requirements.  You may elect to receive a
credit on your  premium  payments  during the first  Contract  Year,  subject to
conditions and limitations.  The Contract also has a premium  protection option,
namely  the  Capital  Protection  Program.  For  more  information,  please  see
"PURCHASES" beginning on page 35.                                               
--------------------------------------------------------------------------------
WITHDRAWALS                                                                     

Before  the  Income  Date,  there are a number of ways to access  your  Contract
Value,  sometimes  subject to a charge or  adjustment,  particularly  during the
early Contract Years.  There are also a number of optional  withdrawal  benefits
available.  The Contract has a free withdrawal  provision and waives the charges
and  adjustments  in  the  event  you  may  require   extended  care.  For  more
information, please see "ACCESS TO YOUR MONEY" beginning on page 44.            
--------------------------------------------------------------------------------
INCOME PAYMENTS                                                                 

There  are  a  number  of  income  options  available,  including  an  optional,
guaranteed  minimum income  benefit.  For more  information,  please see "INCOME
PAYMENTS (THE INCOME PHASE)" beginning on page 52.                              
--------------------------------------------------------------------------------
DEATH BENEFIT                                                                   

The  Contract has a death  benefit  that  becomes  payable if you die before the
Income Date. An optional death benefit is also available.  For more information,
please see "DEATH BENEFIT" beginning on page 58.                                

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485APOS 8th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 8th
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 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.       

                                                        [Enlarge/Download Table]

                                                                                                                   

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                           OWNER TRANSACTION EXPENSES                                                              

Front-end Sales Load...........................................................................................None

Maximum Withdrawal Charge (as a percentage of premium surrendered, if applicable) 1..............................7%

Maximum Contract Enhancement Recapture Charge (as a percentage of the corresponding first year premium payments    
     withdrawn if an optional Contract Enhancement is selected) 2................................................4%

Premium Taxes (as a percentage of each premium payment) 3........................................................2%

Transfer Charge (per transfer after 15 in a Contract Year) 4....................................................$25

Expedited Delivery Charge 5..................................................................................$22.50
-------------------------------------------------------------------------------------------------------------------

1    There may be a withdrawal charge on these withdrawals of Contract Value:                                      
     withdrawals in excess of the free withdrawal amounts; a total withdrawal;                                     
     and withdrawals on an Income Date that is within one year of the Issue                                        
     Date. The withdrawal charge is a schedule with the base withdrawal charge                                     
     lasting seven Completed Years, and there are two optional withdrawal charge                                   
     schedules (that are shorter) available:                                                                       

         Completed Years Since                                                                                     
              Receipt of Premium            0        1        2        3        4       5        6        7+       
         ---------------------------------------------------------------------------------------------------       
         Base Withdrawal Charge             7%       6%       5%       4%       3%      2%       1%       0        
         Optional Five-year Schedule        6.5%     5%       3%       2%       1%      0        0        0        
         Optional Three-year Schedule       6%       4.5%     2%       0        0       0        0        0        

2    Contract Enhancements are subject to recapture charges. There may be a                                        
     recapture charge on these withdrawals of Contract Value with a Contract                                       
     Enhancement if the Contract is returned during the free look period;                                          
     withdrawals in excess of the free withdrawal amounts; withdrawals that                                        
     exceed the minimum distribution requirements of the Internal Revenue Code;                                    
     a total withdrawal; and withdrawals on an Income Date that is within the                                      
     recapture charge schedule. The recapture charge schedule is based on                                          
     Completed Years and depends on your Contract Enhancement:                                                     

         Completed Years Since                                                                                     
              Receipt of Premium            0        1        2        3        4       5        6        7+       
         ---------------------------------------------------------------------------------------------------       
         With 2% Credit                     2%       2%       1.25%    1.25%    0.5%    0        0        0        
         With 3% Credit                     3%       3%       2%       2%       2%      1%       1%       0        
         With 4% Credit                     3%       3%       2%       2%       2%      1%       1%       0        

  For Contracts with Issue Dates between September 22, 2003 and October 3,
 2004, the 4% Contract Enhancement was not available. For Contracts with
    Issue Dates before September 22, 2003, the recapture charges over the same
  completed years since receipt of premium were: 4%; 4%; 2.5%; 2.5%; 2.5%;
1.25%; and 1.25%.                                                     

3    Premium taxes generally range from 1.5 to 2%.                              

4    We do not count  transfers in  conjunction  with dollar cost  averaging and
automatic rebalancing.                                                

5    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.                                          

485APOS 9th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 9th
THE NEXT TABLE 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.                                                                       

                                                        [Enlarge/Download Table]

                                                                                                                   

-------------------------------------------------------------------------------------------------------------------
                                PERIODIC EXPENSES                                                                  

FOR BASE CONTRACT                                                                                                  

Annual Contract Maintenance Charge 6............................................................................$30

Separate Account Annual Expenses (as an annual percentage of the average daily account value of the Investment     
Divisions)....................................................................................................1.35%

   -----------------------------------------------------------------------------------------------------------     
     Mortality And Expense Risk Charge 7...............................................................1.20%       
     Administration Charge 8...........................................................................0.15%       
     -------------------------------------------------------------------------------------------------------       
         Total Separate Account Annual Expenses........................................................1.35%       
   -----------------------------------------------------------------------------------------------------------     

FOR OPTIONAL ENDORSEMENTS (AS AN ANNUAL PERCENTAGE OF THE AVERAGE DAILY ACCOUNT                                    
VALUE OF THE INVESTMENT DIVISIONS, UNLESS OTHERWISE NOTED) (YOU MAY ONLY SELECT                                    
ONE OF EACH GROUPING, UNLESS OTHERWISE NOTED) 9                                                                    

-------------------------------------------------------------------------------------------------------------------
4% Contract Enhancement Maximum Annual Charge 10..............................................................0.56%
3% Contract Enhancement Maximum Annual Charge 10..............................................................0.42%
2% Contract Enhancement Maximum Annual Charge 11.............................................................0.395%
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
Guaranteed Minimum Income Benefit  (GMIB) Maximum Annual Charge 12............................................0.60%
7% Guaranteed Minimum Withdrawal Benefit (GMWB) Maximum Annual Charge 13......................................0.70%
5% For Life GMWB Maximum Annual Charge 14.....................................................................1.30%
4% For Life GMWB Maximum Annual Charge 15.....................................................................0.85%
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
Five-year Withdrawal Schedule Maximum Annual Charge...........................................................0.30%
Three-year Withdrawal Schedule Maximum Annual Charge..........................................................0.45%
-------------------------------------------------------------------------------------------------------------------

20% Additional Free Withdrawal Maximum Annual Charge..........................................................0.30%

Highest Anniversary Value Death Benefit Maximum Annual Charge ................................................0.25%

     -------------------------------------------------------------------------------------------------------       
     Total Separate Account Annual Expenses With The Most Expensive Optional Endorsements 16...........3.91%       
     -------------------------------------------------------------------------------------------------------       
-------------------------------------------------------------------------------------------------------------------

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

7    This charge is 1.10% on Contracts issued between September 22, 2003 and May
     2, 2004.  For Contracts  with Issue Dates before  September 22, 2003,  this
charge is 1.25%.                                                      

8    This charge is waived on initial premiums of $1,000,000 or more, but we may
reverse the waiver and reinstate the Administrative Charge if your    
    withdrawals during the first year of the Contract cause the Contract Value
to drop below $1,000,000.                                             

9    Some optional endorsements are only available to select in purchasing the  
     Contract and once purchased cannot be canceled. You may not select both the
 Guaranteed Minimum Income Benefit and any Guaranteed Minimum Withdrawal
Benefits.                                                             

10   This charge lasts for the first seven Contract Years.                      

11   This charge lasts for the first five Contract Years.                       

12   On a calendar quarter basis the charge is 0.15% of the GMIB Benefit Base.  
    However, in selecting this optional endorsement between September 22, 2003
 and May 2, 2004, the charge is 0.45% of the GMIB Benefit Base, which is
0.1125% on a calendar quarter basis. Also, in selecting this optional 
endorsement before September 22, 2003, the charge is 0.30% of the GMIB
  Benefit Base, which is 0.075% on a calendar quarter basis. The charge is
  deducted each calendar quarter and upon termination of the GMIB from the
     Investment Divisions and the Fixed Accounts on a pro rata basis. When it is
  deducted from the Investment Divisions, it is not part of the unit value
   calculations, but rather is deducted by means of a cancellation of units.
  For more information, including the definition of the GMIB Benefit Base,
please see "Guaranteed Minimum Income Benefit" beginning on page 31.  

13   The current charge is 0.40%. But if you selected this optional endorsement 
 before October 4, 2004, the current charge is 0.35%, which increases to
0.55% upon "step-up." For more information, please see "7% Guaranteed 
Minimum Withdrawal Benefit" beginning on page 32.                     

14   The charge depends on the Owner's age, or the age of the older Owner in the
case of joint Owners, on the Contract's Issue Date (or the date this  
   optional endorsement is selected, if different). For an Owner between the
ages of: 60 and 64; 65 and 69; 70 and 74; and 75 and 80 - the maximum 
    annual charge is: 1.30%; 0.85%; 0.60%; and 0.50%, respectively. Meanwhile,
    for the same age groups, the current charges are: 0.90%; 0.60%; 0.50%; and
0.40%, respectively. For more information, please see "5% For Life    
Guaranteed Minimum Withdrawal Benefit" beginning on page 50.          

15   The charge depends on the Owner's age, or the age of the older Owner in the
case of joint Owners, on the Contract's Issue Date (or the date this  
   optional endorsement is selected, if different). For an Owner between the
    ages of: 50 and 54; 55 and 59; 60 and 64; 65 and 69; 70 and 74; and 75 and
   80 - the maximum annual charge is: 0.85%; 0.65%; 0.50%; 0.35%; 0.30%; and
0.20%, respectively. Meanwhile, for the same age groups, the current  
  charges are: 0.65%; 0.50%; 0.35%; 0.25%; 0.20%; and 0.15%, respectively.
     For more information, please see "4% For Life Guaranteed Minimum Withdrawal
Benefit" beginning on page 51.                                        

16   If you were to select these optional endorsements, based on the maximum    
annual charges: 4% Contract Enhancement, 5% For Life GMWB, Three-year 
Withdrawal Schedule and Highest Anniversary Value Death Benefit.      

THE INFORMATION BELOW SHOWS THE MINIMUM AND MAXIMUM TOTAL OPERATING EXPENSES    
CHARGED BY THE FUNDS AND A FULL TABLE OF THE EXPENSES CHARGED BY ALL OF THE     
FUNDS, WHICH YOU WILL PAY DURING THE TIME YOUR MONEY IS ALLOCATED TO THE        
CORRESPONDING INVESTMENT DIVISION. PLEASE REFER TO THE JNL SERIES TRUST, JNLNY  
VARIABLE FUND I LLC AND JNL VARIABLE FUND LLC PROSPECTUSES FOR MORE INFORMATION 
ON THE FUNDS, INCLUDING INVESTMENT OBJECTIVES, PERFORMANCE AND INFORMATION ON   
THE ADVISER AND ADMINISTRATOR, JACKSON NATIONAL ASSET MANAGEMENT, LLC(R), AND   
THE SUB-ADVISERS.                                                               

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:  %                                                                     

Maximum: %                                                                      

                                                        [Enlarge/Download Table]

                                                                                                          

                                       FUND ANNUAL EXPENSES [TO BE UPDATED]                               
                         (as an annual percentage of the Fund's average daily net assets)                 

                                                     MANAGEMENT                                           
                                                        AND                       12B-1      TOTAL FUND   
                                                   ADMINISTRATIVE    SERVICE      OTHER        ANNUAL     
                    FUND NAME                           FEE 17       FEE 18     EXPENSES 19   EXPENSES    

-------------------------------------------------- --------------- ----------- ------------- -------------
JNL/AIM Large Cap Growth Fund                                                                             

JNL/AIM Real Estate Fund                                                                                  
JNL/AIM Small Cap Growth Fund                                                                             
JNL/Alger Growth Fund                                                                                     

JNL/Eagle Core Equity Fund                                                                                
JNL/Eagle SmallCap Equity Fund                                                                            
JNL/FMR Balanced Fund                                                                                     
JNL/FMR Capital Growth Fund                                                                               

JNL/Franklin Templeton Small Cap Value Fund                                                               
JNL/Goldman Sachs Mid Cap Value Fund                                                                      
JNL/JPMorgan International Equity Fund                                                                    
JNL/JPMorgan International Value Fund                                                                     
JNL/Lazard Mid Cap Value Fund                                                                             
JNL/Lazard Small Cap Value Fund                                                                           
JNL/Mellon Capital Management S&P 500 Index Fund                                                          
JNL/Mellon Capital Management S&P 400 MidCap                                                              
  Index Fund                                                                                              

JNL/Mellon Capital Management Small Cap Index                                                             
  Fund                                                                                                    
JNL/Mellon Capital Management International                                                               
  Index Fund                                                                                              
JNL/Mellon Capital Management Bond Index Fund                                                             
JNL/Mellon Capital Management Enhanced S&P 500                                                            
  Stock Index Fund                                                                                        
JNL/Oppenheimer Global Growth Fund                                                                        
JNL/Oppenheimer Growth Fund                                                                               
JNL/PIMCO Total Return Bond Fund                                                                          
JNL/Putnam Equity Fund                                                                                    
JNL/Putnam Midcap Growth Fund                                                                             
JNL/Putnam Value Equity Fund                                                                              
JNL/Salomon Brothers High Yield Bond Fund                                                                 
JNL/Salomon Brothers Strategic Bond Fund                                                                  
JNL/Salomon Brothers U.S. Government & Quality                                                            
  Bond Fund                                                                                               
JNL/Select Balanced Fund                                                                                  
JNL/Select Global Growth Fund                                                                             

JNL/Select Large Cap Growth Fund                                                                          
JNL/Select Money Market Fund                                                                              
JNL/Select Value Fund                                                                                     
JNL/T. Rowe Price Established Growth Fund                                                                 
JNL/T. Rowe Price Mid-Cap Growth Fund                                                                     
JNL/T. Rowe Price Value Fund                                                                              
JNL/S&P Managed Conservative Fund 20                                                                      
JNL/S&P Managed Moderate Fund 20                                                                          
JNL/S&P Managed Moderate Growth Fund 20                                                                   
JNL/S&P Managed Growth Fund 20                                                                            
JNL/S&P Managed Aggressive Growth Fund 20                                                                 

JNL/Mellon Capital Management The DowSM 10 Fund                                                           
JNL/Mellon Capital Management The S&P(R) 10 Fund                                                          
JNL/Mellon Capital Management Global 15 Fund                                                              
JNL/Mellon Capital Management 25 Fund                                                                     
JNL/Mellon Capital Management Select Small-Cap                                                            
  Fund                                                                                                    
JNL/Mellon Capital Management JNL 5 Fund                                                                  
JNL/Mellon Capital Management Nasdaq(R) 15 Fund                                                           
JNL/Mellon Capital Management Value Line(R) 25 Fund                                                       
JNL/Mellon Capital Management VIP Fund                                                                    
JNL/Mellon Capital Management Communications                                                              
  Sector Fund                                                                                             
JNL/Mellon Capital Management Consumer Brands                                                             
  Sector Fund                                                                                             
JNL/Mellon Capital Management Financial Sector                                                            
  Fund                                                                                                    
JNL/Mellon Capital Management Healthcare Sector                                                           
  Fund                                                                                                    

JNL/Mellon Capital Management Oil & Gas Sector                                                            
  Fund                                                                                                    

JNL/Mellon Capital Management Technology Sector                                                           
  Fund                                                                                                    
-------------------------------------------------- --------------- ----------- ------------- -------------

17   Certain   Funds  pay  Jackson   National   Asset   Management,   LLC,   the
     administrator,  an administrative  fee for certain services provided to the
     Fund  by  the  administrator.   The  JNL/Select  Global  Growth  Fund,  the
     JNL/JPMorgan  International  Equity Fund,  the  JNL/JPMorgan  International
     Value  Fund,  the  JNL/Oppenheimer  Global  Growth  Fund  and  all  of  the
     JNL/Mellon   Capital   Management  Funds  except  the  JNL/Mellon   Capital
     Management S&P 500 Index Fund, JNL/Mellon Capital Management S&P 400 MidCap
     Index Fund,  JNL/Mellon Capital Management Small Cap Index Fund, JNL/Mellon
     Capital Management Bond Index Fund,  JNL/Mellon Capital Management Enhanced
     S&P 500 Stock Index Fund and the JNL/Mellon  Capital  Management  Global 15
    Fund pay an administrative fee of 0.15%; the JNL/Mellon Capital Management
     Global 15 Fund pays an administrative  fee of 0.20%; the five JNL/S&P Funds
     pay an  administrative  fee of 0.05%; the other Funds pay an administrative
     fee of 0.10%.  The  administrative  fees are paid to Jackson National Asset
     Management,  LLC. The Management and  Administrative Fee and the Total Fund
     Annual  Expenses  columns  in  this  table  reflect  the  inclusion  of any
     applicable  administrative  fee. The management fee reflects a reduction in
     connection with the adoption of a 0.20% Rule 12b-1 fee for the Fund's Class
A shares.                                                             

18   Effective  December 15, 2003, the Fund  implemented  the Rule 12b-1 fee for
     Class A shares as part of its  adoption  of a Rule 12b-1  Plan.  Rule 12b-1
     fees may not exceed 0.20% of average daily net assets attributed to Class A
shares.                                                               

19   Other  Expenses  include the costs  associated  with  license  fees paid by
     certain  Funds and the fees and  expenses  of the  disinterested  Managers,
     their  independent  legal  counsel  and  for a  majority  of the  estimated
expenses associated with the Chief Compliance Officer.                

20   UNDERLYING FUND EXPENSES. The expenses shown above are the annual operating
     expenses for the JNL/S&P  Funds.  Because the JNL/S&P Funds invest in other
     Funds of the JNL Series Trust and JNL Variable  Fund LLC, the JNL/S&P Funds
     will  indirectly  bear its pro  rata  share  of fees  and  expenses  of the
underlying Funds in addition to the expenses shown.                   

The total annual operating expenses for each JNL/S&P Fund (including both the   
annual operating expenses for the JNL/S&P Funds and the annual operating        
expenses for the underlying Funds) could range from % to % (this range reflects 
an investment in the Funds with the lowest and highest Total Fund Annual        
Expenses). The table below shows estimated total annual operating expenses for  
each of the JNL/S&P Funds based on the pro rata share of expenses that the      
JNL/S&P Funds would bear if they invested in a hypothetical mix of underlying   
Funds. The adviser believes the expenses shown below to be a likely             
approximation of the expenses the JNL/S&P Funds will incur based on the actual  
mix of underlying Funds. The expenses shown below include both the annual       
operating expenses for the JNL/S&P Fund and the annual operating expenses for   
the underlying Funds. The actual expenses of each JNL/S&P Fund will be based on 
the actual mix of underlying Funds in which it invests. The actual expenses may 
be greater or less than those shown.                                            

      JNL/S&P Managed Conservative Fund..................................%
      JNL/S&P Managed Moderate Fund......................................%
      JNL/S&P Managed Moderate Growth Fund...............................%
      JNL/S&P Managed Growth Fund........................................%
      JNL/S&P Managed Aggressive Growth Fund.............................%

        EXAMPLES.  [TO BE UPDATED]  These  examples  are  intended to help you
        compare  the  cost of  investing  in the  Contract  with  the  cost of
investing in other variable annuity Contracts.                

         Each of the examples assume that you invest $10,000 in the Contract for
   the time periods indicated. Neither transfer fees nor premium tax
      charges are reflected in the examples. The examples also assume that
     your investment has a 5% return each year. Your actual costs may be
higher or lower than the costs shown in the examples.         

       The following examples include a 4% Contract Enhancement, the maximum
      fees and expenses of any of the Funds and the cost if you select the
    Highest Anniversary Value Death Benefit, the Three-year Withdrawal
         Period, the 4% Contract Enhancement and the 5% for Life GMWB (using the
        maximum possible charge (at age 60)). Based on these assumptions, your
costs would be:                                               

        If you do not surrender your Contract or if you begin receiving income
payments from your Contract after the first year:             

1 YEAR            3 YEARS          5 YEARS           10 YEARS 

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

1 YEAR            3 YEARS          5 YEARS           10 YEARS 

        The following examples include minimum fees and expenses of any of the
Funds and the cost for just the base Contract (no optional    
 endorsements). Based on these assumptions, your costs would be:

        If you do not surrender your Contract or if you begin receiving income
payments from your Contract after the first year:             

1 YEAR            3 YEARS          5 YEARS           10 YEARS 

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

1 YEAR            3 YEARS          5 YEARS           10 YEARS 

       EXPLANATION OF THE FEES AND EXPENSES TABLES AND EXAMPLES. The purpose
  of the Fees and Expenses Tables and examples is to assist you in
 understanding the various costs and expenses that you will bear
    directly or indirectly. The Fee Table reflects the expenses of the
   Separate Account and the funds. Premium taxes may also apply. The
   examples reflect the annual contract maintenance charge, which 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 Accounts.                             

        A withdrawal charge is imposed on income payments that occur within 13
months of the date the Contract is issued.                    

    THE EXAMPLES DO NOT REPRESENT PAST OR FUTURE EXPENSES.  THE ACTUAL
  EXPENSES THAT YOU INCUR MAY BE GREATER OR LESS THAN THOSE SHOWN.

    FINANCIAL STATEMENTS. You can find the financial statements of the
      Separate Account and Jackson National Life of NY in the Statement of
        Additional Information. To obtain a copy free of charge, contact us at
     our Annuity Service Center. Our contact information is on the first
page of this prospectus.                                      

       CONDENSED FINANCIAL INFORMATION. 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. Please see Appendix H for
more information about Accumulation Unit values.              

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 generally will not issue a Contract to someone older than
      age 90. Optional benefits may have different requirements, as noted.

You may allocate your Contract Value to                       

               o    our Fixed  Accounts,  as may be made  available by us, or as
may be otherwise limited by us; or to   

               o    Investment  Divisions of the Separate Account that invest in
underlying Funds.                       

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

               o    the  ACCUMULATION  PHASE,  when you make premium payments to
us, and                                 

         o    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. An
         assignment may be a taxable event. With Contracts with the 5% or 4% For
        Life GMWB, your ability to change ownership is limited. Please contact
the Annuity Service Center for help and more information.     

 JACKSON NATIONAL LIFE 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 the Contracts 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.                        

 Jackson National Life of NY is working to provide documentation
       electronically. When this program is available, Jackson National Life
        of NY will, as permitted, forward documentation electronically. Please
contact us at our Annuity Service Center for more information.

 THE FIXED ACCOUNT

    Contract value that you allocate to a Fixed Account option will be
       placed with other assets in our General Account. The Fixed Account is
not registered with the SEC, and the SEC does not review the  
     information we provide to you about them. 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. We reserve the right to limit the
   availability of the Fixed Account. For more information about the
      availability of the Fixed Account, please see the application, check
with the registered representative helping you to purchase the
Contract, or contact us at our Annuity Service Center.        

Each Fixed Account option offers a base interest rate that we 
         established and will credit to your Contract Value in the Fixed Account
         for a specified period (currently, one, three, five or seven years), so
         long as the Contract Value is not withdrawn, transferred, or annuitized
  until the end of the specified period. The Fixed Account minimum
interest rate is 2.25% per annum, which is credited daily. For
       Contracts issued BEFORE SEPTEMBER 22, 2003, the Fixed Account minimum
    interest rate is 3% per annum, which is credited daily. Subject to
    these minimum requirements, we may declare different base interest
rates at different times.                                     

         Your Contract Value may be subject to an "Interest Rate Adjustment" and
     a withdrawal charge, however, if you decide to withdraw or transfer
         your Contract Value allocated to the Fixed Account, or if you annuitize
         the Contract, before the end of the specified period. The Interest Rate
      Adjustment depends on the base interest rate that was available when
        you allocated Contract Value to a Fixed Account option versus the base
       interest rate available for allocations to a new Fixed Account option
       with a duration equal to the number of years remaining in the current
Fixed Account option at the time of withdrawal, transfer, or  
   annuitization. If your base interest rate is higher than the base
       interest rate available for allocations to a new Fixed Account option
       with a duration equal to the number of years remaining in the current
Fixed Account option at the time of withdrawal, transfer, or  
     annuitization, then the Interest Rate Adjustment will increase your
         Contract Value, and vice versa. However, there will be no Interest Rate
         Adjustment when the base interest rate available for allocations to the
   same Fixed Account option at the time of withdrawal, transfer, or
      annuitization is less than your base interest rate by 0.25% or less.
   Also, there is no Interest Rate Adjustment on: the one-year Fixed
        Account option; death benefit proceed payments; payments pursuant to a
         life contingent income option or an income option resulting in payments
 spread over at least five years; amounts withdrawn for Contract
     charges; and free withdrawals. In no event will your Contract Value
         allocated to the Fixed Account be less than if it had been credited the
Fixed Account minimum interest rate after any withdrawals and 
transfers, and after charges.                                 

        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 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. Otherwise, we will allocate the Contract Value
based on your Investment Division allocation instructions. For
     Contracts purchased ON OR AFTER SEPTEMBER 22, 2003, if any Contract
Enhancement is selected, allocations to the three-, five- and 
         seven-year Fixed Account are prohibited until the end of the applicable
 recapture charge period. Your Contract contains a more complete
      description of the Guaranteed Fixed Accounts, as supplemented by our
administrative requirements relating to transfers.            

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 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

    You may allocate your Contract Value 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 Accounts. HOWEVER, THIS IS NOT GUARANTEED. IT IS POSSIBLE FOR
         YOU TO LOSE YOUR MONEY 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 depends 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.                    

485APOS 10th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 10th
                                                        [Enlarge/Download Table]

                                                                                                                      

                           THE FUNDS, INVESTMENT OBJECTIVES AND ADVISERS [TO BE UPDATED]                              

======================================== =============================================== =============================
                                                                                           INVESTMENT ADVISER (AND    
             NAME OF FUND                             INVESTMENT OBJECTIVE                       SUB-ADVISER)         
======================================================================================================================
JNL SERIES TRUST                                                                                                      
----------------------------------------------------------------------------------------------------------------------
JNL/AIM Large Cap Growth Fund            Seeks long-term growth of capital by            Jackson National Asset       
                                         investing at least 80% of its assets (net       Management, LLC (and AIM     
                                         assets plus the amount of any borrowings for    Capital Management, Inc.)    
                                         investment purposes) in securities of                                        
                                         large-capitalization companies.                                              
---------------------------------------- ----------------------------------------------- -----------------------------

JNL/AIM Real Estate Fund                 Seeks high total return by investing at least   Jackson National Asset       
                                         80% of its assets (net assets plus the amount   Management, LLC (and AIM     
                                         of any borrowings for investment purposes) in   Capital Management, Inc.)    
                                         real estate and real estate-related companies.                               

