REINSURANCE AGREEMENT (SWISS Re)

EXHIBIT 7

AUTOMATIC REINSURANCE AGREEMENT

Between

TRANSAMERICA LIFE INSURANCE COMPANY OF NEW YORK

(formerly known as FIRST TRANSAMERICA LIFE INSURANCE COMPANY)

New York, New York

And

SWISS RE LIFE & HEALTH AMERICA INC.

(formerly known as SWISS RE LIFE COMPANY AMERICA)

New York, New York

This Agreement will be referred to as Agreement No. SA711-98

AUTOMATIC REINSURANCE AGREEMENT

Contents


ARTICLE I		Scope of Agreement

ARTICLE II		Commencement & Termination of Liability

ARTICLE III		Oversights - Clerical Errors

ARTICLE IV		Mortality Net Amount At Risk

ARTICLE V		Reinsurance Premiums

ARTICLE VI		Experience Refund

ARTICLE VII		Reinsurance Administration

ARTICLE VIII		Settlement of Claims

ARTICLE IX		Tax Credits

ARTICLE X		Regulatory Compliance

ARTICLE XI		Inspection of Records

ARTICLE XII		Insolvency

ARTICLE XIII		Arbitration

ARTICLE XIV		Rights of Offsetting Balances Due

ARTICLE XV		Contract and Program Changes

ARTICLE XVI		Federal Taxes

ARTICLE XVII		Parties to Agreement

ARTICLE XVIII		Entire Agreement

ARTICLE XIX		Confidentiality

ARTICLE XX		Duration of Agreement

ARTICLE XXI		Severability

Signature Page

EXHIBIT A -		Variable Annuities Covered Under This Agreement

EXHIBIT B -		Sub-Account Portfolios

EXHIBIT C -		Experience Refund and Loss Carryforward Definitions and Formulae

AUTOMATIC REINSURANCE AGREEMENT

THIS AGREEMENT between the TRANSAMERICA LIFE INSURANCE COMPANY OF NEW YORK, a corporation organized under the laws of the State of New York, hereinafter referred to as the “Company”, and SWISS RE LIFE & HEALTH AMERICA INC., a corporation organized under the laws of the State of New York, hereinafter referred to as “Swiss Re Life & Health”, WITNESSETH AS FOLLOWS:

ARTICLE I

Scope of Agreement

1. On and after the 1st day of March, 1996, the Company shall automatically reinsure with Swiss Re Life & Health, and Swiss Re Life & Health shall automatically accept, a 100% quota share of the mortality net amount at risk, as defined in Article IV, generated prior to annuitization or complete surrender by the contract owner, by the Guaranteed Minimum Death Benefit provisions within the variable annuity contracts issued by the Company as set forth in Exhibit A.

2. Swiss Re Life & Health’s maximum liability on any one life reinsured hereunder shall be Five Million Dollars ($5,000,000), multiplied by the quota share percentage reinsured by Swiss Re Life & Health specified in paragraph 1 of this Article, and calculated as specified in Article IV of this Agreement.

3. This Agreement covers only the Company’s liability for claims paid under variable annuity contracts written on the contract forms specified in Exhibit A and supported by sub-accounts that were reviewed by Swiss Re Life & Health prior to their issuance.

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ARTICLE II

Commencement & Termination of Liability

1. On reinsurance ceded under the terms of this Agreement, the liability of Swiss Re Life & Health shall commence simultaneously with that of the Company, and shall terminate upon the earliest of annuitization, surrender or termination in accordance with Article XX.

2. Swiss Re Life & Health shall be liable to reimburse claims on only those deaths where the date of death is on or after March 1, 1996, in accordance with Article VIII.