---------------------------------------- ----------------------------------------------- -----------------------------
JNL/AIM Small Cap Growth Fund            Seeks long-term growth of capital by normally   Jackson National Asset       
                                         investing at least 80% of its assets (net       Management, LLC (and AIM     
                                         assets plus the amount of any borrowings for    Capital Management, Inc.)    
                                         investment purposes) in securities of                                        
                                         small-cap companies.                                                         
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Alger Growth Fund                    Seeks long-term capital appreciation by         Jackson National Asset       
                                         investing at least 65% of its total assets in   Management, LLC (and Fred    
                                         a diversified portfolio of equity securities    Alger Management, Inc.)      
                                         - common stock, preferred stock, and                                         
                                         securities convertible into or exchangeable                                  
                                         for common stock - of large companies which                                  
                                         trade on U.S. exchanges or in the U.S.                                       
                                         over-the-counter market.                                                     
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Eagle Core Equity Fund               Seeks long-term capital appreciation and,       Jackson National Asset       
                                         secondarily, current income by investing at     Management, LLC (and Eagle   
                                         least 80% of its assets (net assets plus the    Asset Management, Inc.)      
                                         amount of any borrowings for investment                                      
                                         purposes) in a diversified portfolio of                                      
                                         common stock of U.S. companies that meet the                                 
                                         criteria for one of three separate equity                                    
                                         strategies: the growth equity strategy, the                                  
                                         value equity strategy and the equity income                                  
                                         strategy.                                                                    
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Eagle SmallCap Equity Fund           Seeks long-term capital appreciation by         Jackson National Asset       
                                         investing at least 80% of its assets (net       Management, LLC (and Eagle   
                                         assets plus the amount of any borrowings for    Asset Management, Inc.)      
                                         investment purposes) in a diversified                                        
                                         portfolio of equity securities of U.S.                                       
                                         companies with market capitalizations in the                                 
                                         range of securities represented by the                                       
                                         Russell 2000.                                                                
---------------------------------------- ----------------------------------------------- -----------------------------

JNL/FMR Balanced Fund                    Seeks income and capital growth, consistent     Jackson National Asset       
                                         with reasonable risk by investing 60% of its    Management, LLC (and         
                                         assets in securities and the remainder in       Fidelity Management &        
                                         bonds and other debt securities.                Research Company)            

---------------------------------------- ----------------------------------------------- -----------------------------
JNL/FMR Capital Growth Fund              Seeks long-term growth of capital by            Jackson National Asset       
                                         investing in securities issued by               Management, LLC (and         
                                         medium-sized companies.                         Fidelity Management &        
                                                                                         Research Company)            
---------------------------------------- ----------------------------------------------- -----------------------------

JNL/Franklin Templeton Small Cap Value   Seeks long-term total return by investing at    Jackson National Asset       
Fund                                     least 80% of its assets (net assets plus the    Management, LLC (and         
                                         amount of any borrowings for investment         Franklin Advisory Services,  
                                         purposes) in securities of                      LLC)                         
                                         small-capitalization companies.                                              

---------------------------------------- ----------------------------------------------- -----------------------------

JNL/Goldman Sachs Mid Cap Value Fund     Seeks long-term capital appreciation by         Jackson National Asset       
                                         investing at least 80% of its assets (net       Management, LLC (and         
                                         assets plus the amount of any borrowings for    Goldman Sachs Asset          
                                         investment purposes) in a diversified           Management, L.P.)            
                                         portfolio of securities in mid-cap issuers                                   
                                         with public stock market capitalizations                                     
                                         within the range of market capitalization of                                 
                                         companies constituting the Russell Midcap(R)                                 
                                         Value Index at the time of investing.                                        

---------------------------------------- ----------------------------------------------- -----------------------------

JNL/JPMorgan International Equity Fund   Seeks long-term total growth of capital by      Jackson National Asset       
                                         investing at least 80% of its assets (net       Management, LLC (and J.P.    
                                         assets plus the amount of any borrowings for    Morgan Investment            
                                         investment purposes) in a diversified           Management, Inc.)            
                                         portfolio consisting primarily of common                                     
                                         stocks of non-U.S. companies. The Fund                                       
                                         invests in foreign securities that the                                       
                                         sub-adviser believes offer significant                                       
                                         potential for long-term appreciation.                                        

---------------------------------------- ----------------------------------------------- -----------------------------
JNL/JPMorgan International Value Fund    Seeks high total return from a portfolio of     Jackson National Asset       
                                         equity securities of foreign companies in       Management, LLC (and J.P.    
                                         developed and, to a lesser extent, developing   Morgan Investment            
                                         markets.                                        Management, Inc.)            
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Lazard Mid Cap Value Fund            Seeks capital appreciation by investing at      Jackson National Asset       
                                         least 80% of its assets (net assets plus the    Management, LLC (and Lazard  
                                         amount of any borrowings for investment         Asset Management)            
                                         purposes) in a non-diversified portfolio of                                  
                                         equity securities of U.S. companies with                                     
                                         market capitalizations in the range of                                       
                                         companies represented in the Russell Mid Cap                                 
                                         Index and that the sub-adviser believes are                                  
                                         undervalued based on their return on equity.                                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Lazard Small Cap Value Fund          Seeks capital appreciation by investing at      Jackson National Asset       
                                         least 80% of its assets (net assets plus the    Management, LLC (and Lazard  
                                         amount of any borrowings for investment         Asset Management)            
                                         purposes) in a non-diversified portfolio of                                  
                                         equity securities of U.S. companies with                                     
                                         market capitalizations in the range of                                       
                                         companies represented by the Russell 2000(R)                                 
                                         Index that the sub-adviser believes are                                      
                                         undervalued based on their return on equity.                                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management S&P 500    Seeks to match the performance of the S&P       Jackson National Asset       
Index Fund                               500(R) Index to provide long-term capital       Management, LLC (and Mellon  
                                         growth by investing in large-capitalization     Capital Management           
                                         company securities.                             Corporation)                 

---------------------------------------- ----------------------------------------------- -----------------------------

JNL/Mellon Capital Management S&P 400    Seeks to match the performance of the S&P       Jackson National Asset       
MidCap Index Fund                        400(R) Index to provide long-term capital       Management, LLC (and Mellon  
                                         growth by investing in equity securities of     Capital Management           
                                         medium capitalization-weighted domestic         Corporation)                 
                                         corporations.                                                                

---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Small      Seeks to match the performance of the Russell   Jackson National Asset       
Cap Index Fund                           2000(R) Index to provide long-term growth of    Management, LLC (and Mellon  
                                         capital by investing in equity securities of    Capital Management           
                                         small- to mid-size domestic corporations.       Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management            Seeks to match the performance of the Morgan    Jackson National Asset       
International Index Fund                 Stanley Capital International Europe            Management, LLC (and Mellon  
                                         Australasia Far East Free Index to provide      Capital Management           
                                         long-term capital growth by investing in        Corporation)                 
                                         international equity securities attempting                                   
                                         to match the characteristics of each country                                 
                                         within the index.                                                            
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Bond       Seeks to match the performance of the Lehman    Jackson National Asset       
Index Fund                               Brothers Aggregate Bond Index to provide a      Management, LLC (and Mellon  
                                         moderate rate of income by investing in         Capital Management           
                                         domestic fixed-income investments.              Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Enhanced   Seeks to exceed the performance of the S&P      Jackson National Asset       
S&P 500 Stock Index Fund                 500 Index by tilting towards stocks having      Management, LLC (and Mellon  
                                         higher expected return while maintaining        Capital Management           
                                         overall index characteristics.                  Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Oppenheimer Global Growth Fund       Seeks capital appreciation by investing         Jackson National Asset       
                                         primarily in common stocks of companies in      Management, LLC (and         
                                         the U.S. and foreign countries. The Fund can    OppenheimerFunds, Inc.)      
                                         invest without limit in foreign securities                                   
                                         and can invest in any country, including                                     
                                         countries with developed or emerging markets.                                
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Oppenheimer Growth Fund              Seeks capital appreciation by investing         Jackson National Asset       
                                         mainly in common stocks of "growth              Management, LLC (and         
                                         companies." The Fund currently focuses on       OppenheimerFunds, Inc.)      
                                         stocks of companies having a large                                           
                                         capitalization (currently more than $12                                      
                                         billion) or mid-capitalization ($2 billion to                                
                                         $12 billion), but this focus could change                                    
                                         over time as well as the companies the Fund                                  
                                         considers to be currently large- and                                         
                                         mid-capitalization.                                                          
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/PIMCO Total Return Bond Fund         Seeks maximum total return, consistent with     Jackson National Asset       
                                         the preservation of capital and prudent         Management, LLC (and         
                                         investment management, by normally investing    Pacific Investment           
                                         at least 80% of its assets (net assets plus     Management Company LLC)      
                                         the amount of any borrowings for investment                                  
                                         purposes) in a diversified portfolio of                                      
                                         investment-grade, fixed-income securities of                                 
                                         U.S. and foreign issuers such as government,                                 
                                         corporate, mortgage- and other asset-backed                                  
                                         securities and cash equivalents.                                             
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Putnam Equity Fund                   Seeks long-term capital growth by investing     Jackson National Asset       
                                         primarily in a diversified portfolio of         Management, LLC (and Putnam  
                                         common stock of domestic,                       Investment Management, Inc.) 
                                         large-capitalization companies. However, the                                 
                                         Fund may also invest in preferred stocks,                                    
                                         bonds, convertible preferred stock and                                       
                                         convertible debentures if the sub-adviser                                    
                                         believes that they offer the potential for                                   
                                         capital appreciation.                                                        
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Putnam Midcap Growth Fund            Seeks capital appreciation by investing         Jackson National Asset       
                                         mainly in common stocks of U.S.                 Management, LLC (and Putnam  
                                         mid-capitalization companies of a similar       Investment Management, Inc.) 
                                         size to those in the Russell MidCap(R) Growth                                
                                         Index, with a focus on growth stocks which                                   
                                         are stocks whose earnings the sub-adviser                                    
                                         believes are likely to grow faster than the                                  
                                         economy as a whole.                                                          
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Putnam Value Equity Fund             Seeks capital growth, with income as a          Jackson National Asset       
                                         secondary objective, by investing primarily     Management, LLC (and Putnam  
                                         in a diversified portfolio of equity            Investment Management, Inc.) 
                                         securities of domestic, large-capitalization                                 
                                         companies. At least 80% of its assets (net                                   
                                         assets plus the amount of any borrowings for                                 
                                         investment purposes) will be invested, under                                 
                                         normal market conditions, in equity                                          
                                         securities.                                                                  
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Salomon Brothers High Yield Bond     Seeks to maximize current income, with          Jackson National Asset       
Fund                                     capital appreciation as a secondary             Management, LLC (and         
                                         objective, by investing at least 80% of its     Salomon Brothers Asset       
                                         assets (net assets plus the amount of any       Management Inc.)             
                                         borrowings for investment purposes) in                                       
                                         high-yield, high-risk debt securities ("junk                                 
                                         bonds") and related investments and may                                      
                                         invest in securities of foreign                                              
                                         insurers.                                                                    
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Salomon Brothers Strategic Bond      Seeks a high level of current income, with      Jackson National Asset       
Fund                                     capital appreciation as a secondary             Management, LLC (and         
                                         objective, by investing at least 80% of its     Salomon Brothers Asset       
                                         assets (net assets plus the amount of any       Management Inc.)             
                                         borrowings for investment purposes) in a                                     
                                         globally diverse portfolio of fixed-income                                   
                                         investments.                                                                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Salomon Brothers U.S. Government &   Seeks a high level of current income by         Jackson National Asset       
Quality Bond Fund                        investing at least 80% of its assets (net       Management, LLC (and         
                                         assets plus the amount of any borrowings for    Salomon Brothers Asset       
                                         investment purposes) in: (i) U.S. Treasury      Management Inc.)             
                                         obligations; (ii) obligations issued or                                      
                                         guaranteed by agencies or instrumentalities                                  
                                         of the U.S. Government which are backed by                                   
                                         their own credit and may not be backed by the                                
                                         full faith and credit of the U.S. Government;                                
                                         and (iii) mortgage-backed securities                                         
                                         guaranteed by the Government National                                        
                                         Mortgage Association that are supported by                                   
                                         the full faith and credit of the U.S.                                        
                                         Government.                                                                  
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Select Balanced Fund                 Seeks reasonable income and long-term capital   Jackson National Asset       
                                         growth by investing primarily in a              Management, LLC (and         
                                         diversified portfolio of common stock and       Wellington Management        
                                         investment grade fixed-income securities, but   Company, LLP)                
                                         may also invest up to 15% of its assets in                                   
                                         foreign equity and fixed income securities.                                  
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Select Global Growth Fund            Seeks long-term growth of capital by            Jackson National Asset       
                                         investing at least 80% of its assets (net       Management, LLC (and         
                                         assets plus the amount of any borrowings for    Wellington Management        
                                         investment purposes) in a diversified           Company, LLP)                
                                         portfolio of equity securities of foreign and                                
                                         domestic issuers.                                                            
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Select Large Cap Growth Fund         Seeks long-term growth of capital by            Jackson National Asset       
                                         investing at least 80% of its assets (net       Management, LLC (and         
                                         assets plus the amount of any borrowings for    Wellington Management        
                                         investment purposes) in a diversified           Company, LLP)                
                                         portfolio of common stocks of large U.S.                                     
                                         companies selected for their growth potential.                               
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Select Money Market Fund             Seeks a high level of current income as is      Jackson National Asset       
                                         consistent with the preservation of capital     Management, LLC (and         
                                         and maintenance of liquidity by investing in    Wellington Management        
                                         high quality, short-term money market           Company, LLP)                
                                         instruments.                                                                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Select Value Fund                    Seeks long-term growth of capital by            Jackson National Asset       
                                         investing at least 65% of its total assets in   Management, LLC (and         
                                         common stocks of domestic companies, focusing   Wellington Management        
                                         on companies with large market                  Company, LLP)                
                                         capitalizations.  Using a value approach, the                                
                                         fund seeks to invest in stocks that are                                      
                                         undervalued relative to other stocks.                                        
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/T. Rowe Price Established Growth     Seeks long-term growth of capital and           Jackson National Asset       
Fund                                     increasing dividend income by investing         Management, LLC (and T.      
                                         primarily in a diversified portfolio of         Rowe Price Associates, Inc.) 
                                         common stocks of well-established U.S. growth                                
                                         companies.                                                                   
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/T. Rowe Price Mid-Cap Growth Fund    Seeks long-term growth of capital by normally   Jackson National Asset       
                                         investing at least 80% of its assets (net       Management, LLC (and T.      
                                         assets plus the amount of any borrowings for    Rowe Price Associates,       
                                         investment purposes) in a diversified           Inc.)                        
                                         portfolio of common stocks of medium-sized                                   
                                         (mid-cap) U.S. companies which the                                           
                                         sub-adviser expects to grow at a faster rate                                 
                                         than the average company.                                                    
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/T. Rowe Price Value Fund             Seeks long-term capital appreciation by         Jackson National Asset       
                                         investing in common stocks believed to be       Management, LLC (and T.      
                                         undervalued.  Income is a secondary             Rowe Price Associates,       
                                         objective.  In taking a value approach to       Inc.)                        
                                         investment selection, at least 65% of its                                    
                                         total assets will be invested in common                                      
                                         stocks the portfolio manager regards as                                      
                                         undervalued.                                                                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/S&P Managed Conservative Fund        Seeks capital growth and current income by      Jackson National Asset       
                                         investing in Class A Shares of a diversified    Management, LLC (and         
                                         group of other Funds of the JNL Series Trust    Standard & Poor's            
                                         and JNL Variable Fund LLC that invest in        Investment Advisory          
                                         equity and fixed income securities.             Services, Inc.)              
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/S&P Managed Moderate Fund            Seeks capital growth, with current income as    Jackson National Asset       
                                         a secondary objective, by investing in Class    Management, LLC (and         
                                         A Shares of a diversified group of other        Standard & Poor's            
                                         Funds of the JNL Series Trust and JNL           Investment Advisory          
                                         Variable Fund LLC that invest in equity and     Services, Inc.)              
                                         fixed income securities.                                                     
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/S&P Managed Moderate Growth Fund     Seeks capital growth and current income by      Jackson National Asset       
                                         investing in a diversified group of other       Management, LLC (and         
                                         Funds of the JNL Series Trust and JNL           Standard & Poor's            
                                         Variable Fund LLC that invest in equity and     Investment Advisory          
                                         fixed income securities.                        Services, Inc.)              
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/S&P Managed Growth Fund              Seeks capital growth with current income as a   Jackson National Asset       
                                         secondary objective by investing in Class A     Management, LLC (and         
                                         Shares of a diversified group of other Funds    Standard & Poor's            
                                         of the JNL Series Trust and JNL Variable Fund   Investment Advisory          
                                         LLC that invest in equity and fixed income      Services, Inc.)              
                                         securities.                                                                  
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/S&P Managed Aggressive Growth Fund   Seeks capital growth by investing in Class A    Jackson National Asset       
                                         Shares of a diversified group of other Funds    Management, LLC (and         
                                         of the JNL Series Trust and JNL Variable Fund   Standard & Poor's            
                                         LLC that invest in equity and fixed income      Investment Advisory          
                                         securities.                                     Services, Inc.)              
----------------------------------------------------------------------------------------------------------------------
JNLNY VARIABLE FUND I LLC                                                                                             
----------------------------------------------------------------------------------------------------------------------
JNL/Mellon Capital Management The        Seeks total return through a combination of     Jackson National Asset       
DowSM 10 Fund                            capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management The S&P(R) Seeks total return through a combination of     Jackson National Asset       
10 Fund                                  capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Global     Seeks total return through a combination of     Jackson National Asset       
15 Fund                                  capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management 25 Fund    Seeks total return through a combination of     Jackson National Asset       
                                         capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Select     Seeks total return through capital              Jackson National Asset       
Small-Cap Fund                           appreciation.                                   Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Nasdaq(R)  Seeks total return by investing in the common   Jackson National Asset       
15 Fund                                  stocks of companies that are expected to have   Management, LLC (and Mellon  
                                         a potential for capital appreciation.           Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Value      Seeks capital appreciation by investing in 25   Jackson National Asset       
Line(R) 25 Fund                          of the 100 common stocks that Value Line(R)     Management, LLC (and Mellon  
                                         gives a #1 ranking for TimelinessTM.            Capital Management           
                                                                                         Corporation)                 
----------------------------------------------------------------------------------------------------------------------
JNL VARIABLE FUND LLC                                                                                                 
----------------------------------------------------------------------------------------------------------------------
JNL/Mellon Capital Management JNL 5      Seeks total return through a combination of     Jackson National Asset       
Fund                                     capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management VIP Fund   Seeks total return by investing in the common   Jackson National Asset       
                                         stocks of companies that are identified by a    Management, LLC (and Mellon  
                                         model based on six separate specialized         Capital Management           
                                         strategies.                                     Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management            Seeks total return through a combination of     Jackson National Asset       
Communications Sector Fund               capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management Consumer   Seeks total return through a combination of     Jackson National Asset       
Brands Sector Fund                       capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management            Seeks total return through a combination of     Jackson National Asset       
Financial Sector Fund                    capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management            Seeks total return through a combination of     Jackson National Asset       
Healthcare Sector Fund                   capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------

JNL/Mellon Capital Management Oil &      Seeks total return through a combination of     Jackson National Asset       
Gas Sector Fund                          capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 

---------------------------------------- ----------------------------------------------- -----------------------------
JNL/Mellon Capital Management            Seeks total return through a combination of     Jackson National Asset       
Technology Sector Fund                   capital appreciation and dividend income.       Management, LLC (and Mellon  
                                                                                         Capital Management           
                                                                                         Corporation)                 
---------------------------------------- ----------------------------------------------- -----------------------------

        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 Fund 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 advisers. The Funds described are available only through
        variable annuity Contracts issued by Jackson National Life 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, JNL Variable
        Fund LLC and the JNLNY Variable Fund I LLC carefully before investing.
   Additional Funds and Investment Divisions may be available in the
future.                                                       

  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.

        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. Some of these charges
         are for optional endorsements, as noted, so they are deducted from your
         Contract Value only if you selected to add that optional endorsement to
       your Contract. These charges may be a lesser amount where required by
       state law or as described below, but will not be increased. We expect
   to profit from certain charges assessed under the Contract. These
charges (and certain other expenses) are as follows:          

MORTALITY AND EXPENSE RISK CHARGES. 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 charges. On an
       annual basis, this charge equals 1.20% of the average daily net asset
      value of your allocations to the Investment Divisions. For Contracts
      issued BEFORE MAY 3, 2004, the annual charge is 1.10% of the average
        daily net asset value of your allocations to the Investment Divisions.
      For Contracts issued BEFORE SEPTEMBER 22, 2003, the annual charge is
       1.25% 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:                     

               o    to make income payments for the life of the Annuitant during
the income phase;                       

               o    to waive the  withdrawal  charge in the event of the Owner's
death; and                              

             o    to provide a basic death benefit prior to the Income Date.

        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 charges. Included among these expense
         risks are those that we assume in connection with waivers of withdrawal
charges under the Extended Care Benefit.                      

     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 each 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 is
         taken from the Investment Divisions and the Fixed Account options 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 Accounts.
       This charge compensates us for our expenses incurred in administering
       the Contracts and the Separate Account. If the initial premium equals
       $1,000,000 or more, we will waive the Administration Charge. However,
we reserve the right to reverse this waiver and reinstate the 
     Administration Charge if withdrawals are made in the first Contract
    Year that result in the Contract Value falling substantially below
$1,000,000, as determined by us.                              

        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.
        We waive the transfer charge in connection with dollar cost averaging,
rebalancing transfers and any transfers we require.           

         WITHDRAWAL CHARGE. 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:                      

               o    PREMIUMS THAT ARE NO LONGER  SUBJECT TO A WITHDRAWAL  CHARGE
                    (premiums  in your annuity for at least seven (three for the
                    Three-Year   Withdrawal   Charge  option  or  five  for  the
                    Five-Year  Withdrawal  Charge  option)  years  without being
withdrawn), PLUS                        

               o    EARNINGS  (excess of your  Contract  Value  allocated to the
                    Investment  Divisions and the Fixed  Account your  remaining
premium in these Options)               

o    ADDITIONAL FREE WITHDRAWALS                  

                    o    during each Contract Year (the first withdrawal  during
                         a  Contract   Year  for  Contracts   purchased   BEFORE
                         SEPTEMBER  22,  2003),   10%  of  premiums  that  would
                         otherwise  incur a withdrawal  charge,  be subject to a
                         Contract Enhancement recapture charge, or be reduced by
                         an  Interest  Rate  Adjustment,  and that have not been
                         previously    withdrawn,    MINUS   earnings   (minimum
                         distribution  requirements  will  reduce  the 10%  free
withdrawal amount), OR        

                    o    if you have elected the 20% Additional  Free Withdrawal
                         endorsement, during each Contract Year, 20% of premiums
                         that would  otherwise  incur a  withdrawal  charge,  be
                         subject to a Contract Enhancement  recapture charge, or
                         be reduced by an  Interest  Rate  Adjustment,  and that
                         have  not  been  previously   withdrawn  (this  can  be
                         withdrawn  at  once  or  in  segments   throughout  the
 Contract Year), minus earnings.

WE WILL DEDUCT A WITHDRAWAL CHARGE ON:                        

               o    partial   withdrawals  in  excess  of  the  free  withdrawal
amounts, or                             

               o    withdrawals    that   exceed   the   minimum    distribution
     requirements of the Internal Revenue Code, or

o    total withdrawals.                           

     The amount of the withdrawal charge deducted varies (depending upon
         whether you have elected the Three-Year Withdrawal Charge Period or the
         Five-Year Withdrawal Charge Period endorsement and how many years prior
        to the withdrawal you made the premium payment(s) you are withdrawing)
according to the following schedule:                          

                                                                [Download Table]

                                                                                  

                      WITHDRAWAL CHARGE (AS A PERCENTAGE OF PREMIUM PAYMENTS):    
COMPLETED YEARS                                                                   
SINCE RECEIPT OF     0        1        2        3        4        5        6    7+
PREMIUM                                                                           

WITHDRAWAL CHARGE   7%       6%       5%       4%       3%       2%       1%     0

WITHDRAWAL CHARGE                                                                 
IF FIVE-YEAR       6.5%      5%       3%       2%       1%        0        0     0
PERIOD IS ELECTED                                                                 

WITHDRAWAL CHARGE                                                                 
IF THREE-YEAR       6%      4.5%      2%        0        0        0        0     0
PERIOD IS ELECTED                                                                 

       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, 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 payments paid out as:

               o    income  payments (but the  withdrawal  charge is deducted on
                    the  Income  Date if that  date is  within  13 months of the
Issue Date);                            

o    death benefits;                              

               o    withdrawals  necessary  to satisfy the minimum  distribution
                    requirements of the Internal Revenue Code (if the withdrawal
                    requested exceeds the minimum distribution requirements, the
                    entire withdrawal will be subject to the withdrawal  charge,
if applicable); or                      

               o    withdrawals of up to $250,000 from the Investment  Divisions
                    or from the Fixed Account if you need  extended  hospital or
       nursing home care as provided in your Contract.

         We may reduce or eliminate the amount of the withdrawal charge when the
     Contract is sold under circumstances that reduce our sales expense.
   Some examples are: the purchase of a Contract by a large group of
      individuals or an existing relationship between us and a prospective
   purchaser. We may not deduct a withdrawal charge under a Contract
       issued to an officer, director, agent or employee of Jackson National
Life of NY or any of our affiliates.                          

CONTRACT ENHANCEMENT CHARGE. If you select one of the Contract
       Enhancements, then for a period of seven Contract Years (five for the
  2% Contract Enhancement) a charge will be imposed based upon the
     average daily net asset value of your allocations to the Investment
        Divisions. These charges will also be assessed against any amounts you
       have allocated to the Fixed Accounts by reducing credited rates which
         will not be less than the minimum guaranteed interest rate (assuming no
       withdrawals). The amounts of these charges (or reductions in credited
   rates) depend upon which of the Contract Enhancements you select:

                                                                [Download Table]

                                                                           

CONTRACT ENHANCEMENT               2%                3%               4%   

CHARGE (ON AN ANNUAL BASIS)        0.395%            0.42%            0.56%

       For Contracts with Issue Dates BETWEEN SEPTEMBER 22, 2003 AND OCTOBER
       3, 2004, the 4% Contract Enhancement was not available. For Contracts
 with Issue Dates ON AND AFTER SEPTEMBER 22, 2003 and a Contract
       Enhancement, the three-, five-, or seven-year Fixed Account option is
unavailable.                                                  

         Due to this charge, it is possible that upon a complete withdrawal, you
       will receive less money back than if you had not elected the Contract
Enhancement.                                                  

 CONTRACT ENHANCEMENT RECAPTURE CHARGE. If you select a Contract
   Enhancement and then make a partial or total withdrawal from your
   Contract in the first seven years (five years for the 2% Contract
         Enhancement) since the premium payment withdrawn was made, you will pay
       a Contract Enhancement recapture charge that reimburses us for all or
     part of the Contract Enhancements that we credited to your Contract
       based on your first year premiums. Your Contract will also be subject
         to a recapture charge if you return it during the free look period. The
amounts of these charges are as follows:                      

CONTRACT ENHANCEMENT RECAPTURE CHARGE (AS A PERCENTAGE OF THE 
   CORRESPONDING FIRST YEAR PREMIUM PAYMENT WITHDRAWN IF AN OPTIONAL
CONTRACT ENHANCEMENT IS SELECTED)                             

                                                                [Download Table]

                                                                        

Completed Years Since Receipt of  0    1    2      3     4    5   6   7+
Premium Payment                                                         
Recapture Charge (2% Credit)      2%  2%  1.25%  1.25%  0.5%  0   0   0 
Recapture Charge (3% Credit)      3%  3%    2%    2%     2%   1%  1%  0 
Recapture Charge (4% Credit)      3%  3%    2%    2%     2%   1%  1%  0 

         For Contracts with Issue Dates BEFORE SEPTEMBER 23, 2003, the recapture
  charges over the same completed years since receipt of a premium
payment were: 4%, 4%, 2.5%, 2.5%; 2.5%; 1.25%; and 1.25%.     

     We expect to make a profit on the recapture charge, and examples in
     Appendix B may assist you in understanding how the recapture charge
      works. However, we do NOT assess the recapture charge on any amounts
paid out as:                                                  

o    death benefits;                              

o    income payments paid during the income phase;

               o    withdrawals  taken  under your  Contract's  free  withdrawal
provisions;                             

               o    withdrawals  necessary  to satisfy the minimum  distribution
                    requirements  of  the  Internal  Revenue  Code  (but  if the
                    requested   withdrawal  exceeds  the  minimum   distribution
                    requirements,  then the entire  withdrawal  will be assessed
the applicable recapture charge); or    

               o    withdrawals  of up to $250,000 from the Separate  Account or
                    from the Fixed  Accounts  if you need  extended  hospital or
       nursing home care as provided in your Contract.

  OPTIONAL DEATH BENEFIT - HIGHEST ANNIVERSARY VALUE DEATH BENEFIT
      CHARGE. There is no additional charge for the Contract's basic death
     benefit. However, if you select the Highest Anniversary Value Death
         Benefit, you will pay 0.25% on an annual basis of the average daily net
      asset value of your allocations to the Investment Divisions. We stop
deducting this charge on the date you annuitize.              

        GUARANTEED MINIMUM INCOME BENEFIT CHARGE. If you select the GMIB, on a
     calendar quarter basis, you will pay 0.15% (.075% if elected BEFORE
     SEPTEMBER 22, 2003, 0.1125% BEFORE MAY 3, 2004) of the GMIB Benefit
     Base. This charge is deducted from the Contract Value at the end of
      each calendar quarter and upon termination of the GMIB on a pro rata
         basis using the GMIB Benefit Base as of the date of termination and the
        number of days since the last deduction. The first GMIB charge will be
    deducted on a pro rata basis from the Issue Date to the end of the
       first calendar quarter after the Issue Date. The GMIB Benefit Base is
      explained on page 55 below. You should be aware that the GMIB charge
        will be deducted even if you never use the benefit and it only applies
to certain optional income payments.                          

       7% GUARANTEED MINIMUM WITHDRAWAL BENEFIT CHARGE. If you select the 7%
      GMWB, you will pay 0.40% on an annual basis of the average daily net
       asset value of your allocations to the Investment Divisions. However,
        if you selected the 7% GMWB BEFORE OCTOBER 4, 2004, you will pay 0.35%
 on an annual basis of the average daily net asset value of your
      allocations to the Investment Divisions increasing to 0.55% upon the
      first election of a "step-up." We reserve the right to prospectively
        change the charge on new Contracts, upon election of the benefit after
   issue or upon any election of any "step-up," subject to a maximum
       charge of 0.70%. For more information about the "step-up," please see
     "7% Guaranteed Minimum Withdrawal Benefit" beginning on page 32. We
       stop deducting this charge upon the earlier of the date you annuitize
or the date your Contract Value falls to zero.                
         5% FOR LIFE GUARANTEED MINIMUM WITHDRAWAL BENEFIT CHARGE. If you select
       the 5% For Life GMWB, you will pay a charge on an annual basis of the
     average daily net asset value of your allocations to the Investment
    Divisions that depends on the Owner's age, or the age of the older
        Owner in the case of joint Owners. Currently, for an Owner between the
ages of:                                                      

                          60 and 64............................0.90%
                          65 and 69............................0.60%
                          70 and 74............................0.50%
                          75 and 80............................0.40%

We reserve the right to prospectively change the charge on new
         Contracts or upon the selection of this benefit after issue, subject to
       the maximum annual charges for the same age groups, which are: 1.30%;
         0.85%; 0.60%; and 0.50%, respectively. The charge may be reduced on the
      next Contract Anniversary following a birthday that places the Owner
         (or older Owner, as applicable) in the next age group if no withdrawals
         have been taken before that time. However, this charge reduction is not
         available upon the spouse's continuation of the Contract. For the Owner
        that is a legal entity, the charge is based on the Annuitant's age. We
         will stop deducting the charge upon the earliest of either the date you
annuitized or if your Contract value falls to zero.           

         4% FOR LIFE GUARANTEED MINIMUM WITHDRAWAL BENEFIT CHARGE. If you select
       the 4% For Life GMWB, you will pay a charge on an annual basis of the
     average daily net asset value of your allocations to the Investment
    Divisions that depends on the Owner's age, or the age of the older
        Owner in the case of joint Owners. Currently, for an Owner between the
ages of:                                                      

                          50 and 54............................0.65%
                          55 and 59............................0.50%
                          60 and 64............................0.35%
                          65 and 69............................0.25%
                          70 and 74............................0.20%
                          75 and 80............................0.15%

We reserve the right to prospectively change the charge on new
         Contracts or upon the selection of this benefit after issue, subject to
       the maximum annual charges for the same age groups, which are: 0.85%;
        0.65%; 0.50%; 0.35%; 0.30%; and 0.20%, respectively. The charge may be
    reduced on the next Contract Anniversary following a birthday that
        places the Owner (or older Owner, as applicable) in the next age group
   if no withdrawals have been taken before that time. However, this
         charge reduction is not available upon the spouse's continuation of the
        Contract. For the Owner that is a legal entity, the charge is based on
 the Annuitant's age. We will stop deducting the charge upon the
      earliest of either the date you annuitized or if your Contract value
falls to zero.                                                

 THREE-YEAR WITHDRAWAL CHARGE PERIOD. If you select the optional
       three-year withdrawal charge period feature, you will pay 0.45% on an
       annual basis of the average daily net asset value of your allocations
        to the Investment Divisions. We stop deducting this charge on the date
you annuitize.                                                

FIVE-YEAR WITHDRAWAL CHARGE PERIOD. If you select the optional
      five-year withdrawal charge period feature, you will pay 0.30% on an
       annual basis of the average daily net asset value of your allocations
        to the Investment Divisions. We stop deducting this charge on the date
you annuitize.                                                

   20% ADDITIONAL FREE WITHDRAWAL CHARGE. If you select the optional
         feature that permits you to withdraw 20% of premium (still subject to a
    withdrawal charge minus earnings) during a Contract Year without a
         withdrawal charge, you will pay 0.30% on an annual basis of the average
        daily net asset value of your allocations to the Investment Divisions.
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 charge. There are deductions from and expenses paid out
         of the assets of the Fund. These expenses are described in the attached
    prospectus for the JNL Series Trust, JNL Variable Fund LLC and the
       JNLNY Variable Fund I LLC.  For more information, please see the Fund
Annual Expenses table beginning on page 7.                    

         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 is 1.5% to 2% of a premium payment.

      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 an 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,  Inc.,
        located at 8055 E. Tufts Avenue, Denver, Colorado 80237, serves as the
        distributor of the Contracts. Jackson National Life Distributors, Inc.
        is a wholly  owned  subsidiary  of  Jackson  National  Life  Insurance
Company.                                                      

      Commissions are paid to broker-dealers who sell the Contracts. While
         commissions may vary, they are not expected to exceed 8% of any premium
  payment. Where lower commissions are paid, 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, we may pay
  bonuses, overrides, and marketing allowances, in addition to the
 standard commissions. Contract purchasers should inquire of the
      representative if such bonus is available to them and its compliance
with applicable law. We may, under certain circumstances where
         permitted by applicable law, pay a bonus to a Contract purchaser to the
  extent the broker-dealer waives its commission. If you elect the
   optional Three Year Withdrawal Charge Period endorsement, a lower
        commission will be paid to the registered representative who sells you
      your Contract than if you elect to purchase the product without that
       endorsement. 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, Inc., we are affiliated with the following      
broker-dealers:                                               

o    National Planning Corporation,               

o    SII Investments, Inc.,                       

         o    IFC Holdings, Inc. d/b/a Invest Financial Corporation,

o    Investment Centers of America, Inc., and     

o    BH 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. National Planning Corporation
       participates in the sales of shares of retail mutual funds advised by
   certain sub-advisers and other unaffiliated entities and receives
   selling and other compensation from them in connection with those
       activities, as described in the prospectus or statement of additional
     information for those funds. The fees range between 0.30% and 0.45%
  depending on these factors. In addition, the Distributor acts as
       distributor of variable annuity Contracts and variable life insurance
  policies (the "Other Contracts") issued by Jackson National Life
      Insurance Company and its subsidiary Jackson National Life Insurance
    Company of New York. 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.                                                    

 PURCHASES

MINIMUM INITIAL PREMIUM:                                      

o    $5,000 under most circumstances.             

o    $2,000 for a qualified plan Contract.        

MINIMUM ADDITIONAL PREMIUMS:                                  

o    $500 for a qualified or non-qualified plan.  

o    $50 for an automatic payment plan.           

               o    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. The minimum you may allocate
    to a Fixed Account or Investment Division is $100. There is a $100
   minimum balance requirement for each Fixed Account and Investment
         Division. A withdrawal request that would reduce the remaining Contract
     Value to less than $100 will be treated as a request for a complete
     withdrawal. We reserve the right to restrict availability or impose
restrictions on the Fixed Accounts.                           

MAXIMUM PREMIUMS:                                             

               o    The  maximum  aggregate  premiums  you may make  without our
prior approval is $1 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, including the death benefit, the GMIB or any GMWB.

       ALLOCATIONS OF PREMIUM. You may allocate your premiums to one or more
        of the Fixed Account and Investment Divisions. Each allocation must be
    a whole percentage between 0% and 100%. The minimum amount you may
     allocate to the Fixed Account or an Investment Division is $100. We
      will allocate any additional premiums you pay in the same way unless
     you instruct us otherwise. These allocations will be subject to our
minimum allocation rules described above.                     

      Although more than 18 Investment Divisions and the Fixed Account are
   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 either return your money or get your permission
to keep it until we receive all of the required information.  

         Each business day ends when the New York Stock Exchange closes (usually
4:00 p.m. Eastern time).                                      

  OPTIONAL CONTRACT ENHANCEMENTS. If you elect one of our optional
         Contract Enhancements, then at the end of any business day in the first
      Contract Year when we receive a premium payment, we will credit your
 Contract Value with an additional 2%, 3% or 4% of your payment,
  depending upon which Contract Enhancement you have selected (for
      Contracts with Issue Dates BETWEEN SEPTEMBER 22, 2003 AND OCTOBER 3,
      2004, the 4% Contract Enhancement is unavailable). There is a charge
         that is assessed against the Investment Divisions and the Fixed Account
  for the Contract Enhancements, and its amount depends upon which
       Contract Enhancement you elect. We will impose a Contract Enhancement
recapture charge if you                                       

               o    make withdrawals in excess of the free withdrawals permitted
                    by  your   Contract  (or  an  additional   free   withdrawal
endorsement if elected) or              

    o    return your Contract during the Free Look period.

    The amount and duration of the recapture charge depends upon which
 Contract Enhancement you elect. We will not impose the Contract
      Enhancement recapture charge if your withdrawal is made for extended
        care, withdrawal of earnings, withdrawals made in accordance with your
Contract's free withdrawal provision or in accordance with an 
    additional free withdrawal endorsement, amounts paid out as income
payments or death benefits, or to satisfy minimum distribution
        requirements of the Internal Revenue Code. If the withdrawal requested
     exceeds the minimum distribution requirements, the recapture charge
      will be charged on the entire withdrawal amount. We expect to make a
    profit on these charges for the Contract Enhancements. Examples in
      Appendix B may assist you in understanding how recapture charges for
the Contract Enhancement options work.                        

        Your Contract Value will reflect any gains or losses attributable to a
      Contract Enhancement described above. Contract Enhancements, and any
      gains attributable to a Contract Enhancement, distributed under your
 Contract will be considered earnings under the Contract for tax
purposes.                                                     

       Asset-based charges are deducted from the total value of the Separate
        Account. In addition, for the Fixed Accounts, the Contract Enhancement
  charge lowers the credited rate that would apply if the Contract
   Enhancement had not been elected. Therefore, your Contract incurs
         charges on the entire amounts included in your Contract, which includes
    premium payments made in the first seven (five for the 2% Contract
        Enhancement) years, the Contract Enhancement and the earnings, if any,
on such amounts for the first seven (five for the 2% Contract 
 Enhancement) Contract Years. As a result, the aggregate charges
 assessed will be higher than those that would be charged if the
       Contract did not include the Contract Enhancement. Accordingly, it is
         possible that upon surrender, you will receive less money back than you
     would have if you had not elected the Contract Enhancement. Jackson
National Life of NY will recapture all or part of any Contract
       Enhancements if you make withdrawals in the first seven (five for the
  2% Contract Enhancement) years. We expect to profit from certain
       charges assessed under the Contract, including the withdrawal charge,
    the mortality and expense risk charge and the Contract Enhancement
charge.                                                       

If you elect the Contract Enhancement and then make more than 
     relatively small premium payments during Contract Years two through
     seven (five for the 2% Contract Enhancement), you would likely have
lower account values than if you had not elected the Contract 
        Enhancement. Thus, the Contract Enhancement is suitable only for those
       who expect to make substantially all of their premium payments in the
   first Contract Year. Charges for the Contract Enhancement are not
     assessed after the seventh Contract Year (fifth for the 2% Contract
Enhancement).                                                 

   According, the increased Contract Value resulting from a Contract
        Enhancement is reduced during the first seven Contract Years (five for
the 2% Contract Enhancement) by the operation of the Contract 
    Enhancement Charge. If you make premium payments only in the first
         Contract Year and do not make a withdrawal during the first seven years
      (five for the 2% Contract Enhancement), at the end of the seven-year
 period (five for the 2% Contract Enhancement) that the Contract
       Enhancement Charge is applicable, the Contract Value will be equal to
         or slightly higher than if you had not selected a Contract Enhancement,
   regardless of investment performance. Contract values may also be
     higher if you pay additional premium payments in the first Contract
        Year, because those additional amounts will be subject to the Contract
    Enhancement Charge for less than seven full years (five for the 2%
Contract Enhancement).                                        

In the first seven Contract Years (five for the 2% Contract   
     Enhancement), the Contract Enhancement typically will be beneficial
     (even in circumstances where cash surrender value may not be higher
   than Contracts without the Contract Enhancement) in the following
circumstances:                                                

          o    death benefits computed on the basis of Contract Value;

               o    withdrawals  taken under the 10% free  withdrawal  provision
                    (or the  20%  Additional  Free  Withdrawal  Endorsement,  if
elected);                               

               o    withdrawals  necessary  to satisfy the minimum  distribution
  requirements of the Internal Revenue Code;

               o    withdrawals  under  our  extended  care  benefit.  For  more
                    information,  please see "Waiver of Withdrawal and Recapture
        Charges for Extended Care" beginning on page 45.

        For Contracts purchased ON OR AFTER SEPTEMBER 22, 2003, selection of a
  Contract Enhancement will prohibit allocation or transfer of any
      premium to the 3-, 5-, or 7-year Fixed Accounts during the recapture
periods.                                                      

         If you purchased your Contract BETWEEN MARCH 18, 2003 AND SEPTEMBER 21,
         2003, the 3% and 4% Contract Enhancements were not available and the 2%
         Contract Enhancement could not be elected with the five-year withdrawal
       charge period option. If you purchased your Contract BETWEEN JULY 14,
  2003 AND SEPTEMBER 21, 2003, the 2% Contract Enhancement was not
available.                                                    

         The 3% Contract Enhancement may not be selected with the 20% Additional
Free Withdrawal option.                                       

  CAPITAL PROTECTION PROGRAM. If you select our Capital Protection
        program at issue, we will allocate enough of your premium to the Fixed
         Account you select to assure that the amount so allocated will equal at
 the end of a selected period of 1, 3, 5, or 7 years, 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 guarantee
         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 National Life of NY representative with
        respect to the current availability of 3, 5, 7 year Fixed Accounts and
the availability of the Capital Protection program.           

         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 3.00% 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 National Life of NY receives a premium
    payment of $10,000 when the interest rate for the 7-year period is
     6.75% per year. Jackson National Life 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 of your premium to achieve the
        intended result. In each case, the results will depend on the interest
rate declared for the guaranteed 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:                          

               o    determining   the  total   amount  of  assets  held  in  the
particular Investment Division;         

               o    subtracting  any  charges  and  taxes  chargeable  under the
Contract; and                           

               o    dividing   this   amount  by  the   number  of   outstanding
Accumulation Units.                     

         The value of an Accumulation Unit may go up or down from day to day and
 may be different for different charges. The base Contract has a
     different Accumulation Unit value than each combination of optional
   endorsements an Owner may elect, based on the differing amount of
charges applied in calculating the 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
 combination of optional endorsements you have elected and their
respective charges.                                           

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 the Fixed Account and an Investment
        Division must occur prior to the Income Date. Transfers from the Fixed
     Account will be subject to any applicable Interest Rate Adjustment.
         There may be periods when we do not offer the Fixed Account, or when we
         impose special transfer requirements on the Fixed Account. If a renewal
       occurs within one year of the Income Date, we will credit interest up
    to the Income Date at the then Current Interest Rate for the Fixed
      Account Option. 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.                                      

      RESTRICTIONS ON TRANSFERS. 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:    

          o    limiting the number of transfers over a period of time;

         o    requiring a minimum time period between each transfer;

               o    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                  

               o    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, the Fixed Account, Dollar Cost Averaging 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 Annuity 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. 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.jnlny.com, our Internet website, subject to our right to terminate
      electronic or telephone transfer privileges, as described above. Our
      Annuity 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.jnlny.com.        

         WHAT YOU CAN DO AND HOW. You may make transfers by telephone or through
the Internet unless you elect not 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 Annuity Service Center
    number 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
Annuity Service Center immediately.                           

       HOW TO CANCEL A TRANSACTION. You may only cancel an earlier telephone
     or electronic transfer requests made on the same day by calling the
   Annuity 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:            

     o    by making either a partial or complete withdrawal;

 o    by electing the Systematic Withdrawal Program;

          o    by electing a Guaranteed Minimum Withdrawal Benefit, or

o    by electing to receive income payments.      

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

        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 premium tax, the annual contract
         maintenance charges, charges due under any optional endorsement and all
     applicable withdrawal charges, adjusted for any applicable Interest
Rate Adjustment.                                              

       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. The
        proceeds will be sent to your last recorded address in our records, so
be sure to notify us, in writing of any address change.       

       Except in connection with the systematic withdrawal program, you must
    withdraw at least $500 or, if less, the entire amount in the Fixed
Account or Investment Division from which you are making the  
         withdrawal. If you are not specific, your withdrawal will be taken from
         your allocations to the Fixed Account and Investment Divisions 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. A
      withdrawal request that would reduce the remaining Contract Value to
        less than $100 will be treated as a request for a complete withdrawal.
        After your withdrawal, at least $100 must remain in each Fixed Account
or Investment Division from which the withdrawal was taken.   

       INCOME TAXES, TAX PENALTIES AND CERTAIN RESTRICTIONS MAY APPLY TO ANY
WITHDRAWAL YOU MAKE. THERE ARE LIMITATIONS ON WITHDRAWALS FROM
QUALIFIED PLANS. SEE "TAXES."                                 

       WAIVER OF WITHDRAWAL AND RECAPTURE CHARGES FOR EXTENDED CARE. We will
 waive the withdrawal charges and recapture charges (but not any
 Interest Rate Adjustment) that would otherwise apply in certain
         circumstances by providing you, at no charge, an Extended Care Benefit,
      on amounts of up to $250,000 from the Investment Divisions and Fixed
 Account that you withdraw after providing us with a physician's
         statement that you have been confined to a nursing home or hospital for
         90 consecutive days, beginning at least 30 days after your Contract was
 issued. You may exercise this benefit once under your Contract.

OPTIONAL THREE-YEAR WITHDRAWAL CHARGE PERIOD. You may elect an
        endorsement to your Contract that substitutes for the Contract's usual
     seven-year withdrawal charge period, a three-year withdrawal charge
        period with withdrawal charges in contribution years one through three
     of 6%, 4.5% and 2%, respectively, and 0% thereafter. The charge for
        this optional feature on an annualized basis is 0.45% of average daily
         net asset value of your allocations to the Investment Divisions. If you
       elect the optional Three Year Withdrawal Charge Period endorsement, a
    lower commission will be paid to the registered representative who
   sells you your Contract than if you elect to purchase the product
      without that endorsement. You may NOT elect this option if you elect
    Five-Year Withdrawal Charge endorsement or the 20% Additional Free
Withdrawal endorsement.                                       

OPTIONAL FIVE-YEAR WITHDRAWAL CHARGE PERIOD. You may elect an 
        endorsement to your Contract that substitutes for the Contract's usual
   seven-year withdrawal charge period a five-year withdrawal charge
       period with withdrawal charges in contribution years one through five
         of 6.5%, 5%, 3%, 2% and 1%, respectively, and 0% thereafter. The charge
  for this optional feature on an annualized basis is 0.30% of the
     average daily net asset value of your allocations to the Investment
      Divisions. You may NOT elect this option if you elect the Three-Year
Withdrawal Charge endorsement.                                

      The charges for the Five-year or Three-year Withdrawal Charge Period
      options continue for as long as you hold the Contract. The potential
  benefits of these options normally will persist for no more than
four-to-six years, depending on performance (the greater the  
performance the less the benefit) and payment patterns (large 
 subsequent payments in relation to the initial payment make the
       benefits persist for a longer time than for a Contract where only the
initial payment is made).                                     

      If you purchased your Contract BETWEEN MARCH 18, 2003, AND SEPTEMBER
        21, 2003, the Five-Year Withdrawal Charge Period endorsement could not
be elected with the 2% Contract Enhancement.                  

      20% ADDITIONAL FREE WITHDRAWAL. You may elect an endorsement to your
     Contract that permits you to withdraw an additional 20% of premiums
  that are subject to a withdrawal charge, minus earnings during a
     Contract Year without a withdrawal charge. You will pay 0.30% on an
       annual basis of the average daily net asset value of your allocations
         to the Investment Divisions. This endorsement will replace the 10% Free
   Withdrawal. In addition, the 20% Free Withdrawal Endorsement is a
         liquidity feature that provides a benefit if you contemplate or need to
      take large withdrawals. The 20% Free Withdrawal Endorsement provides
      extra liquidity in any market environment but, when it is elected in
      combination with the GMWB, taking full advantage of the benefit in a
  declining market will have an adverse effect on the GMWB if your
        Contract Value falls below your Guaranteed Withdrawal Balance. ANYTIME
    YOU USE THE 20% FREE WITHDRAWAL ENDORSEMENT WHEN THE AMOUNT OF THE
     WITHDRAWAL EXCEEDS THE GAWA AND THE CONTRACT VALUE IS LESS THAN THE
        GWB, IT IS DISADVANTAGEOUS. You may NOT elect this option if you elect
        the Three-Year Withdrawal Charge endorsement, or the 3% or 4% Contract
Enhancement.                                                  

        7% GUARANTEED MINIMUM WITHDRAWAL BENEFIT. THE FOLLOWING DESCRIPTION OF
     THE 7% GMWB IS SUPPLEMENTED BY SOME EXAMPLES IN APPENDIX C THAT MAY
      ASSIST YOU IN UNDERSTANDING HOW THE 7% GMWB CALCULATIONS ARE MADE IN
   CERTAIN CIRCUMSTANCES. For Owners 80 years old and younger on the
    Contract's Issue Date, or on the date on which this endorsement is
selected if after the Contract's Issue Date, a 7% GMWB may be 
         available, which permits an Owner to make partial withdrawals, prior to
        the Income Date that, in total, are guaranteed to equal the Guaranteed
 Withdrawal Balance (GWB) (as defined below), regardless of your
         Contract Value. We may limit availability of this optional endorsement.
     Once selected, the 7% GMWB cannot be canceled. If you select the 7%
        GMWB when you purchase your Contract, your net premium payment will be
    used as the basis for determining the GWB. The 7% GMWB may also be
      selected after the Issue Date within the 30 days before any Contract
 Anniversary. If you select the 7% GMWB after the Issue Date, to
       determine the GWB, we will use your Contract Value less any recapture
      charges that would be paid were you to make a full withdrawal on the
  date the endorsement is added. THE GWB CAN NEVER BE MORE THAN $5
      MILLION (including upon "step-up"), and the GWB is reduced with each
withdrawal you take.                                          

      Once the GWB has been determined, we calculate the Guaranteed Annual
Withdrawal Amount (GAWA), which is the maximum annual partial 
        withdrawal amount. Upon selection, the GAWA is equal to 7% of the GWB.
      The GAWA will not be reduced if partial withdrawals taken within any
  one Contract Year do not exceed 7%. However, withdrawals are not
     cumulative. If you do not take 7% in one Contract Year, you may not
         take more than 7% the next Contract Year. If you withdraw more than the
        7%, the guaranteed amount available may be less than the total premium
      payments and the GAWA may be reduced. The GAWA can be divided up and
        taken on a payment schedule that you request. You can continue to take
the GAWA each Contract Year until the GWB has been depleted.  

 Withdrawal charges, Contract Enhancement recapture charges, and
        Interest Rate Adjustments, as applicable, are taken into consideration
       in calculating the amount of your partial withdrawals pursuant to the
         7% GMWB, but these charges or adjustments are offset by your ability to
make free withdrawals under the Contract.                     

       Any time a subsequent premium payment is made, we recalculate the GWB
and the GAWA. Each time you make a premium payment, the GWB is
         increased by the amount of the net premium payment. Also, the GAWA will
        increase by 7% of the net premium payment or 7% of the increase in the
     GWB, if the maximum GWB is reached. We require prior approval for a
         subsequent premium payment, however, that would result in your Contract
having $1 million of premiums in the aggregate.               

       If the total of your partial withdrawals made in the current Contract
      Year is greater than the GAWA, we will recalculate your GWB and your
        GAWA may be lower in the future. In other words, WITHDRAWING MORE THAN
         THE GAWA IN ANY CONTRACT YEAR COULD CAUSE THE GWB TO BE REDUCED BY MORE
         THAN THE AMOUNT OF THE WITHDRAWAL(S) AND EVEN RESET TO THE THEN CURRENT
         CONTRACT VALUE, LIKELY REDUCING THE GAWA, TOO. Withdrawals greater than
         GAWA impact the GAWA differently, depending on when you selected the 7%
      GMWB, because the calculation is different. Recalculation of the GWB
        and GAWA may result in reducing or extending the payout period. Please
        refer to the examples in Appendix C for supplemental information about
the impact of partial withdrawals.                            