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ARTICLE III

Oversights - Clerical Errors

1. Should either the Company or Swiss Re Life & Health fail to comply with any of the terms of this Agreement, and if this is shown to be unintentional and the result of a misunderstanding, oversight or clerical error on the part of either the Company or Swiss Re Life & Health, then this Agreement shall not be deemed abrogated thereby, but both companies shall be restored to the position they would have occupied had no such oversight, misunderstanding, or clerical error occurred. Such conditions are to be reported and corrected promptly after discovery.

2. If the Company or Swiss Re Life & Health discovers that the Company did not cede reinsurance on a contract it should have reinsured under this Agreement, the Company may be required to audit its records, at the request of Swiss Re Life & Health, to determine if reinsurance was unreported on any other contracts. The Company is expected to take the necessary actions to ensure that similar oversights do not recur. If Swiss Re Life & Health receives no evidence that the Company has taken action to remedy such a situation, Swiss Re Life & Health reserves the right to limit its liability to reported contracts only.

3. Any negligent or deliberate acts or omissions by the Company regarding the insurance or reinsurance provided are the responsibility of the Company and its liability insurer, if any, but not that of Swiss Re Life & Health.

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ARTICLE IV

Mortality Net Amount At Risk

1. The mortality net amount at risk for each variable annuity contract reinsured hereunder shall be calculated as of the last day of each calendar month and shall be equal to the difference between the death benefit and the cash surrender value of the annuity. The reinsured mortality net amount at risk shall not be less than zero and shall not be greater than the product of Five Million Dollars ($5,000,000) per life and the quota share percentage set forth in Article I. The death benefit and the contract value will be as described in the variable annuity contract forms specified in Exhibit A.

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ARTICLE V

Reinsurance Premiums


1.	(a)	The initial reinsurance premium shall be calculated monthly and shall be equal to the minimum premium, specified in paragraph 1(b), below. Subsequent reinsurance premiums shall be equal to 150% of the prior calendar month’s death claim reimbursement, subject to the minimum and maximum monthly premiums stated in 1(b) and 1(c), below.

	(b)	The minimum annualized premium rate shall be equal to 15 basis points. The minimum monthly premium rate shall be equal to the annualized premium rate divided by 12 (1.2500 basis points).

		The minimum monthly premium shall be equal to the product of the minimum monthly premium rate and Swiss Re Life & Health’s quota share percentage of all average aggregate account values over each calendar month of all variable annuities reinsured hereunder.

	(c)	The maximum annualized premium rate shall be equal to 27.50 basis points. The maximum monthly premium rate shall be equal to the annualized premium rate divided by 12 (2.2917 basis points).

		The maximum monthly premium shall be equal to the product of the maximum monthly premium rate and Swiss Re Life & Health’s quota share percentage of all average aggregate account values over each calendar month of all variable annuities reinsured hereunder.

2. Swiss Re Life & Health reserves the right to charge interest on premiums not remitted in accordance with the schedule set forth in Article VII. The interest rate payable by the Company to Swiss Re Life & Health for overdue premiums shall be the 90 Day Federal Government Treasury ▇▇▇▇ rate as first published in the Wall Street Journal in the month following the end of the billing period plus 50 basis points. The method of calculation shall be simple interest “Bankers’ Rule” (or 360 day year).

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3. The reinsurance premium structure described above shall remain in effect as long as the death benefit design, the contract fees, the mortality and expense charges, the administration fees, and the surrender charges in effect at the inception of this Agreement remain unchanged.

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ARTICLE VI

Experience Refund

1. Swiss Re Life & Health shall pay the Company an experience refund equal to 40% of the Adjusted Profit, as defined in Exhibit C, for all variable annuity contracts covered under this Agreement as set forth in Exhibit A. The experience refund calculation shall be pooled with and calculated together with all the variable annuity contracts covered under the Automatic Reinsurance Agreement dated July 1, 1994, between Transamerica Occidental Life Insurance Company and Swiss Re Life & Health. This referenced Agreement provides reinsurance coverage of the Guaranteed Minimum Death Benefit provisions within the Dreyfus Triple Advantage Variable Annuity contracts issued outside of the State of New York.