      If the partial withdrawal plus all prior partial withdrawals made in
         the current Contract Year is less than or equal to the GAWA, the GWB is
equal to the greater of:                                      

               o    the GWB prior to the  partial  withdrawal  less the  partial
withdrawal; or                          

o    zero.                                        

      If the partial withdrawal plus all prior partial withdrawals made in
         the current Contract Year is greater than the GAWA, the GWB is equal to
the lesser of:                                                

               o    the Contract  Value after the partial  withdrawal,  less any
                    applicable  recapture  charges  remaining  after the partial
withdrawal; or                          

               o    the GWB prior to the  partial  withdrawal  less the  partial
withdrawal, or zero, if greater.        

       If all your partial withdrawals made in the current Contract Year are
less than or equal to the GAWA, the GAWA is the lesser of:    

o    the GAWA prior to the partial withdrawal; or 

o    the GWB after the partial withdrawal.        

      If the partial withdrawal plus all prior partial withdrawals made in
       the current Contract Year is greater than the GAWA, the GAWA is equal
to the lesser of:                                             

o    the GAWA prior to the partial withdrawal, or 

o    the GWB after the partial withdrawal,        

    - or -

               For Contracts to which this endorsement is added ON AND AFTER MAY
               2, 2005, 7% of the Contract  Value after the partial  withdrawal,
               less  any  applicable   recapture  charges  remaining  after  the
withdrawal.                                       

               For  Contracts to which this  endorsement  is added BEFORE MAY 2,
2005, 7% of the greater of:                       

               1.   the Contract  Value after the partial  withdrawal,  less any
                    applicable  recapture  charges  remaining  after the partial
withdrawal; or                          

2.   the GWB after the partial withdrawal.        

         For purposes of these calculations, all partial withdrawals are assumed
     to be the total amount withdrawn, including any withdrawal charges,
recapture charges and Excess Interest Adjustments.            

         Withdrawals made under the guarantee of this endorsement are considered
     to be the same as any other partial withdrawals for the purposes of
calculating any other values under the Contract and any other 
        endorsements. They are subject to the same restrictions and processing
rules as described in the Contract.                           

         On or after your fifth anniversary after selecting the 7% GMWB, you may
        choose to "step-up" the GWB to equal your then current Contract Value.
       The request will be processed and effective on the day we receive the
 request in Good Order, which is within 30 days after a Contract
   Anniversary. Your GAWA then becomes the greater of: (i) 7% of the
        Contract Value on the effective date of the "step-up" or (ii) the GAWA
  prior to the "step-up." You would not choose a "step-up" if your
current GWB is higher than your Contract Value.               

       More than one "step up" is permitted, but there must be at least five
         Contract Years between "step ups." Before deciding to "step-up," please
       consult with the registered representative who helped you to purchase
the Contract or contact us at our Annuity Service Center.     

       SPOUSAL CONTINUATION. If the Contract is continued by the spouse, the
      spouse retains all rights previously held by the Owner and therefore
       may elect to add the 7% GMWB to the Contract within the 30 days prior
    to any Contract Anniversary following the continuation date of the
       original Contract's Issue Date. The 7% GMWB would become effective on
   the Contract Anniversary following receipt of the request in Good
Order.                                                        

  If the spouse continues the Contract and the 7% GMWB endorsement
   already applies to the Contract, the 7% GMWB will continue and no
adjustment will be made to the GWB or the GAWA at the time of 
      continuation. Your spouse may elect to "step-up" on the continuation
date. If the Contract is continued under the Special Spousal  
 Continuation Option, the value applicable upon "step-up" is the
       Contract Value, including any adjustments applied on the continuation
       date. Any subsequent "step-up" must follow the "step-up" restrictions
       listed above (Contract anniversaries will continue to be based on the
anniversary of the original Contract's Issue Date).           

  SURRENDER. If your Contract is surrendered, you will receive the
        Contract Value less any applicable charges and adjustments and not the
        GWB or the GAWA you would have received under the 7% GMWB. The 7% GMWB
is terminated.                                                

      CONTRACT VALUE IS ZERO. If your Contract Value is reduced to zero as
   the result of a partial withdrawal, contract charges or poor fund
       performance and the GWB is greater than zero, the GWB will be paid to
you on a periodic basis elected by you, which will be no less 
         frequently than annually. The total annual payment will equal the GAWA,
but will not exceed the current GWB.                          

         All other rights under your Contract cease and we will no longer accept
subsequent premium payments and all optional endorsements are 
terminated without value. Upon your death as the Owner, your  
         Beneficiary will receive the scheduled payments. No other death benefit
will be paid.                                                 

         ANNUITIZATION. If you decide to annuitize your Contract, you may choose
        the following income option instead of one of the other income options
listed in your Contract:                                      

        FIXED PAYMENT INCOME OPTION. This income option provides payments in a
       fixed dollar amount for a specific number of years. The actual number
      of years that payments will be made is determined on the calculation
       date by dividing the GWB by the GAWA. Upon each payment, the GWB will
        be reduced by the payment amount. The total annual amount payable will
       equal the GAWA but will never exceed the current GWB. This annualized
        amount will be paid over the specific number of years in the frequency
       (no less frequently than annually) that you select. If you should die
         before the payments have been completed, the remaining payments will be
made to the Beneficiary.                                      

      This income option may not be available if the Contract is issued to
     qualify under Sections 401, 403, 408 or 457 of the Internal Revenue
        Code. For such Contracts, this income option will only be available if
         the guaranteed period is less than the life expectancy of the Annuitant
at the time the option becomes effective.                     

        EFFECT OF GMWB ON TAX DEFERRAL. The purchase of the 7% GMWB may not be
         appropriate for the Owners of Contracts who have as a primary objective
        taking maximum advantage of the tax deferral that is available to them
  under an annuity Contract. Please consult your tax and financial
   advisors on this and other matters prior to electing the 7% GMWB.

        5% FOR LIFE GUARANTEED MINIMUM WITHDRAWAL BENEFIT. BEFORE READING MORE
         ABOUT THE 5% FOR LIFE GMWB, PLEASE BE SURE TO FAMILIARIZE YOURSELF WITH
    THE 7% GMWB, AS DISCUSSED EARLIER, BECAUSE OF THE SIMILARITIES AND
    DIFFERENCES BETWEEN THE ENDORSEMENTS. THE FOLLOWING DESCRIPTION IS
         SUPPLEMENTED BY SOME EXAMPLES IN APPENDICES D AND E. For Owners between
       the ages of 60 and 80 on the Contract's Issue Date, or on the date on
        which this endorsement is selected if after the Contract's Issue Date,
     a 5% for Life GMWB may be available. (For the Owner that is a legal
      entity, the benefit is based on the Annuitant.) The 5% for Life GMWB
        permits you to make partial withdrawals prior to the Income Date that,
        in total, are guaranteed to at least equal the GWB (and because of the
     "for life" guarantee, your total withdrawals could be more than the
        GWB), regardless of your Contract Value. For the 5% for Life GMWB, how
         the GWB and GAWA are determined and the limitations are the same as the
7% GMWB, except that:                                         

               o    there is no  recalculation of the GAWA if your total partial
                    withdrawals in a Contract Year are less than or equal to the
              GAWA and your "for life" guarantee is still in effect;

o    the GAWA is 5% of the GWB                    

               o    with any subsequent premium payments,  the GAWA increases by
                    5% of the net premium payment,  or 5% of the increase in the
                    GWB if the  maximum  GWB is  reached;  there is a "for life"
guarantee; and                          

               o    for certain tax-qualified  Contracts,  withdrawals exceeding
                    GAWA to meet a Contract's minimum distribution  requirements
                    under the Internal  Revenue Code ("MRDs") may not invalidate
the "for life" guarantee.               

         "For life" means the longer of: the Owner's life, or with joint Owners,
     the life of the one dying first; or until total partial withdrawals
        deplete the GWB. So long as the "for life" guarantee is in effect, you
  may continue to take partial withdrawals of the GAWA (or MRD, if
     greater, for certain qualified plans) even after the Contract Value
        falls to zero. Because of the "for life" guarantee, we do not allow an
      ownership change of a Contract with this endorsement, except for the
        Owner that is a legal entity. With an Owner that is a legal entity, we
  will allow ownership to change to another legal entity or to the
         Annuitant, and the "for life" guarantee will remain in effect. However,
       even if the "for life" guarantee were to become invalid, we would not
         allow an ownership change. You will invalidate the "for life" guarantee
      if your total partial withdrawals in a Contract Year exceed the GAWA
   (or MRD, if greater, for certain qualified plans). The "for life"
guarantee is terminated upon spousal continuation.            

         The GWB of the 5% for Life GMWB may be "stepped-up" in the same fashion
       as the 7% GMWB, subject to the same conditions and requirements, with
the GAWA based on 5% of the GWB or previous GAWA, if greater. 

         With the 5% for Life GMWB, if your Contract Value is reduced to zero as
 a result of a partial withdrawal, contract charges or poor fund
     performance, the GAWA will automatically be paid no less frequently
   than annually, based on your instructions, through the "for life"
        guarantee, or until the GWB is depleted if the "for life" guarantee is
      no longer effective. Three is no fixed income option, in addition to
      the Contract's other income options, if you decide to annuitize your
Contract.                                                     

      We require prior notice of an MRD (there is an administrative form).
         Eligible withdrawals that are specified as MRDs may only be taken based
      on the value of the Contract to which this endorsement applies. MRDs
    are calculated and taken on a calendar year basis, and the GAWA is
   based on Contract Years. Only your MRDs for one calendar year are
     allowed per Contract Year. However, with the calendar year in which
        your MRDs are to begin (generally, when you reach age 70 1/2), you may
        take your MRDs for the current and next calendar years during the same
     Contract Year, as necessary. Because the intervals for the GAWA and
     MRDs are different, the "for life" guarantee is more susceptible to
         being invalidated with tax-qualified Contracts if the sum of your total
         partial withdrawals exceed the greater of the GAWA or MRD in a Contract
Year, especially in the first Contract Year of MRDs. Moreover,
      withdrawing more than the greater of the GAWA or MRD in any Contract
       Year could cause the GWB to be reduced by more than the dollar amount
         of the withdrawal(s) and even reset to the then current Contract Value,
       likely reducing the GAWA, as applicable, too. Please consult your tax
     adviser regarding MRDs prior to purchasing a tax-qualified Contract
with the 5% for Life GMWB.                                    

        4% FOR LIFE GUARANTEED MINIMUM WITHDRAWAL BENEFIT. BEFORE READING MORE
         ABOUT THE 4% FOR LIFE GMWB, PLEASE BE SURE TO FAMILIARIZE YOURSELF WITH
      THE 7% GMWB, AS DISCUSSED IN THE IMMEDIATELY PRECEDING FEW SECTIONS,
       BECAUSE OF THE SIMILARITIES AND DIFFERENCES BETWEEN THE ENDORSEMENTS.
     ALSO, THE FOLLOWING DESCRIPTION IS SUPPLEMENTED BY SOME EXAMPLES IN
     APPENDICES F AND G. For Owners between the ages of 50 and 80 on the
    Contract's Issue Date, or on the date on which this endorsement is
        selected if after the Contract's Issue Date, a 4% for Life GMWB may be
        available. (For the Owner that is a legal entity, the benefit is based
     on the Annuitant.) The 4% for Life GMWB permits you to make partial
        withdrawals prior to the Income Date that, in total, are guaranteed to
       at least equal the GWB (and because of the "for life" guarantee, your
   total withdrawals could be more than the GWB), regardless of your
    Contract Value. For the 4% for Life GMWB, how the GWB and GAWA are
    determined and the limitations are the same as the 7% GMWB, except
that:                                                         

               o    there is no  recalculation of the GAWA if your total partial
                    withdrawals are less than or equal to the GAWA and your "for
life" guarantee is still in effect;     

o    the GAWA is 4% of the GWB;                   

               o    with any subsequent premium payments,  the GAWA increases by
                    4% of the net premium payment,  or 4% of the increase in the
GWB if the maximum GWB is reached; and  

o    there is a "for life" guarantee.             

         "For life" means the longer of: the Owner's life, or with joint Owners,
     the life of the one dying first; or until total partial withdrawals
        deplete the GWB. So long as the "for life" guarantee is in effect, you
     may continue to take partial withdrawals of the GAWA even after the
       Contract Value falls to zero. Because of the "for life" guarantee, we
       do not allow an ownership change of a Contract with this endorsement,
      except for the Owner that is a legal entity. With an Owner that is a
         legal entity, we will allow ownership to change to another legal entity
  or to the Annuitant, and the "for life" guarantee will remain in
  effect. However, even if the "for life" guarantee were to become
      invalid, we would not allow an ownership change. You will invalidate
 the "for life" guarantee if your total partial withdrawals in a
       Contract Year exceed the GAWA. The "for life" guarantee is terminated
upon spousal continuation.                                    

         The GWB of the 4% for Life GMWB may be "stepped-up" in the same fashion
      as the 7% GMWB, subject to the same conditions and requirements, but
        with the GAWA based on 4% of the GWB or the previous GAWA, if greater.

         With the 4% for Life GMWB, if your Contract Value is reduced to zero as
 a result of a partial withdrawal, contract charges or poor fund
     performance, the GAWA will automatically be paid no less frequently
   than annually, based on your instructions, through the "for life"
        guarantee, or until the GWB is depleted if the "for life" guarantee is
      no longer effective. There is no fixed income option, in addition to
      the Contract's other income options, if you decide to annuitize your
 Contract. Please consult your tax adviser prior to purchasing a
Contract with the 4% for Life GMWB.                           

    YOU MAY ELECT ONLY ONE GMWB. YOU MAY NOT ELECT BOTH A GMWB AND THE
     GMIB, AND YOU MAY NOT ADD A GMWB AFTER THE ISSUE DATE TO A CONTRACT
WITH THE GMIB.                                                

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 from an Investment Division when:

               o    the New York Stock  Exchange is closed (other than customary
weekend and holiday closings);          

               o    under  applicable  SEC rules,  trading on the New York Stock
Exchange is restricted;                 

               o    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,                                     

               o    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 Accounts 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 on which
       those payments begin. Once income payments begin, the Contract cannot
         be returned to the accumulation phase. The Income Date must be at least
      13 months after the Contract's Issue Date. You can choose the Income
Date and an income option. 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 any time before the
         Income Date. You must give us written notice at least seven days before
    the scheduled Income Date. Income payments must begin by your 90th
       birthday under a non-qualified Contract or the calendar year in which
         you attain age 70 1/2 under a traditional Individual Retirement Annuity
       (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. Distributions from Roth IRAs are not required prior
to your death.                                                

 At the Income Date, you can choose to receive fixed or variable
       payments from the Investment Divisions. Unless you tell us otherwise,
      your income payments will be based on the fixed and variable options
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. If you
     have less than $5,000 (BEFORE SEPTEMBER 22, 2003 - $2,000) to apply
       toward an income option, we may provide your payment in a single lump
    sum. Likewise, if your first income payment would be less than $50
         (BEFORE SEPTEMBER 22, 2003 - $20), we may set the frequency of payments
       so that the first payment would be at least $50 (BEFORE SEPTEMBER 22,
2003 - $20).                                                  

     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:                                                    

               o    the  amount  of your  Contract  Value  you  allocate  to the
  Investment Division(s) on the Income Date;

               o    the  amount  of  any  applicable  premium  taxes,  recapture
                    charges  or   withdrawal   charges  and  any  Interest  Rate
                    Adjustment  deducted from your Contract  Value on the Income
Date;                                   

o    which income option you select; and          

               o    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 the age and gender of the Annuitant if
    you select an income option with a life contingency and an assumed
        investment rate of 2.50%. For Contracts issued BEFORE OCTOBER 4, 2004,
the assumed investment rate is 3%.                            

       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 investment rate, then your income
      payments will increase; if that performance is less than the assumed
   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 payment.                                 

        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.                                                

    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.                                      

         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 with an income
option that is life contingent.                               

    GUARANTEED MINIMUM INCOME BENEFIT. The optional Guaranteed Minimum
       Income Benefit ("GMIB") endorsement guarantees a minimum fixed income
      benefit (under certain life contingent options) after a period of at
      least 10 Contract Years (7 Contract years if this option was elected
        BEFORE SEPTEMBER 22, 2003), subject to specific conditions, regardless
       of the Allocation Option(s) you select during the accumulation phase.
        The guarantee is different depending on when you purchased a Contract.
This benefit is only available if                             

    o    you elect it prior to your Contract's Issue Date;

               o    the  Annuitant  is not older than age 75 (78 if this  option
                    was elected  BEFORE  SEPTEMBER  22, 2003) on the Issue Date;
and                                     

               o    you  exercise it on or within 30 calendar  days of your 10th
                    (7th if this option was elected BEFORE  SEPTEMBER 22, 2003),
                    or any  subsequent  Contract  Anniversary,  but in no  event
                    later than the 30 calendar day period following the Contract
                    Anniversary   immediately  following  the  Annuitant's  85th
birthday.                               

     The GMIB will terminate and will not be payable at the earliest of:

               o    the  Income  Date  (if  prior to the  effective  date of the
GMIB);                                  

               o    the 31st  calendar day  following  the Contract  Anniversary
        immediately after the Annuitant's 85th birthday;

               o    the date you make a total  withdrawal  from the Contract;  o
                    upon your death  (unless  your  spouse is your  Beneficiary,
                    elects to continue  the  Contract  and is eligible  for this
benefit); or                            

               o    if the Owner is not a natural person,  upon the death of the
Annuitant.                              

         Once elected, the GMIB cannot be terminated in any other way while your
Contract is in force.                                         

    You have the option of taking the GMIB instead of the other income
      options described above. Your monthly income option payments will be
         calculated by applying the "GMIB Benefit Base" (described below) to the
         annuity rates in the table of guaranteed purchase rates attached to the
        GMIB endorsement. The only type of income payments available under the
   GMIB are life contingent fixed annuity income payments. The fixed
annuity payment income options currently available are:       

OPTION 1 - Life Income,                                       

OPTION 2 - Joint and Survivor,                                

  OPTION 3 - Life Annuity with 120 Monthly Periods Guaranteed, and

     OPTION 4 - Joint and Survivor Life Annuity with 120 Monthly Periods
Guaranteed. No other income options will be available.        

       The GMIB may not be appropriate for Owners who will be subject to any
        minimum distribution requirements under an IRA or other qualified plan
    prior to the expiration of 10 (7 if this option was elected BEFORE
     SEPTEMBER 22, 2003) Contract Years. Please consult a tax advisor on
this and other matters of selecting income options.           

         The GMIB only applies to the determination of income payments under the
         income options specified above. It is not a guarantee of Contract Value
       or performance. This benefit does not enhance the amounts paid in any
       withdrawals or death benefits. You will not receive any benefit under
         this endorsement if you make a total withdrawal of your Contract Value.

   Both the amount of the GMIB and the quarterly charge for the GMIB
   (described above in the Charges section) are based upon an amount
         called the "GMIB BENEFIT BASE." The GMIB Benefit Base is the GREATER OF
(A) OR (B), WHERE:                                            

(A) IS THE ROLL-UP COMPONENT WHICH IS EQUAL TO:               

               o    all  premiums you have paid (net of any  applicable  premium
taxes); PLUS                            

               o    any Contract Enhancements credited on or before the business
            day the GMIB Benefit Base is being calculated; MINUS

               o    an  adjustment   (described   below)  for  any   withdrawals
                    (including   any   applicable   charges  and  Interest  Rate
Adjustments to those withdrawals)       

       compounded at an annual interest rate of 5% from the Issue Date until
      the earlier of the Annuitant's 80th birthday or the exercise date of
the GMIB.                                                     

      For Contracts issued BEFORE MAY 2, 2005, with the Roll-Up Component,
       any taxes incurred and the following charges are also subtracted from
      your premiums and Contract Enhancements: annual contract maintenance
        charges; transfer charges; and any applicable non-asset based Contract
charges due (other than the GMIB charge) under any optional   
endorsement.                                                  

      For Contracts issued BEFORE MAY 3, 2004, the annual interest rate is
6%.                                                           

      If this option was elected BEFORE SEPTEMBER 22, 2003, compounding is
unavailable.                                                  

        All adjustments for Premiums and Contract Enhancements are made on the
         date of Premium payment. All withdrawal adjustments are made at the end
       of the Contract Year and on the date the GMIB is exercised. For total
  withdrawals up to 5% of the Roll-Up Component as of the previous
         Contract Anniversary, the withdrawal adjustment is the dollar amount of
     the withdrawal (including any applicable charges and adjustments to
     such withdrawal). After processing any applicable dollar for dollar
portion of the withdrawal, the withdrawal adjustment for total
         withdrawals in a Contract Year in excess of 5% of the Roll-Up Component
  as of the previous Contract Anniversary is the Roll-Up Component
  immediately prior to the withdrawal multiplied by the percentage
reduction in the Contract Value attributable to the withdrawal
        (including any applicable charges and adjustments to such withdrawal).
        In calculating the withdrawal adjustment, the Issue Date is considered
   a Contract Anniversary. Generally, the larger the withdrawal, the
         greater the impact on the GMIB Benefit Base. Please note also that when
      the Contract Value is greater than the Roll-Up Component, dollar for
        dollar withdrawals would result in a larger withdrawal adjustment than
  would proportional withdrawals. However, all withdrawals will be
       processed as described above, regardless of the level of the Contract
Value.                                                        

    For example the calculations for a Contract issued with an initial
        Premium payment of $10,000, the Guaranteed Minimum Income Benefit, and
         a 4% Contract Enhancement would be as follows. Assume the Owner takes a
       gross withdrawal during the Contract Year of $400, which is less than
         5% of the Roll-Up Component as of the previous Contract Anniversary and
       therefore treated as a dollar-for-dollar withdrawal at the end of the
      Contract Year. The Roll-Up Component of the GMIB Benefit Base at the
       end of the year will be equal to the Premium and Contract Enhancement
    accumulated at 5% to the end of the year; less the annual contract
         maintenance charge of $35 which is assessed on any Contract Anniversary
   when the Contract Value is less than $50,000; less the withdrawal
       adjustment of $400 made at the end of the year. The resulting Roll-Up
       Component is equal to ($10,000 + $400) x 1.05 - $35 - $400 = $10,485.
This example does not take into account taxes.                

     For Contracts issued BEFORE MAY 2, 2004, withdrawal adjustments are
        made at the time of the withdrawal and reduce the Roll-Up Component of
      the Benefit Base in the same proportion as the reduction in Contract
Value.                                                        

   AND (B) IS THE GREATEST CONTRACT VALUE COMPONENT AND IS EQUAL TO:

               o    the  greatest  Contract  Value on any  Contract  Anniversary
     prior to the Annuitant's 81st birthday; MINUS

               o    an adjustment  (described  below) for any withdrawals  after
                    that Contract Anniversary  (including any applicable charges
                    and Interest Rate Adjustments for those withdrawals); PLUS o
                    any  premiums  paid (net of any  applicable  premium  taxes)
after that Contract Anniversary; MINUS  

               o    any annual contract maintenance charge, transfer charge, and
                    any  applicable   non-asset  based  charges  due  under  any
                    optional    endorsement   deducted   after   that   Contract
Anniversary; and MINUS                  

      o    any taxes deducted after that Contract Anniversary.

      All adjustments are made on the date of the applicable listed events
  and their transaction. The withdrawal adjustment is the Greatest
Contract Anniversary Value Component immediately prior to the 
         withdrawal multiplied by the percentage reduction in the Contract Value
      attributable to the withdrawal (including any applicable charges and
adjustments for such withdrawals).                            

Neither component of the GMIB Benefit Base will ever exceed:  

               o    200% of premiums paid (net of any  applicable  premium taxes
                    and  excluding  premiums  paid in the 12 months prior to the
date the GMIB is exercised); MINUS      

               o    any withdrawals (including related charges and adjustments).

      For Contracts issued BEFORE MAY 2, 2005, with both components of the
     GMIB Benefit Base, any taxes incurred and the following charges are
 also subtracted from your premiums: annual contract maintenance
         charges; transfer charges; and any non-asset based Contract charges due
      under any optional endorsement. The applicability of this limitation
        will be determined after the calculation of each component of the GMIB
Benefit Base.                                                 

        If you are the Annuitant under your Contract and your spouse continues
      the Contract after your death, your spouse will become the Annuitant
    and will continue to be eligible for the GMIB as long as he or she
        would have been eligible as an Annuitant when your Contract was issued
 and is age 84 or younger. If your spouse does not satisfy those
    criteria, then the GMIB will terminate and the charge for the GMIB
         discontinued. Similarly, if an Owner who is a natural person is not the
    Annuitant and the Annuitant dies, you (the Owner) may select a new
    Annuitant (who must be a person eligible to be an Annuitant on the
    Issue Date and is age 84 or younger). If the new Annuitant in that
        situation does not satisfy those criteria then the GMIB will terminate
         and the GMIB charge discontinued. In the event of joint Annuitants, the
age of the youngest Annuitant will be used for all these      
determinations.                                               

Among other requirements applicable to Contracts issued to    
       entities/Owners, the use of multiple Contracts by related entities to
    avoid maximum premium limits is not permitted. Availability of the
GMIB, with multiple Contracts or otherwise, is subject to our 
     administrative rules designed to assure its appropriate use. We may
update these rules as necessary.                              

      YOU MAY NOT ELECT BOTH THE GMIB AND A GMWB, AND YOU MAY NOT ELECT TO
ADD A GMWB AFTER THE ISSUE DATE TO A CONTRACT WITH THE GMIB.  

 DEATH BENEFIT

         The Contract has a death benefit, namely the basic death benefit, which
         is payable during the accumulation phase. Or you may select an optional
       death benefit for an additional charge. The optional death benefit is
       only available upon application, and once chosen, cannot be canceled.

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 any required interest from the date of death. The death benefit
   paid will be the basic death benefit unless you have selected the
      optional death benefit endorsement. If you have a guaranteed minimum
         death benefit, the amount by which the guaranteed minimum death benefit
        exceeds the account value will be put into your account as of the date
      we receive all required documentation from the Beneficiary of record
        and will be allocated among the Fixed Account and Investment Divisions
   according to the current allocation instructions on file for your
         account as of that date. Each Beneficiary will receive their portion of
        the remaining value, subject to market fluctuations, when their option
     election form is received at our Annuity Service Center in Lansing,
Michigan.                                                     

        BASIC DEATH BENEFIT. If you die before moving to the income phase, the
 person you have chosen as your Beneficiary will receive a 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 spouse Beneficiary has the right to
continue the Contract in force upon your death.               

The death benefit equals the greater of:                      

               o    your  Contract  Value on the date we  receive  all  required
documentation from your Beneficiary; or 

               o    the total  premiums  you have paid since your  Contract  was
                    issued   REDUCED  FOR  prior   withdrawals   (including  any
                    applicable  charges and  adjustments) in the same proportion
                    that  the  Contract  Value  was  reduced  on the date of the
withdrawal.                             

        For Contracts issued BEFORE OCTOBER 4, 2004, the withdrawal adjustment
        is equal to the dollar amount of the withdrawal, and this component of
        the death  benefit  would be further  reduced  by any annual  contract
        maintenance  charges,  transfer  charges,  any applicable  charges due
under any optional endorsement and premium taxes.             

  For Contracts issued BEFORE SEPTEMBER 22, 2003, there is a third
     component. The death benefit could also be the greatest Anniversary
  Value before your 86th birthday. The "Anniversary Value" is your
Contract Value on the first day of a Contract year, minus any 
       withdrawals (and applicable charges) and plus any additional premiums
since that day.                                               

  OPTIONAL DEATH BENEFIT. The Highest Anniversary Death Benefit is
  available, which is designed to protect your Contract Value from
  potentially poor investment performance and the impact that poor
    investment performance could have on the amount of the basic death
         benefit. Because there is an additional annual charge for this optional
        death benefit, and because you cannot change your selection, please be
         sure that you have read about and understand the Contract's basic death
    benefit before selecting the optional death benefit. This optional
         death benefit is available if you are 79 years of age or younger on the
         Contract's Issue Date. However, the older you are when your Contract is
         issued, the less advantageous it would be for you to select an optional
death benefit. The optional death benefit is subject to our   
      administrative rules to assure appropriate use, which administrative
rules may be changed, as necessary.                           

        For purposes of the optional death benefit, "Net Premiums" are defined
as your premium payments net of premium taxes, reduced by any 
       withdrawals (including applicable charges and deductions) at the time
      of the withdrawal in the same proportion that the Contract Value was
     reduced on the date of the withdrawal. Accordingly, if a withdrawal
     were to reduce the Contract Value by 50%, for example, Net Premiums
        would also be reduced by 50%. Similarly, with the "Highest Anniversary
        Value" component, the adjustment to your Contract Value for applicable
charges will have occurred proportionally at the time of the  
         deductions. For Contracts issued BEFORE OCTOBER 4, 2004, the withdrawal
         adjustment is instead equal to the dollar amount of the withdrawals and
  your premium payments are further reduced by the annual contract
     maintenance charges, transfer charges, the charges for any optional
   benefit endorsements, and taxes. Also for Contracts issued BEFORE
    OCTOBER 4, 2004, the withdrawal adjustment is instead equal to the
dollar amount of your withdrawals.                            

              HIGHEST ANNIVERSARY VALUE DEATH BENEFIT changes your basic
death benefit to the greatest of:           
                      (a) your Contract Value on the date we receive all
                            required documentation from your Beneficiary; or
                          (b) total Net Premiums since your Contract was issued;
or                  
                    (c) your greatest Contract Value on any Contract
                    Anniversary prior to your 81st birthday,
                     REDUCED BY any withdrawals (including any
             applicable withdrawal charges and
                      adjustments for withdrawals) in proportion
                          to the reduction of Contract Value at the time
                      of withdrawal, annual contract maintenance
                         charges, transfer charges, and any applicable
                      charges due under any optional endorsement
                         subsequent to that Contract Anniversary, PLUS
                    any premiums paid (net of any applicable
                   premium taxes) and minus taxes deducted
                        subsequent to that Contract Anniversary. All
                adjustments occur at the time of the
transaction.        

      PAYOUT OPTIONS.  The Contract's death benefit is payable pursuant to
one of the following payout options:                          

o    single lump sum payment; or                  

               o    payment of entire death  benefit  within 5 years of the date
of death; or                            

               o    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 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 "Special
Spousal Continuation Option" beginning on page 61.            

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.                                                   

        SPECIAL 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 Special Spousal Continuation Option, no death
       benefit will be paid at that time. Instead, we will contribute to the
      Contract a Continuation Adjustment, which is the amount by which the
        death benefit that would have been payable exceeds the Contract Value.
        We calculate this amount using the Contract Value and death benefit as
        of the date we receive all required documentation from the Beneficiary
         of record and the spousal Beneficiary's written request to continue the
    Contract (the "Continuation Date"). We will add this amount to the
      Contract based on the current allocation instructions at the time of
       your death, subject to any minimum allocation restrictions, unless we
receive other allocation instructions from your spouse.       

     If your spouse continues the Contract in his/her own name under the
     Special Spousal Continuation option, the new Contract Value will be
       considered the initial premium for purposes of determining any future
      death benefit under the Contract. The age of the surviving spouse at
        the time of the continuation of the Contract will be used to determine
         all benefits under the Contract prospectively, so the death benefit may
be at a different level.                                      

     If your spouse elects to continue the Contract, your spouse, as new
        Owner, cannot terminate most of the optional benefits you elected. The
       GMIB will terminate upon your death (and no further GMIB charges will
         be deducted), unless your spouse is eligible for the benefit and elects
    to continue it with the Contract. For more information, please see
        "Guaranteed Minimum Income Benefit" beginning on page 54. Similarly, a
       GMWB will also terminate upon your death (and no further GMWB charges
       will be deducted), unless your spouse is eligible for the benefit and
       elects to continue it with the Contract. For more information, please
      see "7% Guaranteed Minimum Withdrawal Benefit" beginning on page 46.
        Because the "for life" guarantee would no longer be in effect with the
        5% or 4% for Life GMWB, however, the benefit would allow the spouse to
       take partial withdrawals until the GWB is depleted. The Contract, and
     its optional benefits, remains the same. There is no charge for the
        Spousal Continuation Option; however, your spouse will also be subject
        to the same fees, charges and expenses under the Contract as you were.

        The Special Spousal Continuation Option is available to elect one time
    on the Contract. However, if the 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.                      

     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. 

         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. 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 payments will be paid to the Beneficiary as provided for in
       the income option selected. Any remaining guaranteed payments 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.   

 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 qualified Contract. The related retirement or pension plans may
also be referred to as qualified plans. 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, and any unrelated retirement plan as non-qualified as well.

        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. 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:                                                      

  o    paid on or after the date you reach age 59 1/2;

o    paid to your Beneficiary after you die;      

               o    paid if you become totally disabled (as that term is defined
in the Code);                           

               o    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;

o    paid under an immediate annuity; or          

          o    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 minimum distribution
       requirements 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:                                        

o    reaches age 59 1/2;                          

o    leaves his/her job;                          

o    dies;                                        

             o    becomes disabled (as that term is defined in the Code); or

               o    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:                             

               o    there was a written agreement  providing for payments of the
fees solely from the annuity Contract,  

         o    the Contract  Owner had no liability  for the fees and

               o    the fees were paid solely  from the annuity  Contract to the
adviser.                                

        EXTENSION OF LATEST INCOME DATE. If you do not annuitize your Contract
        on or before the Latest Income Date, it is possible that the IRS could
      challenge the status of your Contract as an annuity Contract for tax
     purposes. The result of such a challenge could be that you would be
        viewed as either constructively receiving the increase in the Contract
  Value each year from the inception of the Contract or the entire
        increase in the Contract Value would be taxable in the year you attain
       age 90. In either situation, you could realize taxable income even if
the Contract proceeds are not distributed to you at that time.
        Accordingly, before purchasing a Contract, you should consult your tax
advisor with respect to these issues.                         

       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.        

        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.                                           

         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 National 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 twelve investment options with the
     insurance company having the ability to add an additional 8 options
    whereas a Contract offers 55 Investment Divisions and at least one
     Fixed Account, although a Contract Owner can select 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 National 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, distributions from a Contract are subject to
     10% federal income tax withholding 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.        

      Any distribution from a tax-qualified contract eligible for rollover
    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.      

 OTHER INFORMATION

  DOLLAR COST AVERAGING. If the amount allocated to the Investment
   Divisions plus the amount allocated to Fixed Accounts 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 Accounts from the one-year Fixed Accounts or any of the
        Investment Divisions. In the case of transfers from the one-year Fixed
         Accounts or Investment Divisions with a stable unit value, this 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
 and Rebalancing are mutually exclusive, you cannot select both.

      EARNINGS SWEEP. You can choose to move your earnings from the source
      accounts (only applicable from the one year Fixed Account Option 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 periodically to maintain your selected allocation percentages.
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. Dollar Cost Averaging and Rebalancing are
    mutually exclusive, you cannot select both. 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        

       o    the Contract Value in the Investment Divisions, PLUS

               o    any fees and  expenses  deducted  from the premium  prior to
    allocation to the Investment Divisions, PLUS

               o    the full  amount  of  premium  you  allocated  to the  Fixed
  Accounts  (minus any  withdrawals),  minus

               o    any  withdrawals  from  the  Fixed  Account  and  applicable
Contract Enhancement recapture charge.  

        We will determine the Contract Value in the Investment Divisions as of
   the date we receive the Contract 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.                      

               o    TOTAL  RETURN  is the  overall  change  in the  value  of an
                    investment in an Investment  Division over a given period of
time.                                   

               o    STANDARDIZED  AVERAGE  ANNUAL TOTAL RETURN is  calculated in
accordance with SEC guidelines.         

               o    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.

               o    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 contract maintenance and withdrawal charges, but will not reflect
        charges for optional features except in performance data used in sales
  materials that promote those optional features. The deduction of
   withdrawal charges and/or the charges for optional features would
         reduce the percentage increase or make greater any percentage decrease.

    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.                                                    

        LEGAL PROCEEDINGS. There are no material legal proceedings, other than
     the ordinary routine litigation incidental to the business to which
 Jackson National Life Insurance Company of New York is a party.

        Jackson National Life Insurance Company ("Jackson National" or "JNL"),
     Jackson National Life of NY's parent, is a defendant in a number of
     civil proceedings substantially similar to other litigation brought
against many life insurers alleging misconduct in the sale or 
   administration of insurance products. These matters are sometimes
         referred to as market conduct litigation. The market conduct litigation
         currently pending against JNL 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 from JNL during periods ranging from 1981 to present.
         JNL has retained national and local counsel experienced in the handling
       of such litigation. To date, such litigation has either been resolved
     by Jackson National on a non-material basis, or is being vigorously
 defended. At this time, it is not feasible to make a meaningful
   estimate of the amount or range of loss 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:                                     

               o    Information  we receive  from you on  applications  or other
forms;                                  

o    Information about your transactions with us; 

           o    Information we receive from a consumer reporting agency;

               o    Information   we  obtain  from  others  in  the  process  of
 verifying information you provide us; and

               o    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.                                   

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 those
    employees who need to know that information to provide products or
  services to you. We MAINTAIN PHYSICAL, ELECTRONIC AND PROCEDURAL
         SAFEGUARDS that comply with federal and state regulations to guard your
nonpublic personal information.                               

485APOS 11th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 11th
TABLE OF CONTENTS OF
 THE STATEMENT OF ADDITIONAL INFORMATION

General Information and History ..............................................2 
Services .....................................................................3 
Purchase of Securities Being Offered .........................................3 
Underwriters .................................................................3 
Calculation of Performance ...................................................4 
Additional Tax Information ...................................................6 
Net Investment Factor .......................................................18 
Financial Statements ........................................................19 
Accumulation Unit Value ....................................................A-1 

485APOS 12th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 12th
APPENDIX A

DOW JONES DOES NOT:                                                             

o    Sponsor,  endorse,  sell or promote the JNL/Mellon  Capital  Management The
DowSM 10 Fund.                                                        

o    Recommend that any person invest in the JNL/Mellon Capital Management Trust
The DowSM 10 Fund or any other securities.                            

o    Have any  responsibility  or liability for or make any decisions  about the
     timing, amount or pricing of the JNL/Mellon Capital Management The DowSM 10
Fund.                                                                 

o    Have any responsibility or liability for the administration,  management or
marketing of the JNL/Mellon Capital Management The DowSM 10 Fund.     

o    Consider the needs of the JNL/Mellon  Capital Management The DowSM 10 Fund,
     or the owners of the  JNL/Mellon  Capital  Management The DowSM 10 Fund, in
     determining, composing or calculating the DJIA or have any obligation to do
so.                                                                   

--------------------------------------------------------------------------------

DOW JONES WILL NOT HAVE ANY LIABILITY IN CONNECTION WITH THE JNL/MELLON  CAPITAL
MANAGEMENT  THE  DOWSM  10 FUND.  SPECIFICALLY,                                 

o    DOW JONES DOES NOT MAKE ANY  WARRANTY,  EXPRESS OR  IMPLIED,  AND DOW JONES
DISCLAIMS ANY WARRANTY ABOUT:                                         

     o    THE RESULTS TO BE OBTAINED BY THE  JNL/MELLON  CAPITAL  MANAGEMENT THE
          DOWSM 10 FUND,  THE OWNERS OF THE  JNL/MELLON  CAPITAL  MANAGEMENT THE
          DOWSM 10 FUND OR ANY OTHER  PERSON IN  CONNECTION  WITH THE USE OF THE
DJIA AND THE DATA INCLUDED IN THE DJIA;                     

o    THE ACCURACY OR COMPLETENESS OF THE DJIA AND ITS DATA;           

     o    THE MERCHANTABILITY AND THE FITNESS FOR A PARTICULAR PURPOSE OR USE OF
THE DJIA AND ITS DATA.                                      

o    DOW JONES WILL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS
IN THE DJIA OR ITS DATA.                                              

o    UNDER NO  CIRCUMSTANCES  WILL DOW JONES BE LIABLE  FOR ANY LOST  PROFITS OR
     INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF DOW
JONES KNOWS THAT THEY MIGHT OCCUR.                                    

o    THE LICENSING AGREEMENT BETWEEN JACKSON NATIONAL LIFE INSURANCE COMPANY AND
     DOW JONES IS SOLELY FOR THEIR BENEFIT AND NOT FOR THE BENEFIT OF THE OWNERS
     OF THE JNL/MELLON  CAPITAL  MANAGEMENT THE DOWSM 10 FUND OR ANY OTHER THIRD
PARTIES.                                                              

--------------------------------------------------------------------------------

485APOS 13th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 13th
APPENDIX B

                                                        [Enlarge/Download Table]

                                                                                                                 

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JNL/NY EXAMPLE 1                                                                                                 
-----------------------------------------------------------------------------------------------------------------
     100,000.00  : Premium                                                                                       
          4.00%  : Withdrawal Charge Year 4                                                                      
          3.00%  : Contract Enhancement                                                                          
          2.00%  : Recapture Charge Year 4                                                                       
          5.00%  : Net Return                                                                                    

AT END OF YEAR 4                                                                                                 
     125,197.14  : Contract Value at end of year 4                                                               
     100,000.00  : Net Withdrawal requested                                                                      

      25,197.14  : Earnings                                                                                      
      79,577.51  : Premium withdrawn (grossed up to account for Withdrawal Charge and Recapture Charge)          
      ---------                                                                                                  
     104,744.65  : Total Gross Withdrawal                                                                        

     104,774.65  : Total Gross Withdrawal                                                                        
      -3,183.10  : Withdrawal Charge                                                                             
      -1,591.55  : Recapture Charge                                                                              
      ---------                                                                                                  
     100,000.00  : Total Net Withdrawal                                                                          
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------
JNL/NY EXAMPLE 2                                                                                                 
-----------------------------------------------------------------------------------------------------------------

        10/1/05                                                                                                  

     100,000.00  : Premium                                                                                       
          5.00%  : Withdrawal Charge Contribution Year 3                                                         
          2.00%  : Recapture Charge Contribution Year 3                                                          

        12/1/05                                                                                                  

     100,000.00  : Premium                                                                                       
          6.00%  : Withdrawal Charge Contribution Year 2                                                         
          3.00%  : Recapture Charge Contribution Year 2                                                          

          3.00%  : Contract Enhancement                                                                          
          0.00%  : Net Return                                                                                    

        11/1/07                                                                                                  

     206,000.00  : Contract Value                                                                                
     150,000.00  : Net Withdrawal Requested                                                                      

       6,000.00  : Earnings                                                                                      
      14,000.00  : 10% Additional Free Withdrawal Amount                                                         
     100,000.00  : Premium 1 withdrawn (grossed up to account for Withdrawal Charge and Recapture Charge)        
      40,659.34  : Premium 2 withdrawn (grossed up to account for Withdrawal Charge and Recapture Charge)        
      ---------                                                                                                  
     160,659.34  : Total Gross Withdrawal                                                                        

     160,659.34  : Total Gross Withdrawal                                                                        
      -5,000.00  : Withdrawal Charge from Premium 1                                                              
      -2,000.00  : Recapture Charge from Premium 1                                                               
      -2,439.56  : Withdrawal Charge from Premium 2                                                              
      -1,219.78  : Recapture Charge from Premium 2                                                               
      ---------                                                                                                  
     150,000.00  : Total Net Withdrawal                                                                          
-----------------------------------------------------------------------------------------------------------------

485APOS 14th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 14th
APPENDIX C

THESE EXAMPLES ARE PROVIDED TO ASSIST YOU IN UNDERSTANDING  HOW THE GWB AND GAWA
VALUES ARE COMPUTED,  AND HOW THEY MAY BE ALTERED BY VARIOUS  EVENTS,  INCLUDING
SUBSEQUENT PREMIUM PAYMENTS,  ELECTION OF THE "STEP-UP," OR PARTIAL WITHDRAWALS.
THE  EXAMPLES  ONLY  DEPICT   LIMITED   CIRCUMSTANCES,   AND  SPECIFIC   FACTUAL
ASSUMPTIONS.  THE  RESULTS  MAY VARY  DEPENDING  UPON THE TIMING OR  SEQUENCE OF
ACTIONS,  AS WELL AS  CHANGES  IN MARKET  CONDITIONS.  IF YOU ARE  CONTEMPLATING
ELECTING THE GMWB,  OR  EXERCISING  ANY RIGHTS  THEREUNDER,  PLEASE  CONSIDER IN
MAKING YOUR DECISIONS THE RESULTS BASED ON THE SPECIFIC FACTS THAT APPLY TO YOU.

ALL OF THE  FOLLOWING  EXAMPLES  ASSUME YOU SELECT THE 7% GMWB WHEN YOU PURCHASE
YOUR CONTRACT AND YOUR INITIAL  PREMIUM  PAYMENT IS $100,000.  NO OTHER OPTIONAL
BENEFITS  ARE  SELECTED.  THEY ALSO ASSUME THAT NO CHARGES OR  ADJUSTMENTS  WILL
APPLY TO PARTIAL WITHDRAWALS.                                                   

EXAMPLE 1:  AT ISSUE, THE GWB AND GAWA ARE DETERMINED.                          

     o    Your Guaranteed  Withdrawal  Balance (GWB) is $100,000,  which is your
initial Premium payment.                                    

     o    Your Guaranteed Annual Withdrawal Amount (GAWA) is $7,000, which is 7%
of your GWB.                                                

EXAMPLE 2:  SUBSEQUENT PREMIUM PAYMENT.                                         

If you  make an  additional  Premium  payment  of  $50,000  before  you make any
withdrawals, then                                                               

     o    Your GWB is  $150,000,  which is your prior GWB  ($100,000)  plus your
additional Premium payment ($50,000).                       

     o    Your GAWA is  $10,500,  which is your prior GAWA  ($7,000)  plus 7% of
your additional Premium payment ($3,500).                   

EXAMPLE 3:  WITHDRAWAL EQUAL TO THE GAWA.                                       

If you  take the GAWA  ($7,000)  as a  withdrawal  before  the end of the  first
Contract Year, then                                                             

     o    Your GWB becomes $93,000, which is your prior GWB ($100,000) minus the
GAWA ($7,000).                                              

     o    Your GAWA for the next year remains  $7,000,  because you did not take
more than the GAWA ($7,000).                                

EXAMPLE  4:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA IS REDUCED AS A RESULT
OF THE TRANSACTION.                                                             

If you  withdraw  $60,000  and your  Contract  Value is  $150,000 at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($60,000) from your
               Contract  Value  ($150,000).  This equals $90,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($60,000)  from
your GWB  ($100,000).  This is $40,000.           

         Your new GWB is $40,000, since this is the lesser of the two amounts.

     o    Since the  Contract  Value after the partial  withdrawal  ($90,000) is
          more  than the new GWB  ($40,000),  but less than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is reduced. The new GAWA is 7%
          of the greater of the Contract  Value after the partial  withdrawal or
the new GWB, which is $6,300.                               

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 7 additional years to deplete the new GWB.             

EXAMPLE  5:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA REMAINS UNCHANGED.    

If you  withdraw  $40,000  and your  Contract  Value is  $150,000 at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($40,000) from your
               Contract Value  ($150,000).  This equals $110,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($40,000)  from
your GWB  ($100,000).  This is $60,000.           

         Your new GWB is $60,000, since this is the lesser of the two amounts.

     o    Since the Contract  value after the partial  withdrawal  ($110,000) is
          more  than the new GWB  ($60,000)  and more  than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is unchanged. The GAWA remains
$7,000.                                                     

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 9 additional years to deplete the new GWB.             

EXAMPLE  6:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
DECREASED DUE TO NEGATIVE MARKET PERFORMANCE.                                   

If you  withdraw  $50,000  and your  Contract  value is  $80,000  at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($50,000) from your
               Contract  value  ($80,000).  This equals  $30,000 and is your new
Contract value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($50,000)  from
your  GWB  ($100,000).  This is  $50,000.         

          Your new GWB  becomes  $30,000,  since  this is the  lesser of the two
amounts.                                                    

     o    Since the Contract value prior to the partial withdrawal  ($80,000) is
          less  than  or  equal  to the  GWB  prior  to the  partial  withdrawal
          ($100,000),  the GAWA is  reduced.  The new GAWA is 7% of the new GWB,
which is $2,100.                                            

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 15 additional years to deplete the new GWB.            

EXAMPLE 7:  STEP-UP.                                                            

If you elect to "step-up"  your GMWB on a Contract  Anniversary at least 5 years
after electing the GMWB, assuming you have made no withdrawals and your Contract
value at the time of step-up is $200,000, then                                  

     o    We  recalculate  your  GWB to  equal  your  Contract  value,  which is
$200,000.                                                   

     o    We  recalculate  your GAWA by  comparing  your GAWA before the step-up
          ($7,000) to 7% of your new GWB ($14,000) and choose the greater amount
($14,000). This is your new GAWA.                           

     o    After the  "step-up,"  if you took  withdrawals  of the GAWA, it would
take 15 additional years to deplete the new GWB.            

EXAMPLE 8: VALUES MAY DIFFER BASED ON THE ORDER OF YOUR ELECTIONS. THE FOLLOWING
TWO EXAMPLES DEMONSTRATE THE DIFFERENT RESULTS IF YOU ELECT A "STEP-UP" PRIOR TO
SUBMITTING A WITHDRAWAL  REQUEST  RATHER THAN MAKING THE  WITHDRAWAL  PRIOR TO A
"STEP-UP."                                                                      

If your  Contract  value prior to any  transactions  is $200,000 and you wish to
"step-up"  your GMWB on a Contract  Anniversary  at least 5 years after electing
the GMWB (assuming you have made no prior withdrawals) but also wish to take the
original GAWA ($7,000) as a withdrawal, then                                    

8A: STEP-UP FOLLOWED BY WITHDRAWAL.                                             

     o    Upon step-up,  we recalculate  your GWB to equal your Contract  value,
          which is $200,000.  We then  recalculate  your GAWA by comparing  your
          GAWA before the step-up  ($7,000) to 7% of your new GWB  ($14,000) and
choose the greater amount ($14,000). This is your new GAWA. 

     o    Upon  withdrawal  of less than or equal to the GAWA,  your GWB becomes
          $193,000,  which is your  prior GWB  ($200,000)  minus the  withdrawal
          ($7,000).  Your GAWA  remains  $14,000,  because you did not take more
than the GAWA.                                              

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 14 additional years to deplete the new GWB.            

8B: WITHDRAWAL FOLLOWED BY A STEP-UP.                                           

     o    Upon  withdrawal  of less than or equal to the GAWA,  your GWB becomes
          $93,000,  which is your  prior GWB  ($100,000)  minus  the  withdrawal
          ($7,000). Your GAWA remains $7,000, because you did not take more than
the GAWA.                                                   

     o    Upon step-up,  we  recalculate  your GWB to equal your Contract  value
          after the withdrawal, which is $193,000. We then recalculate your GAWA
          by comparing  your GAWA before the step-up  ($7,000) to 7% of your new
          GWB ($13,510) and choose the greater  amount  ($13,510).  This is your
new GAWA.                                                   

     o    After the step-up,  if you took withdrawals of the GAWA, it would take
15 additional years to deplete the new GWB.                 

EXAMPLE 9: THE FOLLOWING TWO EXAMPLES  DEMONSTRATE  THAT IN SOME CASES THE ORDER
OF YOUR TRANSACTIONS WILL NOT IMPACT THE FINAL RESULTS.                         

If your  Contract  value prior to any  transactions  is $200,000 and you wish to
"step-up"  your GMWB on a Contract  Anniversary  at least 5 years after electing
the GMWB (assuming you have made no prior  withdrawals)  but also wish to take a
withdrawal greater than the GAWA ($15,000), then                                

9A: STEP-UP FOLLOWED BY WITHDRAWAL.                                             

     o    Upon step-up,  we recalculate  your GWB to equal your Contract  value,
          which is $200,000.  We then  recalculate  your GAWA by comparing  your
          GAWA before the step-up  ($7,000) to 7% of your new GWB  ($14,000) and
choose the greater amount ($14,000). This is your new GAWA. 

     o    Upon  withdrawal of an amount  greater than the GAWA,  your GWB is the
          lesser of the Contract value after the partial  withdrawal  ($185,000)
          or the  prior  GWB less the  partial  withdrawal  ($15,000),  which is
          $185,000.  Since the  Contract  value prior to the partial  withdrawal
          ($200,000)  is less  than or  equal to the GWB  prior  to the  partial
          withdrawal ($200,000),  the GAWA is reduced. The new GAWA is 7% of the
new GWB, which is $12,950.                                  

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 15 additional years to deplete the new GWB.            

9B: WITHDRAWAL FOLLOWED BY A STEP-UP.                                           

     o    Upon  withdrawal of an amount  greater than the GAWA,  your GWB is the
          lesser of the Contract value after the partial  withdrawal  ($185,000)
          or the  prior  GWB less the  partial  withdrawal  ($85,000),  which is
          $85,000.  Since  the  Contract  value  after  the  partial  withdrawal
          ($185,000)  is more than the new GWB  ($85,000)  and more than the GWB
          prior to the partial withdrawal ($100,000), the GAWA is unchanged. The
GAWA remains $7,000.                                        

     o    Upon step-up,  we  recalculate  your GWB to equal your Contract  value
          after the withdrawal, which is $185,000. We then recalculate your GAWA
          by comparing  your GAWA before the step-up  ($7,000) to 7% of your new
          GWB ($12,950) and choose the greater  amount  ($12,950).  This is your
new GAWA.                                                   

     o    After the step-up,  if you took withdrawals of the GAWA, it would take
15 additional years to deplete the new GWB.                 

485APOS 15th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 15th
APPENDIX D

THESE EXAMPLES ARE PROVIDED TO ASSIST YOU IN UNDERSTANDING  HOW THE GWB AND GAWA
VALUES ARE COMPUTED,  AND HOW THEY MAY BE ALTERED BY VARIOUS  EVENTS,  INCLUDING
SUBSEQUENT PREMIUM PAYMENTS,  ELECTION OF THE "STEP-UP" OR PARTIAL  WITHDRAWALS.
THE  EXAMPLES  ONLY  DEPICT   LIMITED   CIRCUMSTANCES,   AND  SPECIFIC   FACTUAL
ASSUMPTIONS.  THE  RESULTS  MAY VARY  DEPENDING  UPON THE TIMING OR  SEQUENCE OF
ACTIONS,  AS WELL AS  CHANGES  IN MARKET  CONDITIONS.  IF YOU ARE  CONTEMPLATING
ELECTING  THE 5% FOR LIFE  GMWB OR  EXERCISING  ANY  RIGHTS  THEREUNDER,  PLEASE
CONSIDER IN MAKING YOUR DECISIONS BASED ON THE SPECIFIC FACTS THAT APPLY TO YOU.
THE FOR LIFE  GUARANTEE  PERMITS  WITHDRAWALS  OF THE GAWA FOR THE LONGER OF THE
OWNER'S LIFE OR THE LIFE OF THE FIRST OF THE JOINT  OWNERS TO DIE IF  CONDITIONS
FOR THE BENEFIT TO BE FULLY EFFECTIVE ARE SATISFIED.                            

ALL OF THE  FOLLOWING  EXAMPLES  ASSUME YOU SELECT THE 5% FOR LIFE GMWB WHEN YOU
PURCHASE YOUR CONTRACT AND YOUR INITIAL  PREMIUM  PAYMENT IS $100,000.  NO OTHER
OPTIONAL BENEFITS ARE SELECTED.                                                 

EXAMPLE 1:  AT ISSUE, THE GWB AND GAWA ARE DETERMINED.                          

     o    Your Guaranteed  Withdrawal  Balance (GWB) is $100,000,  which is your
initial Premium payment.                                    

     o    Your Guaranteed Annual Withdrawal Amount (GAWA) is $5,000, which is 5%
of your GWB.                                                

EXAMPLE 2:  SUBSEQUENT PREMIUM PAYMENT.                                         

If you  make an  additional  Premium  payment  of  $50,000  before  you make any
withdrawals, then                                                               

     o    Your GWB is  $150,000,  which is your prior GWB  ($100,000)  plus your
additional Premium payment ($50,000).                       

     o    Your GAWA is $7,500, which is your prior GAWA ($5,000) plus 5% of your
          additional Premium payment ($2,500) and the For Life Guarantee remains
effective.                                                  

EXAMPLE 3:  WITHDRAWAL EQUAL TO THE GAWA.                                       

If you  take the GAWA  ($5,000)  as a  withdrawal  before  the end of the  first
Contract Year, then                                                             

     o    Your GWB becomes $95,000, which is your prior GWB ($100,000) minus the
GAWA ($5,000).                                              

     o    Your GAWA for the next year remains  $5,000,  because you did not take
          more  than  the  GAWA  ($5,000)  and the For  Life  Guarantee  remains
effective.                                                  

EXAMPLE  4:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA IS REDUCED AS A RESULT
OF THE TRANSACTION.                                                             

If you  withdraw  $60,000  and your  Contract  Value is  $150,000 at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($60,000) from your
               Contract  Value  ($150,000).  This equals $90,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($60,000)  from
your GWB ($100,000). This is $40,000.             

         Your new GWB is $40,000, since this is the lesser of the two amounts.

     o    Since the  Contract  Value after the partial  withdrawal  ($90,000) is
          more  than the new GWB  ($40,000),  but less than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is reduced. The new GAWA is 5%
          of the greater of the Contract  Value after the partial  withdrawal or
          the new GWB, which is $4,500. Since the withdrawal is greater than the
GAWA, the For Life Guarantee is null and void.              

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 9 additional years to deplete the new GWB.             

EXAMPLE  5:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA REMAINS UNCHANGED.    

If you  withdraw  $40,000  and your  Contract  Value is  $150,000 at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($40,000) from your
               Contract Value  ($150,000).  This equals $110,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($40,000)  from
your GWB ($100,000). This is $60,000.             

         Your new GWB is $60,000, since this is the lesser of the two amounts.

     o    Since the Contract  Value after the partial  withdrawal  ($110,000) is
          more  than the new GWB  ($60,000)  and more  than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is unchanged. The GAWA remains
          $5,000,  but since the  withdrawal  is greater than the GAWA,  the For
Life Guarantee is null and void.                            

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 12 additional years to deplete the new GWB.            

EXAMPLE  6:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
DECREASED DUE TO NEGATIVE MARKET PERFORMANCE.                                   

If you  withdraw  $50,000  and your  Contract  Value is  $80,000  at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($50,000) from your
               Contract  Value  ($80,000).  This equals  $30,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($50,000)  from
your GWB ($100,000). This is $50,000.             

          Your new GWB  becomes  $30,000,  since  this is the  lesser of the two
amounts.                                                    

     o    Since the Contract Value prior to the partial withdrawal  ($80,000) is
          less  than  or  equal  to the  GWB  prior  to the  partial  withdrawal
          ($100,000),  the GAWA is  reduced.  The new GAWA is 5% of the new GWB,
          which is $1,500.  Since the  withdrawal is greater than the GAWA,  the
For Life Guarantee is null and void.                        

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 20 additional years to deplete the new GWB.            

EXAMPLE 7:  STEP-UP.                                                            

If you elect to "step-up"  your GMWB on a Contract  Anniversary at least 5 years
after electing the GMWB, assuming you have made no withdrawals and your Contract
Value at the time of step-up is $200,000, then                                  

     o    We  recalculate  your  GWB to  equal  your  Contract  Value,  which is
$200,000.                                                   

     o    We  recalculate  your GAWA by  comparing  your GAWA before the step-up
          ($5,000) to 5% of your new GWB ($10,000) and choose the greater amount
($10,000). This is your new GAWA.                           

     o    After the  "step-up,"  if you took  withdrawals  of the GAWA, it would
          take 20  additional  years to  deplete  the new  GWB.  If the For Life
          Guarantee  remains  effective,  withdrawals of the GAWA could continue
          until the death of the Owner or the first of the Joint Owners, if any,
even beyond 20 years.                                       

EXAMPLE 8: VALUES MAY DIFFER BASED ON THE ORDER OF YOUR ELECTIONS. THE FOLLOWING
TWO EXAMPLES DEMONSTRATE THE DIFFERENT RESULTS IF YOU ELECT A "STEP-UP" PRIOR TO
SUBMITTING A WITHDRAWAL  REQUEST  RATHER THAN MAKING THE  WITHDRAWAL  PRIOR TO A
"STEP-UP."                                                                      

If your  Contract  Value prior to any  transactions  is $200,000 and you wish to
"step-up"  your GMWB on a Contract  Anniversary  at least 5 years after electing
the GMWB (assuming you have made no prior withdrawals) but also wish to take the
original GAWA ($5,000) as withdrawal, then                                      

8A: STEP-UP FOLLOWED BY WITHDRAWAL.                                             

     o    Upon step-up,  we recalculate  your GWB to equal your Contract  Value,
          which is $200,000.  We then  recalculate  your GAWA by comparing  your
          GAWA before the step-up  ($5,000) to 5% of your new GWB  ($10,000) and
choose the greater amount ($10,000). This is your new GAWA. 

     o    Upon  withdrawal  of less than or equal to the GAWA,  your GWB becomes
          $195,000,  which is your  prior GWB  ($200,000)  minus the  withdrawal
          ($5,000).  Your GAWA  remains  $10,000,  because you did not take more
than the GAWA.                                              

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
          take 20  additional  years to  deplete  the new  GWB.  If the For Life
          Guarantee  remains  effective,  withdrawals of the GAWA could continue
          until the death of the Owner or the first of the Joint Owners, if any,
even beyond 20 years.                                       

8B: WITHDRAWAL FOLLOWED BY A STEP-UP.                                           

     o    Upon  withdrawal  of less than or equal to the GAWA,  your GWB becomes
          $95,000,  which is your  prior GWB  ($100,000)  minus  the  withdrawal
          ($5,000). Your GAWA remains $5,000, because you did not take more than
the GAWA.                                                   

     o    Upon step-up,  we  recalculate  your GWB to equal your Contract  Value
          after the withdrawal, which is $195,000. We then recalculate your GAWA
          by comparing  your GAWA before the step-up  ($5,000) to 5% of your new
          GWB ($9,750) and choose the greater amount ($9,750).  This is your new
GAWA.                                                       

     o    After the step-up,  if you took withdrawals of the GAWA, it would take
          20 additional  years to deplete the new GWB. If the For Life Guarantee
          remains  effective,  withdrawals  of the GAWA could continue until the
          death of the  Owner or the  first of the Joint  Owners,  if any,  even
beyond 20 years.                                            

EXAMPLE 9: THE FOLLOWING TWO EXAMPLES  DEMONSTRATE  THAT IN SOME CASES THE ORDER
OF YOUR TRANSACTIONS WILL NOT IMPACT THE FINAL RESULTS.                         

If your  Contract  Value prior to any  transactions  is $200,000 and you wish to
"step-up"  your GMWB on a Contract  Anniversary  at least 5 years after electing
the GMWB (assuming you have made no prior  withdrawals)  but also wish to take a
withdrawal greater than the GAWA ($15,000), then                                

9A: STEP-UP FOLLOWED BY WITHDRAWAL.                                             

     o    Upon step-up,  we recalculate  your GWB to equal your Contract  Value,
          which is $200,000.  We then  recalculate  your GAWA by comparing  your
          GAWA before the step-up  ($5,000) to 5% of your new GWB  ($10,000) and
choose the greater amount ($10,000). This is your new GAWA. 

     o    Upon  withdrawal of an amount  greater than the GAWA,  your GWB is the
          lesser of the Contract Value after the partial  withdrawal  ($185,000)
          or the  prior  GWB less the  partial  withdrawal  ($15,000),  which is
          $185,000.  Since the  Contract  Value prior to the partial  withdrawal
          ($200,000)  is less  than or  equal to the GWB  prior  to the  partial
          withdrawal ($200,000),  the GAWA is reduced. The new GAWA is 5% of the
          new GWB,  which is $9,250.  Since the  withdrawal  is greater than the
GAWA, the For Life Guarantee is null and void.              

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 20 additional years to deplete the new GWB.            

9B: WITHDRAWAL FOLLOWED BY A STEP-UP.                                           

     o    Upon  withdrawal of an amount  greater than the GAWA,  your GWB is the
          lesser of the Contract Value after the partial  withdrawal  ($185,000)
          or the  prior  GWB less the  partial  withdrawal  ($85,000),  which is
          $85,000.  Since  the  Contract  Value  after  the  partial  withdrawal
          ($185,000)  is more than the new GWB  ($85,000)  and more than the GWB
          prior to the partial withdrawal ($100,000), the GAWA is unchanged. The
GAWA remains $5,000.                                        

     o    Upon step-up,  we  recalculate  your GWB to equal your Contract  Value
          after the withdrawal, which is $185,000. We then recalculate your GAWA
          by comparing  your GAWA before the step-up  ($5,000) to 5% of your new
          GWB ($9,250) and choose the greater amount ($9,250).  This is your new
          GAWA.  Since the  withdrawal  is greater  than the GAWA,  the For Life
Guarantee is null and void.                                 

     o    After the step-up,  if you took withdrawals of the GAWA, it would take
20 additional years to deplete the new GWB.                 

EXAMPLE 10:  WITHDRAWAL AFTER THE GWB HAS BEEN DEPLETED.                        

If your Contract Value is $15,000 and you take the GAWA ($5,000) as a withdrawal
when the GWB has been  depleted  ($0),  if the sum of the  withdrawals  you have
taken did not exceed the GAWA in any contract year and the For Life Guarantee is
fully effective, then:                                                          

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal  ($5,000) from your
               Contract  Value  ($15,000).  This equals  $10,000 and is your new
Contract Value.                                   

          o    Second, we deduct the amount of the withdrawal ($5,000) from your
       GWB ($0). This cannot be less than $0 so it is set to $0.

Your GWB remains $0.                                        

          o    Your GAWA for the next year  remains  $5,000  because you did not
               take  more  than the  GAWA  ($5,000)  and the For Life  Guarantee
remains effective.                                

485APOS 16th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 16th
APPENDIX E

THIS EXAMPLE IS PROVIDED TO ASSIST YOU IN UNDERSTANDING HOW THE 5% FOR LIFE GMWB
AND 20%  ADDITIONAL  FREE  WITHDRAWAL  BENEFIT  WOULD  INTERACT  WHEN ELECTED IN
COMBINATION  WITH ONE ANOTHER.  THE EXAMPLE ONLY DEPICTS LIMITED  CIRCUMSTANCES,
AND SPECIFIC FACTUAL ASSUMPTIONS. THE RESULTS MAY VARY DEPENDING UPON THE TIMING
OR  SEQUENCE  OF ACTIONS,  AS WELL AS CHANGES IN MARKET  CONDITIONS.  IF YOU ARE
CONTEMPLATING   ELECTING  THE  5%  FOR  LIFE  GMWB,  OR  EXERCISING  ANY  RIGHTS
THEREUNDER, PLEASE CONSIDER IN MAKING YOUR DECISIONS BASED ON THE SPECIFIC FACTS
THAT APPLY TO YOU. THE FOR LIFE  GUARANTEE  PERMITS  WITHDRAWALS OF THE GAWA FOR
THE LONGER OF THE OWNER'S  LIFE OR THE LIFE OF THE FIRST OF THE JOINT  OWNERS TO
DIE IF CONDITIONS FOR THE BENEFIT TO BE FULLY EFFECTIVE ARE SATISFIED.          

THE  FOLLOWING  EXAMPLE  ASSUMES  YOU  SELECT  THE 5% FOR LIFE  GMWB AND THE 20%
ADDITIONAL  FREE  WITHDRAWAL  BENEFIT WHEN YOU PURCHASE  YOUR  CONTRACT AND YOUR
INITIAL PREMIUM PAYMENT IS $100,000. NO OTHER OPTIONAL BENEFITS ARE SELECTED.   

     o    Your beginning Guaranteed Withdrawal Balance (GWB) is $100,000,  which
is your initial Premium payment.                            

     o    Your beginning  Guaranteed  Annual Withdrawal Amount (GAWA) is $5,000,
which is 5% of your GWB.                                    

     o    The maximum  amount that you can withdraw free of a withdrawal  charge
is $20,000.                                                 

If you withdraw  $20,000 at the end of the first Contract Year and your Contract
Value is equal to $105,000 before the withdrawal, then                          

     o    The entire amount withdrawn is free of withdrawal  charges. If the 20%
          Additional  Free Withdrawal  benefit had not been elected,  $10,000 of
          the  withdrawal  would have been subject to a withdrawal  charge ($850
for Perspective II).                                        

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($20,000) from your
               Contract  Value  ($105,000).  This equals $85,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($20,000)  from
your GWB ($100,000). This is $80,000.             

         Your new GWB is $80,000, since this is the lesser of the two amounts.

     o    Since the  Contract  Value after the partial  withdrawal  ($85,000) is
          more  than the new GWB  ($80,000),  but less than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is reduced. The new GAWA is 5%
          of the greater of the Contract  Value after the partial  withdrawal or
          the new GWB, which is $4,250. Since the withdrawal is greater than the
GAWA, the For Life Guarantee is null and void.              

If you then withdraw  your GAWA  ($4,250) at the end of the fifth  Contract Year
and your Contract Value has decreased to $70,000 then                           

     o    Your GWB becomes $75,750,  which is your prior GWB ($80,000) minus the
GAWA ($4,250).                                              

     o    Your GAWA for the next year remains  $4,250,  because you did not take
more than the GAWA ($4,250).                                

o    Your Contract Value after the withdrawal is $65,750.             

If your Contract Value  continues to experience  negative or zero net growth and
you  continue to withdraw  your GAWA each year until your GWB is  depleted,  the
total amount you will have received is equal your original  premium of $100,000.
If you had not elected the 20% Additional  Free  Withdrawal  Benefit,  the total
amount you would have received is $100,000 less the withdrawal charge of $850.  

485APOS 17th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 17th
APPENDIX F

THESE EXAMPLES ARE PROVIDED TO ASSIST YOU IN UNDERSTANDING  HOW THE GWB AND GAWA
VALUES ARE COMPUTED,  AND HOW THEY MAY BE ALTERED BY VARIOUS  EVENTS,  INCLUDING
SUBSEQUENT PREMIUM PAYMENTS,  ELECTION OF THE "STEP-UP" OR PARTIAL  WITHDRAWALS.
THE EXAMPLES ONLY DEPICT LIMITED CIRCUMSTANCES AND SPECIFIC FACTUAL ASSUMPTIONS.
THE RESULTS MAY VARY DEPENDING  UPON THE TIMING OR SEQUENCE OF ACTIONS,  AS WELL
AS CHANGES IN MARKET  CONDITIONS.  IF YOU ARE CONTEMPLATING  ELECTING THE 4% FOR
LIFE GMWB OR EXERCISING ANY RIGHTS  THEREUNDER,  PLEASE  CONSIDER IN MAKING YOUR
DECISIONS  BASED ON THE SPECIFIC FACTS THAT APPLY TO YOU. THE FOR LIFE GUARANTEE
PERMITS  WITHDRAWALS  OF THE GAWA FOR THE LONGER OF THE OWNER'S LIFE OR THE LIFE
OF THE FIRST OF THE JOINT  OWNERS TO DIE IF  CONDITIONS  FOR THE  BENEFIT  TO BE
FULLY EFFECTIVE ARE SATISFIED.                                                  

ALL OF THE  FOLLOWING  EXAMPLES  ASSUME YOU SELECT THE 4% FOR LIFE GMWB WHEN YOU
PURCHASE YOUR CONTRACT AND YOUR INITIAL  PREMIUM  PAYMENT IS $100,000.  NO OTHER
OPTIONAL BENEFITS ARE SELECTED.                                                 

EXAMPLE 1:  AT ISSUE, THE GWB AND GAWA ARE DETERMINED.                          

     o    Your Guaranteed  Withdrawal  Balance (GWB) is $100,000,  which is your
initial Premium payment.                                    

     o    Your Guaranteed Annual Withdrawal Amount (GAWA) is $4,000, which is 4%
of your GWB.                                                

EXAMPLE 2:  SUBSEQUENT PREMIUM PAYMENT.                                         

If you  make an  additional  Premium  payment  of  $50,000  before  you make any
withdrawals, then                                                               

     o    Your GWB is  $150,000,  which is your prior GWB  ($100,000)  plus your
additional Premium payment ($50,000).                       

     o    Your GAWA is $6,000, which is your prior GAWA ($4,000) plus 4% of your
          additional Premium payment ($2,000) and the For Life Guarantee remains
effective.                                                  

EXAMPLE 3:  WITHDRAWAL EQUAL TO THE GAWA.                                       

If you  take the GAWA  ($4,000)  as a  withdrawal  before  the end of the  first
Contract Year, then                                                             

     o    Your GWB becomes $96,000, which is your prior GWB ($100,000) minus the
GAWA ($4,000).                                              

     o    Your GAWA for the next year remains  $4,000,  because you did not take
          more  than  the  GAWA  ($4,000)  and the For  Life  Guarantee  remains
effective.                                                  

EXAMPLE  4:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA IS REDUCED AS A RESULT
OF THE TRANSACTION.                                                             

If you  withdraw  $60,000  and your  Contract  Value is  $150,000 at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($60,000) from your
               Contract  Value  ($150,000).  This equals $90,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($60,000)  from
your GWB ($100,000). This is $40,000.             

         Your new GWB is $40,000, since this is the lesser of the two amounts.

     o    Since the  Contract  Value after the partial  withdrawal  ($90,000) is
          more  than the new GWB  ($40,000),  but less than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is reduced. The new GAWA is 4%
          of the greater of the Contract  Value after the partial  withdrawal or
          the new GWB, which is $3,600. Since the withdrawal is greater than the
GAWA, the For Life Guarantee is null and void.              

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 12 additional years to deplete the new GWB.            

EXAMPLE  5:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA REMAINS UNCHANGED.    

If you  withdraw  $40,000  and your  Contract  Value is  $150,000 at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($40,000) from your
               Contract Value  ($150,000).  This equals $110,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($40,000)  from
your GWB ($100,000). This is $60,000.             

         Your new GWB is $60,000, since this is the lesser of the two amounts.

     o    Since the Contract  Value after the partial  withdrawal  ($110,000) is
          more  than the new GWB  ($60,000)  and more  than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is unchanged. The GAWA remains
          $4,000,  but since the  withdrawal  is greater than the GAWA,  the For
Life Guarantee is null and void.                            

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 15 additional years to deplete the new GWB.            

EXAMPLE  6:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
DECREASED DUE TO NEGATIVE MARKET PERFORMANCE.                                   

If you  withdraw  $50,000  and your  Contract  Value is  $80,000  at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($50,000) from your
               Contract  Value  ($80,000).  This equals  $30,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($50,000)  from
your GWB ($100,000). This is $50,000.             

          Your new GWB  becomes  $30,000,  since  this is the  lesser of the two
amounts.                                                    

     o    Since the Contract Value prior to the partial withdrawal  ($80,000) is
          less  than  or  equal  to the  GWB  prior  to the  partial  withdrawal
          ($100,000),  the GAWA is  reduced.  The new GAWA is 4% of the new GWB,
          which is $1,200.  Since the  withdrawal is greater than the GAWA,  the
For Life Guarantee is null and void.                        

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 25 additional years to deplete the new GWB.            

EXAMPLE 7:  STEP-UP.                                                            

If you elect to "step-up"  your GMWB on a Contract  Anniversary at least 5 years
after electing the GMWB, assuming you have made no withdrawals and your Contract
Value at the time of step-up is $200,000, then                                  

     o    We  recalculate  your  GWB to  equal  your  Contract  Value,  which is
$200,000.                                                   

     o    We  recalculate  your GAWA by  comparing  your GAWA before the step-up
          ($4,000) to 4% of your new GWB ($8,000) and choose the greater  amount
($8,000). This is your new GAWA.                            

     o    After the  "step-up,"  if you took  withdrawals  of the GAWA, it would
          take 25  additional  years to  deplete  the new  GWB.  If the For Life
          Guarantee  remains  effective,  withdrawals of the GAWA could continue
          until the death of the Owner or the first of the Joint Owners, if any,
even beyond 25 years.                                       

EXAMPLE 8: VALUES MAY DIFFER BASED ON THE ORDER OF YOUR ELECTIONS. THE FOLLOWING
TWO EXAMPLES DEMONSTRATE THE DIFFERENT RESULTS IF YOU ELECT A "STEP-UP" PRIOR TO
SUBMITTING A WITHDRAWAL  REQUEST  RATHER THAN MAKING THE  WITHDRAWAL  PRIOR TO A
"STEP-UP".                                                                      

If your  Contract  Value prior to any  transactions  is $200,000 and you wish to
"step-up"  your GMWB on a Contract  Anniversary  at least 5 years after electing
the GMWB (assuming you have made no prior withdrawals) but also wish to take the
original GAWA ($4,000) as withdrawal, then                                      

8A: STEP-UP FOLLOWED BY WITHDRAWAL.                                             

     o    Upon step-up,  we recalculate  your GWB to equal your Contract  Value,
          which is $200,000.  We then  recalculate  your GAWA by comparing  your
          GAWA before the step-up  ($4,000) to 4% of your new GWB  ($8,000)  and
choose the greater amount ($8,000). This is your new GAWA.  

     o    Upon  withdrawal  of less than or equal to the GAWA,  your GWB becomes
          $196,000,  which is your  prior GWB  ($200,000)  minus the  withdrawal
          ($4,000). Your GAWA remains $8,000, because you did not take more than
the GAWA.                                                   

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
          take 25  additional  years to  deplete  the new  GWB.  If the For Life
          Guarantee  remains  effective,  withdrawals of the GAWA could continue
          until the death of the Owner or the first of the Joint Owners, if any,
even beyond 25 years.                                       

8B: WITHDRAWAL FOLLOWED BY A STEP-UP.                                           

     o    Upon  withdrawal  of less than or equal to the GAWA,  your GWB becomes
          $96,000,  which is your  prior GWB  ($100,000)  minus  the  withdrawal
          ($4,000). Your GAWA remains $4,000, because you did not take more than
the GAWA.                                                   

     o    Upon step-up,  we  recalculate  your GWB to equal your Contract  Value
          after the withdrawal, which is $196,000. We then recalculate your GAWA
          by comparing  your GAWA before the step-up  ($4,000) to 4% of your new
          GWB ($7,840) and choose the greater amount ($7,840).  This is your new
GAWA.                                                       

     o    After the step-up,  if you took withdrawals of the GAWA, it would take
          25 additional  years to deplete the new GWB. If the For Life Guarantee
          remains  effective,  withdrawals  of the GAWA could continue until the
          death of the  Owner or the  first of the Joint  Owners,  if any,  even
beyond 25 years.                                            

EXAMPLE 9: THE FOLLOWING TWO EXAMPLES  DEMONSTRATE  THAT IN SOME CASES THE ORDER
OF YOUR TRANSACTIONS WILL NOT IMPACT THE FINAL RESULTS.                         

If your  Contract  Value prior to any  transactions  is $200,000 and you wish to
"step-up"  your GMWB on a Contract  Anniversary  at least 5 years after electing
the GMWB (assuming you have made no prior  withdrawals)  but also wish to take a
withdrawal greater than the GAWA ($15,000), then                                

9A: STEP-UP FOLLOWED BY WITHDRAWAL.                                             

     o    Upon step-up,  we recalculate  your GWB to equal your Contract  Value,
          which is $200,000.  We then  recalculate  your GAWA by comparing  your
          GAWA before the step-up  ($4,000) to 4% of your new GWB  ($8,000)  and
choose the greater amount ($8,000). This is your new GAWA.  

     o    Upon  withdrawal of an amount  greater than the GAWA,  your GWB is the
          lesser of the Contract Value after the partial  withdrawal  ($185,000)
          or the  prior  GWB less the  partial  withdrawal  ($15,000),  which is
          $185,000.  Since the  Contract  Value prior to the partial  withdrawal
          ($200,000)  is less  than or  equal to the GWB  prior  to the  partial
          withdrawal ($200,000),  the GAWA is reduced. The new GAWA is 4% of the
          new GWB,  which is $7,400.  Since the  withdrawal  is greater than the
GAWA, the For Life Guarantee is null and void.              

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 25 additional years to deplete the new GWB.            

9B: WITHDRAWAL FOLLOWED BY A STEP-UP.                                           

     o    Upon  withdrawal of an amount  greater than the GAWA,  your GWB is the
          lesser of the Contract Value after the partial  withdrawal  ($185,000)
          or the  prior  GWB less the  partial  withdrawal  ($85,000),  which is
          $85,000.  Since  the  Contract  Value  after  the  partial  withdrawal
          ($185,000)  is more than the new GWB  ($85,000)  and more than the GWB
          prior to the partial withdrawal ($100,000), the GAWA is unchanged. The
GAWA remains $4,000.                                        

     o    Upon step-up,  we  recalculate  your GWB to equal your Contract  Value
          after the withdrawal, which is $185,000. We then recalculate your GAWA
          by comparing  your GAWA before the step-up  ($4,000) to 4% of your new
          GWB ($7,400) and choose the greater amount ($7,400).  This is your new
          GAWA.  Since the  withdrawal  is greater  than the GAWA,  the For Life
Guarantee is null and void.                                 

     o    After the step-up,  if you took withdrawals of the GAWA, it would take
25 additional years to deplete the new GWB.                 

EXAMPLE 10:  WITHDRAWAL AFTER THE GWB HAS BEEN DEPLETED.                        

If your Contract Value is $15,000 and you take the GAWA ($4,000) as a withdrawal
when the GWB has been  depleted  ($0),  if the sum of the  withdrawals  you have
taken did not exceed the GAWA in any contract year and the For Life Guarantee is
fully effective, then:                                                          

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal  ($4,000) from your
               Contract  Value  ($15,000).  This equals  $11,000 and is your new
Contract Value.                                   

          o    Second, we deduct the amount of the withdrawal ($4,000) from your
       GWB ($0). This cannot be less than $0 so it is set to $0.

Your GWB remains $0.                                        

          o    Your GAWA for the next year  remains  $4,000  because you did not
               take  more  than the  GAWA  ($4,000)  and the For Life  Guarantee
remains effective.                                

485APOS 18th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 18th
APPENDIX G

THIS EXAMPLE IS PROVIDED TO ASSIST YOU IN UNDERSTANDING HOW THE 4% FOR LIFE GMWB
AND 20%  ADDITIONAL  FREE  WITHDRAWAL  BENEFIT  WOULD  INTERACT  WHEN ELECTED IN
COMBINATION WITH ONE ANOTHER. THE EXAMPLE ONLY DEPICTS LIMITED CIRCUMSTANCES AND
SPECIFIC FACTUAL ASSUMPTIONS.  THE RESULTS MAY VARY DEPENDING UPON THE TIMING OR
SEQUENCE  OF  ACTIONS,  AS WELL AS  CHANGES  IN  MARKET  CONDITIONS.  IF YOU ARE
CONTEMPLATING   ELECTING  THE  4%  FOR  LIFE  GMWB,  OR  EXERCISING  ANY  RIGHTS
THEREUNDER, PLEASE CONSIDER IN MAKING YOUR DECISIONS BASED ON THE SPECIFIC FACTS
THAT APPLY TO YOU. THE FOR LIFE  GUARANTEE  PERMITS  WITHDRAWALS OF THE GAWA FOR
THE LONGER OF THE OWNER'S  LIFE OR THE LIFE OF THE FIRST OF THE JOINT  OWNERS TO
DIE IF  CONDITIONS  FOR THE BENEFIT TO BE FULLY  EFFECTIVE  ARE  SATISFIED.  THE
FOLLOWING EXAMPLE ASSUMES YOU SELECT THE 4% FOR LIFE GMWB AND THE 20% ADDITIONAL
FREE WITHDRAWAL BENEFIT WHEN YOU PURCHASE YOUR CONTRACT AND YOUR INITIAL PREMIUM
PAYMENT IS $100,000.  NO OTHER OPTIONAL BENEFITS ARE SELECTED.  o Your beginning
Guaranteed  Withdrawal Balance (GWB) is $100,000,  which is your initial Premium
payment.                                                                        

     o    Your beginning  Guaranteed  Annual Withdrawal Amount (GAWA) is $4,000,
which is 4% of your GWB.                                    

     o    The maximum  amount that you can withdraw free of a withdrawal  charge
          is $20,000.  If you withdraw  $20,000 at the end of the first Contract
          Year  and  your  Contract  Value  is  equal  to  $105,000  before  the
withdrawal, then                                            

     o    The entire amount withdrawn is free of withdrawal  charges. If the 20%
          Additional  Free Withdrawal  benefit had not been elected,  $10,000 of
          the  withdrawal  would have been subject to a withdrawal  charge ($850
for Perspective II).                                        

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

          o    First, we deduct the amount of the withdrawal ($20,000) from your
               Contract  Value  ($105,000).  This equals $85,000 and is your new
Contract Value.                                   

          o    Second,  we deduct the amount of the  withdrawal  ($20,000)  from
your GWB ($100,000). This is $80,000.             

         Your new GWB is $80,000, since this is the lesser of the two amounts.

     o    Since the  Contract  Value after the partial  withdrawal  ($85,000) is
          more  than the new GWB  ($80,000),  but less than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is reduced. The new GAWA is 4%
          of the greater of the Contract  Value after the partial  withdrawal or
          the new GWB, which is $3,400. Since the withdrawal is greater than the
GAWA, the For Life Guarantee is null and void.              

If you then withdraw  your GAWA  ($3,400) at the end of the fifth  Contract Year
and your Contract Value has decreased to $70,000 then                           

     o    Your GWB becomes $76,600,  which is your prior GWB ($80,000) minus the
GAWA ($3,400).                                              

     o    Your GAWA for the next year remains  $3,400,  because you did not take
more than the GAWA ($3,400).                                

o    Your Contract Value after the withdrawal is $66,600.             

If your Contract Value  continues to experience  negative or zero net growth and
you  continue to withdraw  your GAWA each year until your GWB is  depleted,  the
total amount you will have received is equal your original  premium of $100,000.
If you had not elected the 20% Additional  Free  Withdrawal  Benefit,  the total
amount you would have received is $100,000 less the withdrawal charge of $850.  

485APOS 19th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 19th
APPENDIX H [TO BE UPDATED]

485APOS 20th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 20th
                                                        [Enlarge/Download Table]

                                                                                                                   

-------------------------------------------------------------------------------------------------------------------
QUESTIONS:  If you have any questions about your Contract, you may contact us at:                                  
-------------------------------------------------------------------------------------------------------------------

ANNUITY SERVICE CENTER:                                   1 (800) 599-5651 (9 a.m. - 8 p.m., ET)                   

         MAIL ADDRESS:                                    P.O. Box 378004, Denver, Colorado 80237-8004             

         DELIVERY ADDRESS:                                8055 East Tufts Avenue, Second Floor, Denver,            
                                                          Colorado 80237                                           

INSTITUTIONAL MARKETING                                                                                            
GROUP (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 30901, Lansing, Michigan 48909-8401             

         DELIVERY ADDRESS:                                1 Corporate Way, Lansing, Michigan 48951                 
                                                          Attn:  IMG                                               

HOME OFFICE:                                              2900 Westchester Avenue, Purchase, New York 10577        
-------------------------------------------------------------------------------------------------------------------

485APOS 21st “Page” of 27 TOC 1st Previous Next ↓Bottom Just 21st
 STATEMENT OF ADDITIONAL INFORMATION

 MAY 2, 2005

 INDIVIDUAL AND GROUP FLEXIBLE PREMIUM
 FIXED AND DEFERRED VARIABLE ANNUITY CONTRACTS
ISSUED BY THE JNLNY SEPARATE ACCOUNT I

 OF JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK(R)

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 May 2, 2005. The    
Prospectus may be obtained from Jackson National Life Insurance Company of New  
York by writing P.O. Box 378004, Denver, Colorado 80237-8004, or calling        
1-800-599-5651. Not all Investment Divisions described in this SAI may be       
available for investment.                                                       

 TABLE OF CONTENTS
                                                                          PAGE

General Information and History...............................................2 
Services......................................................................3 
Purchase of Securities Being Offered..........................................3 
Underwriters..................................................................3 
Calculation of Performance....................................................4 
Additional Tax Information ...................................................6 
Net Investment Factor .......................................................18 
Financial Statements ........................................................19 
Accumulation Unit Values....................................................A-1 

485APOS 22nd “Page” of 27 TOC 1st Previous Next ↓Bottom Just 22nd
GENERAL INFORMATION AND HISTORY                                                 

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

The JNL/Mellon Capital Management S&P Divisions and the JNL/S&P Divisions are   
not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of   
The McGraw-Hill Companies, Inc. (S&P). S&P makes no representation or warranty, 
express or implied, to the owners of the Divisions or any member of the public  
regarding the advisability of investing in securities generally or in the       
Divisions particularly or the ability of the S&P 500 Index to track general     
stock market performance. S&P's only relationship to the Separate Account       
(Licensee) is the licensing of certain trademarks and trade names of S&P and of 
the S&P 500 Index that are determined, composed and calculated by S&P without   
regard to the Licensee or the Divisions. S&P has no obligation to take the needs
of the Licensee or the owners of the Divisions into consideration in            
determining, composing or calculating the S&P 500 Index. S&P is not responsible 
for and has not participated in the determination of the prices and amount of   
the Divisions or the timing of the issuance or sale of the Divisions or in the  
determination or calculation of the equation by which the Divisions are to be   
converted into cash. S&P has no obligation or liability in connection with the  
administration, marketing or trading of the Divisions.                          

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX
OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS,    
OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, 
AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE DIVISIONS, OR ANY OTHER 
PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN.
S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL         
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH   
RESPECT TO THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY 
OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL,     
PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF  
NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.                                    

Value Line Publishing, Inc.'s ("VLPI") only relationship to JNL is VLPI's       
licensing to JNL of certain VLPI trademarks and trade names and the Value Line  
Timeliness Ranking System (the "System"), which is composed by VLPI without     
regard to JNL, this Product or any investor. VLPI has no obligation to take the 
needs of JNL or any investor in the Product into consideration in composing the 
System. The Product results may differ from the hypothetical or published       
results of the Value Line Timeliness Ranking System. VLPI is not responsible for
and has not participated in the determination of the prices and composition of  
the Product or the timing of the issuance for sale of the Product or in the     
calculation of the equations by which the Product is to be converted into cash. 

VLPI MAKES NO WARRANTY CONCERNING THE SYSTEM, EXPRESS OR IMPLIED, INCLUDING, BUT
NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A      
PARTICULAR PURPOSE OR ANY IMPLIED WARRANTIES ARISING FROM USAGE OF TRADE, COURSE
OF DEALING OR COURSE OF PERFORMANCE, AND VLPI MAKES NO WARRANTY AS TO THE       
POTENTIAL PROFITS OR ANY OTHER BENEFITS THAT MAY BE ACHIEVED BY USING THE SYSTEM
OR ANY INFORMATION OR MATERIALS GENERATED THEREFROM. VLPI DOES NOT WARRANT THAT 
THE SYSTEM WILL MEET ANY REQUIREMENTS OR THAT IT WILL BE ACCURATE OR ERROR-FREE.
VLPI ALSO DOES NOT GUARANTEE ANY USES, INFORMATION, DATA OR OTHER RESULTS       
GENERATED FROM THE SYSTEM. VLPI HAS NO OBLIGATION OR LIABILITY (I) IN CONNECTION
WITH THE ADMINISTRATION, MARKETING OR TRADING OF THE PRODUCT; OR (II) FOR ANY   
LOSS, DAMAGE, COST OR EXPENSE SUFFERED OR INCURRED BY ANY INVESTOR OR OTHER     
PERSON OR ENTITY IN CONNECTION WITH THIS PRODUCT, AND IN NO EVENT SHALL VLPI BE 
LIABLE FOR ANY LOST PROFITS OR OTHER CONSEQUENTIAL, SPECIAL, PUNITIVE,          
INCIDENTAL, INDIRECT OR EXEMPLARY DAMAGES IN CONNECTION WITH THE PRODUCT.       

SERVICES                                                                        

Jackson National Life of NY is the custodian of the assets of the Separate      
Account. Jackson National Life 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  
of NY for the periods indicated have been included herein in reliance upon the  
reports of ________, an independent registered public accounting firm, appearing
elsewhere herein, and upon the authority of said firm as experts in accounting  
and auditing. ________ is located at __________________.                        

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 National Association of      
Securities Dealers, Inc. (NASD).                                                

UNDERWRITERS                                                                    

The Contracts are offered  continuously  and are distributed by Jackson National
Life Distributors,  Inc. (JNLD), 8055 E. Tufts Avenue,  Denver,  Colorado 80237.
JNLD is a subsidiary of Jackson National Life Insurance Company.                

The aggregate amount of underwriting  commissions paid to  broker/dealers  were:
$3,444.330 in 2002, $13,261,966 in 2003 and $______ in 2004. JNLD did not retain
any portion of the commissions.                                                 

CALCULATION OF PERFORMANCE                                                      

When Jackson National Life of NY advertises performance for an Investment       
Division (except the JNL/Select 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 is annualized  
and 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 National Life 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 National Life 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.                 

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 National Life 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:                          

[OBJECT OMITTED]                                                                

Where:                                                                          

                                                        [Enlarge/Download Table]

                                                                                                    

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.               

The maximum withdrawal charge is 7%.                                            

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.                               

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/Select 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 day calendar period. The JNL/Select 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/Select 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/Select 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/Select Money Market Division nor that Division's  
investment in the JNL/Select 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 NATIONAL LIFE 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 NATIONAL LIFE OF NY'S TAX STATUS                                        

Jackson National Life of NY is taxed as a life insurance company under the Code.
For federal income tax purposes, the Separate Account is not a separate entity  
from Jackson National Life of NY and its operations form a part of Jackson      
National Life of NY.                                                            

TAXATION OF ANNUITY CONTRACTS IN GENERAL                                        

Section 72 of the Internal Revenue Code of 1986, as amended (the "Code"),       
governs 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.                                                                       

The taxable portion is taxed at ordinary income tax rates. 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 National Life 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) (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 an 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.                                                          

Withdrawals or distributions from a Contract other than eligible rollover       
distributions are also subject to withholding on the estimated 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 3 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 close
of each calendar quarter, 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 National Life of NY intends that each Fund of the JNL 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 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 National Life 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 National    
Life 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 twelve investment options with the insurance company having the ability to 
add an additional eight options whereas the Contract offers 55 Investment       
Divisions and 4 Fixed Accounts although a Contract owner can select no more than
18 Allocation 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 National    
Life 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        
National Life 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 VS. COMMISSIONER, the Tax  
Court held that the direct transfer of a portion of an annuity Contract into    
another annuity Contract qualified as a non-taxable exchange. On November 22,   
1999, the Internal Revenue Service filed an Action on Decision that indicated it
acquiesced in the Tax Court decision in CONWAY. However, in its acquiescence    
with the decision of the Tax Court, the Internal Revenue Service stated that it 
will challenge transactions where taxpayers enter into a series of partial      
exchanges and annuitizations as part of a design to avoid application of the 10%
premature distribution penalty or other limitations imposed on annuity Contracts
under the Code. In the absence of further guidance from the Internal Revenue    
Service it is unclear what specific types of partial exchange designs and       
transactions will be challenged 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. 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.                                                           

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.                                              

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 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.                                          

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) if           
distribution is 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) upon separation   
from service after attainment of age 55, 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 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.                      

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. 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.                                   

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. 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.                                                                       

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 National Life of NY's administrative     
procedures. Jackson National Life 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 National Life 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 National Life 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.                         

(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 $2,000 per
        year and are not deductible from taxable income. The Economic Growth &
         Tax Relief Reconciliation Act of 2001 (the "Act") increases the maximum
      annual dollar limitation limit for IRA contributions (including Roth
  IRA contributions) from $2,000 to $3,000 for calendar years 2002
       through 2004; $4,000 for calendar years 2005 through 2007; and $5,000
         for 2008. After 2008, 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 $500 for 2002
through 2005, and $1,000 for 2006 and later.                  

    Lower maximum limitations apply to individuals with adjusted gross
       incomes between $95,000 and $110,000 in the case of single taxpayers,
       between $150,000 and $160,000 in the case of married taxpayers filing
  joint returns, and between $0 and $10,000 in the case of married
  taxpayers filing separately. An overall $2,000 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.                                           

      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, unless
the individual has adjusted gross income over $100,000 or the 
individual is a married taxpayer filing a separate return. 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. 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 elective deferral
        limitation. The Act increases the dollar limit on deferrals to conform
 to the elective deferral limitation. The Act also increases the
       elective deferral limitation to $11,000 for 2002 and in $1,000 annual
      increments thereafter until it reaches $15,000 in 2006. The limit is
       indexed for inflation after that in $500 increments. 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 $1,000 for 2002 and by additional
        $1,000 increments through 2006, when the catch-up contribution will by
       $5,000. 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:                

o    attains age 70 1/2,                          

o    severs employment,                           

o    dies, or                                     

               o    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.                                                                    

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 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 National Life
                 of NY during the valuation period which are
                     determined by Jackson National Life 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 National Life
             of NY for the valuation period to reflect the asset based
             charges (the mortality and expense risks), administration
             charge, and any applicable charges for optional benefits.

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

Since the net investment factor may be greater than, less than, or equal to one,
and the factor that offsets the 3% investment rate assumed is slightly less than
one, the value of an annuity unit (which changes with the product of that       
factor) and the net investment may increase, decrease or remain the same.       

485APOS 23rd “Page” of 27 TOC 1st Previous Next ↓Bottom Just 23rd
 ACCUMULATION UNIT VALUES [TO BE UPDATED BY AMENDMENT]

485APOS 24th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 24th
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 Accountants as of December 31, 2003
           Statement of Assets and Liabilities as of December 31, 2003
            Statement of Operations for the Year Ended December 31, 2003
               Statement of Changes in Net Assets for the Years Ended December
    31, 2003 December 31, 2002 and December 31, 2001

Notes to Financial Statements                   

   Jackson National Life Insurance Company of New York

         Report of Independent Accountants as of December 31, 2003
             Balance Sheet for the years ended December 31, 2003, 2002 and
2001                                        
       Income Statement for the years ended December 31, 2003,
2002, and 2001                              
          Statement of Stockholder's Equity and Comprehensive Income
         for the years ended December 31, 2003, 2002, and 2001
Statement of Cash Flows for the years ended     
December 31, 2003, 2002 and 2001            

Notes to Financial Statements                   

Item 24.(b) Exhibits                                                            

Exhibit No. Description                                                         

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

2.          Not Applicable                                                      

3.a         General Distributor Agreement dated September 19, 1997, incorporated
    by reference to Registrant's Registration Statement as filed
on October 3, 1997 (File Nos. 333-37175 and 811-08401). 

b.          General Distributor Agreement dated June 30, 1998, incorporated by  
          reference to Registrant's Post-Effective Amendment No. 12 as filed
on July 22, 2004 (File Nos. 333-70384 and 811-08401).   

4.a.        Specimen of the Perspective II Fixed and Variable Annuity Contract, 
           incorporated by reference to Registrant's Registration Statement as
        filed on September 28, 2001 (File Nos. 333-70384 and 811-08401).

b.          Specimen of Tax Sheltered Annuity Endorsement, incorporated by      
           reference to Registrant's Pre-Effective Amendment No. 1 as filed on
December 19, 2001 (File Nos. 333-70384 and 811-08401).  

c.          Specimen of Retirement Plan Endorsement, incorporated by reference  
 to Registrant's Pre-Effective Amendment No. 1 as filed on
December 19, 2001 (File Nos. 333-70384 and 811-08401).  

d.          Specimen of Individual Retirement Annuity Endorsement, incorporated 
           by reference to Registrant's Pre-Effective Amendment No. 1 as filed
 on December 19, 2001 (File Nos. 333-70384 and 811-08401).

e.          Specimen of Roth IRA Endorsement, incorporated by reference to      
Registrant's Pre-Effective Amendment No. 1 as filed on  
December 19, 2001 (File Nos. 333-70384 and 811-08401).  

f.          Specimen of Earnings Protection Benefit Endorsement, incorporated by
    reference to Registrant's Registration Statement as filed on
September 28, 2001 (File Nos. 333-70384 and 811-08401). 

g.          Specimen of 2% Contract Enhancement Endorsement, incorporated by    
    reference to Registrant's Registration Statement as filed on
September 28, 2001 (File Nos. 333-70384 and 811-08401). 

h.          Specimen of 3% Contract Enhancement Endorsement, incorporated by    
    reference to Registrant's Registration Statement as filed on
September 28, 2001 (File Nos. 333-70384 and 811-08401). 

i.          Specimen of 4% Contract Enhancement Endorsement, incorporated by    
    reference to Registrant's Registration Statement as filed on
September 28, 2001 (File Nos. 333-70384 and 811-08401). 

j.          Specimen of 20% Additional Free Withdrawal Benefit Endorsement,     
        incorporated by reference to Registrant's Registration Statement
           as filed on September 28, 2001 (File Nos. 333-70384 and 811-08401).

k.          Specimen of Five-Year Withdrawal Charge Schedule Endorsement,       
        incorporated by reference to Registrant's Registration Statement
           as filed on September 28, 2001 (File Nos. 333-70384 and 811-08401).

l.          Specimen of Preselected Death Benefit Option Election Endorsement,  
         incorporated by reference to Registrant's Pre-Effective Amendment
    No. 1 as filed on December 19, 2001 (File Nos. 333-70384 and
811-08401).                                             

m.          Specimen of Reduced Administration Charge Endorsement, incorporated 
            by reference to Registrant's Post-Effective Amendment No. 1 as filed
on May 17, 2002 (File Nos. 333-70384 and 811-08401).    

n.          Specimen of 2% Contract Enhancement Endorsement, incorporated by    
            reference to Registrant's Post-Effective Amendment No. 1 as filed on
May 17, 2002 (File Nos. 333-70384 and 811-08401).       

o.          Specimen of 3% Contract Enhancement Endorsement, incorporated by    
         reference to Registrant's Post-Effective Amendment No. 1 as filed
on May 17, 2002 (File Nos. 333-70384 and 811-08401).    

p.          Specimen of 4% Contract Enhancement Endorsement, incorporated by    
         reference to Registrant's Post-Effective Amendment No. 1 as filed
on May 17, 2002 (File Nos. 333-70384 and 811-08401).    

q.          Specimen of Guaranteed Minimum Income Benefit Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
           No. 2 as filed on May 20, 2002 (File Nos. 333-70384 and 811-08401).

r.          Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement,      
          incorporated by reference to Registrant's Post-Effective Amendment
   No. 4 as filed on November 1, 2002 (File Nos. 333-70384 and
811-08401).                                             

s.          Specimen of Fixed Account Option Endorsement, incorporated by       
         reference to Registrant's Post-Effective Amendment No. 4 as filed
on November 1, 2002 (File Nos. 333-70384 and 811-08401).

t.          Specimen of 3-Year Withdrawal Charge Schedule Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
            No. 6 as filed on June 20, 2003 (File Nos. 333-70384 and 811-08401).

u.          Specimen of Guaranteed Minimum Income Benefit Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
            No. 6 as filed on June 20, 2003 (File Nos. 333-70384 and 811-08401).

v.          Specimen of 2% Contract Enhancement Endorsement, incorporated by    
         reference to Registrant's Post-Effective Amendment No. 6 as filed
on June 20, 2003 (File Nos. 333-70384 and 811-08401).   

w.          Specimen of 3% Contract Enhancement Endorsement, incorporated by    
         reference to Registrant's Post-Effective Amendment No. 6 as filed
on June 20, 2003 (File Nos. 333-70384 and 811-08401).   

x.          Specimen of Maximum Anniversary Value Death Benefit Endorsement,    
          incorporated by reference to Registrant's Post-Effective Amendment
            No. 6 as filed on June 20, 2003 (File Nos. 333-70384 and 811-08401).

y.          Specimen of 20% Additional Withdrawal Benefit Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
            No. 6 as filed on June 20, 2003 (File Nos. 333-70384 and 811-08401).

z.          Specimen of 5 Year Withdrawal Charge Schedule Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
            No. 6 as filed on June 20, 2003 (File Nos. 333-70384 and 811-08401).

aa.         Specimen of the Perspective II Fixed and Variable Annuity Contract, 
          incorporated by reference to Registrant's Post-Effective Amendment
            No. 6 as filed on June 20, 2003 (File Nos. 333-70384 and 811-08401).

bb.         Specimen of Guaranteed Minimum Income Benefit Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
  No. 11 as filed on April 29, 2004 (File Nos. 333-70384 and
811-08401).                                             

cc.         Specimen of the Perspective II Fixed and Variable Annuity Contract, 
          incorporated by reference to Registrant's Post-Effective Amendment
 No. 12 as filed on July 22, 2004 (File Nos. 333-70384 and
811-08401).                                             

dd.         Specimen of 4% Contract Enhancement Endorsement, incorporated by    
          reference to Registrant's Post-Effective Amendment No. 12 as filed
on July 22, 2004 (File Nos. 333-70384 and 811-08401).   

ee.         Specimen of 2% Contract Enhancement Endorsement, incorporated by    
          reference to Registrant's Post-Effective Amendment No. 12 as filed
on July 22, 2004 (File Nos. 333-70384 and 811-08401).   

ff.         Specimen of 3% Contract Enhancement Endorsement, incorporated by    
          reference to Registrant's Post-Effective Amendment No. 12 as filed
on July 22, 2004 (File Nos. 333-70384 and 811-08401).   

gg.         Specimen of 20% Additional Withdrawal Benefit Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
 No. 12 as filed on July 22, 2004 (File Nos. 333-70384 and
811-08401).                                             

hh.         Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement,      
          incorporated by reference to Registrant's Post-Effective Amendment
 No. 12 as filed on July 22, 2004 (File Nos. 333-70384 and
811-08401).                                             

ii.         Specimen of 5% for Life Guaranteed Minimum Withdrawal Benefit       
    Endorsement, incorporated by reference to Registrant's Post-
       Effective Amendment No. 12 as filed on July 22, 2004 (File Nos.
333-70384 and 811-08401).                               

jj.         Specimen of Guaranteed Minimum Income Benefit Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
 No. 12 as filed on July 22, 2004 (File Nos. 333-70384 and
811-08401).                                             

kk.         Specimen of 4% for Life Guaranteed Minimum Withdrawal Benefit       
    Endorsement, incorporated by reference to Registrant's Post-
       Effective Amendment No. 12 as filed on July 22, 2004 (File Nos.
333-70384 and 811-08401).                               

ll.         Specimen of 3 Year Withdrawal Charge Schedule Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
 No. 12 as filed on July 22, 2004 (File Nos. 333-70384 and
811-08401).                                             

mm.         Specimen of 5 Year Withdrawal Charge Schedule Endorsement,          
          incorporated by reference to Registrant's Post-Effective Amendment
 No. 12 as filed on July 22, 2004 (File Nos. 333-70384 and
811-08401).                                             

nn.         Specimen of Highest Anniversary Value Death Benefit Endorsement,    
          incorporated by reference to Registrant's Post-Effective Amendment
 No. 12 as filed on July 22, 2004 (File Nos. 333-70384 and
811-08401).                                             

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

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

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

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

ss.         Specimen of Charitable Remainder Trust Endorsement, incoporated by  
           reference to Registrant's Pre-Effective Amendment filed on December
30, 2004 (File Nos. 333-119659 and 811-08401).          

tt.         Specimen of 5% for Life Guaranteed Minimum Withdrawal Benefit       
           Endorsement, incorporated by reference to Registrant's Registration
       Statement as filed on January 6, 2005 (File Nos. 333-121884 and
811-08401).                                             

uu.         Specimen of Guaranteed Minimum Income Benefit Endorsement,          
        incorporated by reference to Registrant's Registration Statement
      filed on October 4, 2004 (File Nos. 333-119522 and 811-08401).

vv.         Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement,      
        incorporated by reference to Registrant's Registration Statement
      filed on January 6, 2005 (File Nos. 333-121884 and 811-08401).

ww.         Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement,      
attached hereto.                                        

5.a.        Form of the Perspective II Fixed and Variable Annuity Application,  
         incorporated by reference to Registrant's Pre-Effective Amendment
 No. 1 filed via EDGAR on December 19, 2001 (333-70384 and
811-08401).                                             

b.          Form of the Perspective II Fixed and Variable Annuity Application,  
          incorporated by reference to Registrant's Post-Effective Amendment
        No. 5 filed via EDGAR on April 30, 2003 (File Nos. 333-70384 and
811-08401).                                             

c.          Form of the Perspective II Fixed and Variable Annuity Application,  
          incorporated by reference to Registrant's Post-Effective Amendment
       No. 6 filed via EDGAR on June 20, 2003 (File Nos. 333-70384 and
811-08401).                                             

d.          Form of the Perspective II Fixed and Variable Annuity Application,  
          incorporated by reference to Registrant's Post-Effective Amendment
         No. 11 filed via EDGAR on April 29, 2004 (File Nos. 333-70384 and
811-08401).                                             

e.          Form of the Perspective II Fixed and Variable Annuity Application,  
          incorporated by reference to Registrant's Post-Effective Amendment
 No. 12 as filed on July 22, 2004 (File Nos. 333-70384 and
811-08401).                                             

g.          Form of the Perspective II Fixed and Variable Annuity Application,  
attached hereto.                                        

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

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

7.a.        Variable Annuity GMIB Reinsurance Agreement, incorporated by        
            reference to the Registrant's Post-Effective Amendment No. 12, filed
 on December 15, 2004 (File Nos. 333-37175 and 811-08401).

b.          Variable Annuity GMIB Reinsurance Agreement, incorporated by        
          reference to Registrant's Post-Effective Amendment No. 13 as filed
  on September 17, 2004 (File Nos. 333-70384 and 811-08401).

8.          Not Applicable                                                      

9.          Opinion and Consent of Counsel, attached hereto.                    

10.         Consent of Independent Accountants [TO BE FILED BY AMENDMENT].      

11.         Not Applicable                                                      

12.         Not Applicable                                                      

13.         Computation of Performance, incorporated by reference to the        
         Registrant's Post-Effective Amendment No. 8, filed on October 10,
2001 (File Nos. 333-37175 and 811-08401).               

13.a.       Computation of Performance, incorporated by reference to            
      Registrant's Post-Effective Amendment No. 1 filed via EDGAR on
May 17, 2002 (File Nos. 333-70384 and 811-08401).       

Item 25. Directors and Officers of the Depositor                                

Name and Principal                 Positions and Offices      
Business Address                   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                                    

Joanne P. McCallie                 Director                   
1 Birch Road                                                  
110 Berkowitz                                                 
East Lansing, MI 48824                                        

   Herbert G. May III                 Chief Administrative Officer &
275 Grove St Building 2            Director                   
4th floor                                                     
Auburndale, MA 02466                                          

Richard D. Ash                     Vice President -           
1 Corporate Way                    Actuary & Appointed Actuary
Lansing, MI 48951                                             

John B. Banez                      Vice President -           
1 Corporate Way                    Systems and Programming    
Lansing, MI 48951                                             

James Binder                       Vice President -           
   1 Corporate Way                    Finance and Corporate Strategy
Lansing, MI 48951                                             

John H. Brown                      Vice President - Government
1 Corporate Way                    Relations & Director       
Lansing, MI 48951                                             

Joseph Mark Clark                  Vice President -           
1 Corporate Way                    Policy Administration      
Lansing, MI 48951                                             

      Marianne Clone                     Vice President - Administration -
       1 Corporate Way                    Customer Service Center & Director
Lansing, MI 48951                                             

James B. Croom                     Vice President &           
1 Corporate Way                    Deputy General Counsel     
Lansing, MI 48951                                             

Gerald W. Decius                   Vice President -           
    1 Corporate Way                    Systems Application Coordinator
Lansing, MI 48951                                             

  Lisa C. Drake                      Senior Vice President - Chief
1 Corporate Way                    Actuary                    
Lansing, MI 48951                                             

Robert A. Fritts                   Senior Vice President &    
1 Corporate Way                    Controller - Financial     
Lansing, MI 48951                  Operations                 

James D. Garrison                  Vice President - Tax       
1 Corporate Way                                               
Lansing, MI 48951                                             

    Julia A. Goatley                   Vice President, Senior Counsel,
   1 Corporate Way                    Assistant Secretary & Director
Lansing, MI 48951                                             

         James Golembiewski                 Vice President & Chief of Compliance
  1 Corporate Way                    for Separate Accounts, Senior
  Lansing, MI 48951                  Counsel & Assistant Secretary

Andrew B. Hopping                  Executive Vice President,  
1 Corporate Way                    Chief Financial Officer,   
      Lansing, MI 48951                  Treasurer & Chairman of the Board

  Stephen A. Hrapkiewicz, Jr.        Senior Vice President - Human
1 Corporate Way                    Resources                  
Lansing, MI 48951                                             

Clifford J. Jack                   Executive Vice President & 
8055 E. Tufts Avenue               Chief Distribution Officer 
Suite 1000                                                    
Denver, CO 80237                                              

   Cheryl L. Johns                    Vice President - Life Division
1 Corporate Way                                               
Lansing, MI 48951                                             

Timo P. Kokko                      Vice President - Support   
1 Corporate Way                    Services                   
Lansing, MI 48951                                             

  Everett W. Kunzelman               Vice President - Underwriting
1 Corporate Way                                               
Lansing, MI 48951                                             

       Clark P. Manning                   President, Chief Executive Officer
1 Corporate Way                    & Director                 
Lansing, MI 48951                                             

Thomas J. Meyer                    Senior Vice President,     
1 Corporate Way                    General Counsel &          
Lansing, MI 48951                  Secretary                  

Keith R. Moore                     Vice President - Technology
1 Corporate Way                                               
Lansing, MI 48951                                             

   P. Chad Myers                      Senior Vice President - Asset/
1 Corporate Way                    Liability Management       
Lansing, MI 48951                                             

J. George Napoles                  Executive Vice President & 
1 Corporate Way                    Chief Information Officer  
Lansing, MI 48951                                             

Mark D. Nerud                      Vice President - Fund      
225 W. Wacker Drive                Accounting & Administration
Suite 1200                                                    
Chicago, IL 60606                                             

Russell E. Peck                    Vice President - Financial 
1 Corporate Way                    Operations & Director      
Lansing, MI 48951                                             

   Bradley J. Powell                  Vice President - Institutional
210 Interstate North Parkway       Marketing Group            
Suite 401                                                     
Atlanta, GA 30339-2120                                        

  Laura L. Prieskorn                 Vice President - Model Office
1 Corporate Way                                               
Lansing, MI 48951                                             

James B. Quinn                     Vice President - Broker    
1 Corporate Way                    Management                 
Lansing, MI 48951                                             

James R. Sopha                     Executive Vice President - 
1 Corporate Way                    Corporate Development      
Lansing, MI 48951                                             

Robert M. Tucker, Jr.              Vice President - Regional  
1 Corporate Way                    Information Technology     
Lansing, MI 48951                                             

Michael A. Wells                   Chief Operating Officer    
401 Wilshire Boulevard             & Director                 
Suite 1200                                                    
Santa Monica, CA 90401                                        

      Karen S. Weidman                   Vice President - Administration -
8055 E. Tufts Avenue               Denver Service Center      
Suite 1000                                                    
Denver, CO 80237                                              

                                                        [Enlarge/Download Table]


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

           Company             State of Organization          Control/Ownership           Business Principal        

                                                                                                                    
120 Orion, LLC                  South Carolina               100% Jackson National Life   Real Estate               
                                                             Insurance Company                                      

Alaiedon, LLC                   Michigan                     100% Hermitage                                         
                                                             Management LLC                                         

Alcona Funding LLC              Delaware                     100% Jackson National Life   Investment Related        
                                                             Insurance Company            Company                   

BH Clearing, LLC                Michigan                     100% Jackson National Life   Broker/Dealer             
                                                             Insurance Company                                      

Berrien Funding LLC             Delaware                     100% Jackson National Life   Investment Related        
                                                             Insurance Company            Company                   

Brooke Finance Corporation      Delaware                     100% Brooke Holdings, Inc.   Finance Company           

Brooke Holdings, Inc.           Delaware                     100% Brooke Holdings (UK)    Holding Company Activities
                                                             Limited                                                

Brooke Holdings (UK) Limited    United Kingdom               100% Holborn Delaware        Holding Company Activities
                                                             Corporation                                            

Brooke Investment, Inc.         Delaware                     100% Brooke Holdings, Inc.   Investment Related Company

Brooke Life Insurance Company   Michigan                     100% Brooke Holdings, Inc.   Life Insurance            

Brooke (Jersey) Limited         United Kingdom               100% Prudential One Limited  Holding Company Activities

Calhoun Funding LLC             Delaware                     100% Jackson National Life   Investment Related        
                                                             Insurance Company            Company                   

Crescent Telephone              Delaware                     100% Jackson National Life   Telecommunications        
                                                             Insurance Company                                      

Curian Capital, LLC             Michigan                     100% Jackson National Life   Registered Investment     
                                                             Insurance Company            Advisor                   

Equestrian Pointe Investors,    Illinois                     100% Jackson National Life   Real Estate               
L.L.C.                                                       Insurance Company                                      

Forty Partners #1, L.C.         Missouri                     100% Jackson National Life   Real Estate               
                                                             Insurance Company                                      

GCI Holding Corporation         Delaware                     70% Jackson National Life    Holding Company Activities
                                                             Insurance Company                                      

GS28 Limited                    United Kingdom               100% Brooke Holdings (UK)    Holding Company Activities
                                                             Limited                                                

Hermitage Management, LLC       Michigan                     100% Jackson National Life   Advertising Agency        
                                                             Company Insurance                                      

Holborn Delaware Corporation    Delaware                     100% Prudential Four         Holding Company Activities
                                                             Limited                                                

Holliston Mills                 Delaware                     70% Jackson National Life    Textile Mfg.              
                                                             Insurance Company                                      

Industrial Coatings Group       Delaware                     70% Jackson National Life    Textile Mfg.              
                                                             Insurance Company                                      

IFC Holdings, Inc.              Delaware                     100% National Planning       Broker/Dealer             
                                                             Holdings Inc.                                          

Investment Centers of America   Delaware                     100% IFC Holdings, Inc.      Broker/Dealer             

JNL Investors Series Trust      Massachusetts                100% Jackson National        Investment Company        
                                                             Life Insurance Company                                 

Jackson National Asset          Michigan                     100% Jackson National Life   Investment Adviser and    
Management, LLC                                              Insurance Company            Transfer Agent            

Jackson National Life           Bermuda                      100% Jackson National        Life Insurance            
(Bermuda) Ltd.                                               Life Insurance Company                                 

Jackson National Life           Delaware                     100% Jackson National Life   Advertising/Marketing     
Distributors, Inc.                                           Insurance Company            Corporation and           
                                                                                          Broker/Dealer             

Jackson National Life           New York                     100% Jackson National Life   Life Insurance            
Insurance Company of New York                                Insurance Company                                      

JNLI LLC                        Delaware                     100% Jackson National Life   Tuscany Notes             
                                                             Insurance Company                                      

JNL Securities, LLC             Michigan                     100% Curian Capital, LLC     Broker/Dealer and         
                                                                                          Insurance Agency          

JNL Series Trust                Massachusetts                Common Law Trust with        Investment Company        
                                                             contractual association                                
                                                             with Jackson National Life                             
                                                             Insurance Company of New                               
                                                             York                                                   

JNL Southeast Agency LLC        Michigan                     100% Jackson National Life   Insurance Agency          
                                                             Insurance Company                                      

JNL Variable Fund LLC           Delaware                     100% Jackson National        Investment Company        
                                                             Separate Account - I                                   

JNL Variable Fund III LLC       Delaware                     100% Jackson National        Investment Company        
                                                             Separate Account III                                   

JNL Variable Fund IV LLC        Delaware                     100% Jackson National        Investment Company        
                                                             Separate Account IV                                    

JNL Variable Fund V LLC         Delaware                     100% Jackson National        Investment Company        
                                                             Separate Account V                                     

JNLNY Variable Fund I LLC       Delaware                     100% JNLNY Separate          Investment Company        
                                                             Account I                                              

JNLNY Variable Fund II LLC      Delaware                     100% JNLNY Separate          Investment Company        
                                                             Account II                                             

LePages Management Company, LP  Delaware                     50% LePages MC, LLC                                    

LePages MC, LLC                 Delaware                     100% PPM Management, Inc.                              

Meadows NRH Associates, L.P.    Texas                        100% Meadows NRH, Inc.       Real Estate               

Meadows NRH, Inc.               Texas                        100% Jackson National Life   Real Estate               
                                                             Insurance Company                                      

National Planning Corporation   Delaware                     100% National Planning       Broker/Dealer and         
                                                             Holdings, Inc.               Investment Adviser        

National Planning Holdings,     Delaware                     100% Brooke Holdings, Inc.   Holding Company Activities
Inc.                                                                                                                

Piedmont Funding LLC            Delaware                     100% Jackson National Life   Investment Related        
                                                             Insurance Company            Company                   

PPM Holdings, Inc.              Delaware                     100% Brooke Holdings, Inc.   Holding Company Activities

Prudential plc                  United Kingdom               Publicly Traded              Financial Institution     

Prudential One Limited          United Kingdom               100% Prudential plc          Holding Company Activities

Prudential Two Limited          United Kingdom               100% Prudential One Limited  Holding Company Activities

Prudential Three Limited        United Kingdom               100% Prudential One Limited  Holding Company Activities

Prudential Four Limited         United Kingdom               80% Prudential One Limited,  Holding Company Activities
                                                             10% Prudential Two Limited,                            
                                                             10% Prudential Three                                   
                                                             Limited                                                

SII Investments, Inc.           Wisconsin                    100% National Planning       Broker/Dealer             
                                                             Holdings, Inc.                                         


Item 27. Number of Contract Owners as of December 31, 2004                      

Qualified - 2,961                                         
Non-qualified - 3,009                                     

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, Inc. acts as general distributor 
           for the JNLNY Separate Account I. Jackson National Life Distributors,
    Inc. also acts as general distributor for the Jackson National
          Separate Account - I, the Jackson National Separate Account III, the
         Jackson National Separate Account V, and the JNLNY Separate Account
II.                                                       

(b) Directors and Officers of Jackson National Life Distributors, Inc.:         

Name and Business Address          Positions and Offices with Underwriter       

Michael A. Wells                   Director                                     
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, CA 90401                                                          

Andrew B. Hopping                  Director and Chief Financial Officer         
1 Corporate Way                                                                 
Lansing, MI 48951                                                               

Clifford J. Jack                   President and Chief Executive Officer        
8055 E. Tufts Avenue                                                            
Suite 1000                                                                      
Denver, CO 80237                                                                

Nikhil Advani                      Vice President - Product Management          
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Stephen M. Ash                     Vice President - Finance                     
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Michael Bell                       Senior Vice President and Chief Legal Officer
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Kristen (West) Billows             Vice President - Fixed & Indexed Annuities   
8055 E. Tufts Avenue               Marketing Strategy                           
Suite 1100                                                                      
Denver, CO 80237                                                                

William Britt                      Vice President - Print and Distribution      
8055 E. Tufts Avenue               Services                                     
Suite 1100                                                                      
Denver, CO 80237                                                                

Tori Bullen                        Vice President - Institutional Marketing     
210 Interstate North Parkway       Group                                        
Suite 401                                                                       
Atlanta, GA 30339-2120                                                          

Greg Cicotte                       Executive Vice President, National Sales     
8055 E. Tufts Avenue               Manager                                      
Suite 1100                                                                      
Denver, CO 80237                                                                

Maura Collins                      Vice President - Regulatory Accounting and   
8055 E. Tufts Avenue               Special Projects                             
Suite 1100                                                                      
Denver, CO 80237                                                                

Anthony L. Dowling                 Assistant Vice President and                 
8055 E. Tufts Avenue               Chief Compliance Officer                     
Suite 1100                                                                      
Denver, CO 80237                                                                

Steve Goldberg                     Vice President - Guaranteed Product          
8055 E. Tufts Avenue               Development                                  
Suite 1100                                                                      
Denver, CO 80237                                                                

Julia A. Goatley                   Assistant Secretary                          
1 Corporate Way                                                                 
Lansing, MI 48951                                                               

Luis Gomez                         Vice President - Creative Services           
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Thomas Hurley                      Vice President - Market Research and Analysis
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Steve Kluever                      Vice President - Variable Product            
8055 E. Tufts Avenue               Development                                  
Suite 1100                                                                      
Denver, CO 80237                                                                

David R. Lilien                    Senior Vice President - National Sales       
8055 E. Tufts Avenue               Development                                  
Suite 1100                                                                      
Denver, CO 80237                                                                

James Livingston                   Executive Vice President - Operations        
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Susan McClure                      Vice President - Business Development and    
8055 E. Tufts Avenue               Chief of Staff                               
Suite 1100                                                                      
Denver, CO 80237                                                                

James McCorkle                     Vice President of National Accounts          
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Jack Mishler                       Vice President - Marketing Strategy,         
8055 E. Tufts Avenue               Variable Annuities                           
Suite 1100                                                                      
Denver, CO 80237                                                                

Thomas J. Meyer                    Secretary                                    
1 Corporate Way                                                                 
Lansing, MI 48951                                                               

Michael Nicola                     Senior Vice President - Strategic            
8055 E. Tufts Avenue               Relationships                                
Suite 1100                                                                      
Denver, CO 80237                                                                

Bradley J. Powell                  Executive Vice President                     
210 Interstate North Parkway                                                    
Suite 401                                                                       
Atlanta, GA 30339-2120                                                          

Peter Radloff                      Vice President - Advanced Markets            
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Gregory B. Salsbury                Executive Vice President                     
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Greg Smith                         Senior Vice President - Project Management/  
8055 E. Tufts Avenue               Business Solutions                           
Suite 1100                                                                      
Denver, CO 80237                                                                

David Sprague                      Senior Vice President - Marketing Strategy   
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Daniel Starishevsky                Senior Vice President - Marketing            
8055 E. Tufts Avenue               Communications                               
Suite 1100                                                                      
Denver, CO 80237                                                                

Doug Townsend                      Vice President, Controller and FinOp         
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Ray Trueblood                      Vice President - Life Insurance Marketing    
8055 E. Tufts Avenue               Strategy                                     
Suite 1100                                                                      
Denver, CO 80237                                                                

Bruce Wing                         Senior Vice President and National Director  
8055 E. Tufts Avenue               of Life Sales                                
Suite 1100                                                                      
Denver, CO 80237                                                                

Phil Wright                        Vice President - Copywriting Services        
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

                                                        [Enlarge/Download Table]

                                                                                         

(c)                                                                                      

                       NEW UNDERWRITING  COMPENSATION ON                                 
NAME OF PRINCIPAL       DISCOUNTS AND      REDEMPTION       BROKERAGE                    
UNDERWRITER             COMMISSIONS      OR ANNUITIZATION  COMMISSIONS     COMPENSATION  
-----------             -----------         -----------    -----------     -----------   

Jackson National Life                                                                    
Distributors, Inc.      Not Applicable   Not Applicable    Not Applicable  Not Applicable


Item 30. Location of Accounts and Records                                       

Jackson National Life Insurance Company of New York       
2900 Westchester Avenue                                   
Purchase, NY 10577                                        

Jackson National Life Insurance Company of New York       
Annuity Service Center                                    
8055 East Tufts Ave., Second Floor                        
Denver, CO 80237                                          

Jackson National Life Insurance Company of New York       
Institutional Marketing Group Service Center              
1 Corporate Way                                           
Lansing, MI 48951                                         

Jackson National Life Insurance Company of New York       
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 IRC Section 403(b)(11).                    

485APOS 25th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 25th
SIGNATURES

     As required by the Securities Act of 1933 and the Investment Company Act of
1940, the Registrant  certifies that it meets the requirements of Securities Act
Rule 485(b) for  effectiveness of this  Post-Effective  Amendment and has caused
this  Post-Effective  Amendment  to be  signed  on its  behalf,  in the  City of
Lansing, and State of Michigan, on this 14th day of February, 2005.             

JNLNY Separate Account I                                                        
(Registrant)                                                                    

By: Jackson National Life Insurance Company of New York                         

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

Jackson National Life Insurance Company of New York (Depositor)                 

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

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

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Clark P. Manning                                      Date                      
President and Chief Executive Officer                                           

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Andrew B. Hopping                                     Date                      
Executive Vice President,                                                       
Chief Financial Officer,                                                        
and Director                                                                    

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Herbert G. May III                                    Date                      
Chief Administrative Officer and Director                                       

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Bradley J. Powell                                     Date                      
Vice President - IMG and Director                                               

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Thomas J. Meyer                                       Date                      
Senior Vice President, General Counsel                                          
and Director                                                                    

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
John J. Brown                                         Date                      
Vice President - Government                                                     
Relations and Director                                                          

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Marianne Clone                                        Date                      
Vice President - Administration -                                               
Customer Service Center and                                                     
Director                                                                        

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Julia A. Goatley                                      Date                      
Vice President, Senior Counsel,                                                 
Assisstant Secretary and Director                                               

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Russell E. Peck                                       Date                      
Vice President - Financial                                                      
Operations and Director                                                         

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Donald B. Henderson, Jr.                              Date                      
Director                                                                        

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
David C. Porteous                                     Date                      
Director                                                                        

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Donald T. DeCarlo                                     Date                      
Director                                                                        

/S/ THOMAS J. MEYER*                                  February 14, 2005         
----------------------------                          ---------------           
Joanne P. McCallie                                    Date                      
Director                                                                        

* Thomas J. Meyer, Attorney In Fact                                             

485APOS 26th “Page” of 27 TOC 1st Previous Next ↓Bottom Just 26th
 POWER OF ATTORNEY

   KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as a
director and/or officer of JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK  
(the Depositor), a New York corporation, hereby appoints Andrew B. Hopping,     
Thomas J. Meyer and Clark P. Manning (with full power to each of them to act    
alone) his attorney-in-fact and agent, each with full power of substitution and 
resubstitution, for and in his name, place and stead, in any and all capacities,
to execute, deliver and file in the names of the undersigned, any of the        
documents referred to below relating to the registration statement on Form N-4, 
under the Investment Company Act of 1940, as amended, and under the Securities  
Act of 1933, as amended, covering the registration of a Variable Annuity        
Contract issued by JNLNY Separate Account I (the Registrant), including the     
initial registration statements, any amendment or amendments thereto, with all  
exhibits and any and all documents required to be filed with respect thereto    
with any regulatory authority. Each of the undersigned grants to each of said   
attorney-in-fact and agent, full authority to do every act necessary to be done 
in order to effectuate the same as fully, to all intents and purposes as he     
could do in person, thereby ratifying all that said attorney-in-fact and agent, 
may lawfully do or cause to be done by virtue hereof.                           

     This Power of Attorney may be executed in one or more counterparts,
each of which shall be deemed to be an original, and all of which shall be      
deemed to be a single document.                                                 

     IN WITNESS WHEREOF, each of the undersigned director and/or officer
hereby executes this Power of Attorney as of the 3rd day of January, 2005.      

/s/ Clark P. Manning                                                            
----------------------------------------------                                  
Clark P. Manning                                                                
President and Chief Executive Officer                                           

/s/ Andrew B. Hopping                                                           
----------------------------------------------                                  
Andrew B. Hopping                                                               
Executive Vice President, Chief Financial Officer                               
and Director                                                                    

/s/ Bradley J. Powell                                                           
----------------------------------------------                                  
Bradley J. Powell                                                               
Vice President - IMG and Director                                               

/s/ Herbert G. May III                                                          
----------------------------------------------                                  
Herbert G. May III                                                              
Chief Administrative Officer and Director                                       

/s/ Thomas J. Meyer                                                             
----------------------------------------------                                  
Thomas J. Meyer                                                                 
Senior Vice President, General Counsel and Director                             

/s/ John H. Brown                                                               
----------------------------------------------                                  
John H. Brown                                                                   
Vice President - Government Relations and Director                              

/s/ Marianne Clone                                                              
----------------------------------------------                                  
Marianne Clone                                                                  
Vice President - Administration - Customer Service                              
Center and Director                                                             

/s/ Julia A. Goatley                                                            
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Julia A. Goatley                                                                
Vice President, Senior Counsel, Assistant Secretary                             
and Director                                                                    

/s/ Russell E. Peck                                                             
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Russell E. Peck                                                                 
Vice President - Financial Operations and Director                              

/s/ Donald B. Henderson, Jr.                                                    
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Donald B. Henderson, Jr.                                                        
Director                                                                        

/s/ David L. Porteous                                                           
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David L. Porteous                                                               
Director                                                                        

/s/ Donald T. DeCarlo                                                           
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Donald T. DeCarlo                                                               
Director                                                                        

/s/ Joanne P. McCallie                                                          
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Joanne P. McCallie                                                              
Director                                                                        

485APOS Last “Page” of 27 TOC 1st Previous Next ↓Bottom Just 27th
EXHIBIT LIST

Exhibit No.     Description                                                     

4.ww.           Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement,  
attached hereto as EX-4.ww.                     

5.g.            Form of the Perspective II Fixed and Variable Annuity           
Application, attached hereto as EX-5.g.         

9.              Opinion and Consent of Counsel, attached hereto as EX-9.

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘485APOS’ Filing	Date	First	Last	Other Filings

	5/2/05	2	21	485BPOS
Filed on:	2/14/05	1	25	485APOS, 497J
	1/6/05	24		N-4
	12/31/04	24		24F-2NT, NSAR-U
	12/30/04	24		N-4/A
	12/15/04	24
	10/4/04	9	24	485BPOS, 497, N-4
	10/3/04	8	10
	9/17/04	24		485BPOS
	8/19/04	24		N-4
	7/22/04	24		485APOS
	5/3/04	10
	5/2/04	9	10
	4/29/04	24		485BPOS
	12/31/03	24		24F-2NT, NSAR-U
	12/15/03	9		485BPOS
	9/23/03	10		497
	9/22/03	8	10	485BPOS
	9/21/03	10
	7/14/03	10		497
	6/20/03	24		485APOS, 485BPOS, AW
	4/30/03	24		485BPOS
	3/18/03	10		497
	12/31/02	24		24F-2NT, 497, NSAR-U
	11/1/02	24		485APOS
	5/20/02	24		485APOS
	5/17/02	24		485BPOS
	12/31/01	24		24F-2NT, NSAR-U
	12/19/01	24		N-4/A
	10/10/01	24		485BPOS
	9/28/01	24		N-4
	11/22/99	22
	6/30/98	24
	10/3/97	24		N-4 EL, N-8A
	9/19/97	24
	9/12/97	9
				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    3:6.1M
 4/27/23  Jnlny Separate Account I          485BPOS     5/01/23    3:5.9M
 4/21/22  Jnlny Separate Account I          485BPOS     4/25/22    3:6M
 4/22/21  Jnlny Separate Account I          485BPOS     4/26/21    3:27M

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Filing Submission 0000933691-05-000041 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Jnlny Separate Account I, et al. – ‘485APOS’ on 2/14/05

On: Monday, 2/14/05, at 5:18pm ET · Accession #: 933691-5-41 · File #s: 333-70384, 811-08401

Post-Effective AmendmentFiling Table of Contents

485APOS — A FilingDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

4 Subsequent Filings that Reference this Filing

Post-Effective Amendment
Filing Table of Contents

485APOS — A Filing
Document Table of Contents