2. This experience refund shall be calculated monthly and settled quarterly in accordance with Article VII.

3. The experience refund provision shall terminate after this Reinsurance Agreement has been in effect for twenty (20) years.

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ARTICLE VII

Reinsurance Administration

1. Within thirty (30) days of the end of each calendar month, the Company will furnish Swiss Re Life & Health a separate electronic report for each Guaranteed Minimum Death Benefit design specified in Exhibit A, valued as of the last day of that month. Each report will indicate for all inforce annuities reinsured hereunder:

Annuitant’s name, sex, date of birth, issue age and social security number

Owner’s name, sex, date of birth, issue age and social security number

Contract number

Contract issue date

Contract form number

Tax status (tax-qualified vs. non-qualified)

Current contract value in total and by separate account

Cumulative net considerations

Current Minimum Guaranteed Death Benefit

Current contract death benefit

Current contract mortality risk amount

2. Additionally, within thirty (30) days of the end of each calendar month, the Company will furnish Swiss Re Life & Health with a separate seriatim termination report, indicating the following:

Termination by death, including cause of death

Termination by lapse

Termination by annuitization

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3. Additionally, within thirty (30) days of the end of each calendar month, the Company will furnish Swiss Re Life & Health a separate paper report summarizing the following data:

Reinsurance premiums due Swiss Re Life & Health

Death claim reimbursements due the Company

Total number of contracts reinsured

Total current contract value

Total cumulative net considerations

Total current Guaranteed Minimum Death Benefit

Total current death benefit

Total current mortality risk amount

4. Within 30 days of the end of each quarter, the Company will furnish Swiss Re Life & Health a separate paper report detailing the experience refund calculations as set forth in Exhibit C.

5. If the net balance is due Swiss Re Life & Health, the amount due shall be remitted with the report statement. If the net balance is due the Company, Swiss Re Life & Health shall remit the amount to the Company within ten (10) days of the receipt of the report.

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ARTICLE VIII

Settlement of Claims

1. The claims that are eligible for reimbursement are only those that the Company is required to pay on deaths that occur on or after the effective date of this Agreement.

2. In the event the Company provides satisfactory proof of claim to Swiss Re Life & Health, claim settlements made by the Company shall be unconditionally binding on Swiss Re Life & Health.

3. The death claim reimbursed by Swiss Re Life & Health shall be determined as of the date due proof of death is received at the Company’s Annuity Service office.

4. Within thirty (30) days of the end of each month, the Company shall notify Swiss Re Life & Health of the reinsured death benefits paid in that month and Swiss Re Life & Health shall reimburse the Company, as provided in Article VII, for the reinsured benefits.

5. Settlements by Swiss Re Life & Health shall be in a lump sum regardless of the mode of payment made by the Company to the beneficiary.

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ARTICLE IX

Tax Credits

1. Swiss Re Life & Health shall not reimburse the Company for state premium taxes.

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ARTICLE X

Regulatory Compliance

1. Swiss Re Life & Health agrees to comply with all regulatory directives required to permit the Company to receive statutory reserve credit for the reinsurance ceded under this Agreement.

2. The Company warrants that it has secured all necessary federal and state licenses and approvals, and that it is operating in compliance with federal investment laws and state investment and insurance laws and regulations.

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ARTICLE XI

Inspection of Records

1. Swiss Re Life & Health, or its duly appointed representatives, shall have the right at all reasonable times and for any reasonable purpose to inspect at the office of the Company all records referring to reinsurance ceded to Swiss Re Life & Health.

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ARTICLE XII

Insolvency

1. A party to this Agreement will be deemed “insolvent” when it:

(a)

Applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor (hereinafter referred to as the Authorized Representative) of its properties or assets; or

(b)

Is adjudicated as bankrupt or insolvent; or

(c)

Files or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation, or similar law or statute; or

(d)

Becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the party’s domicile.

2. In the event of the insolvency of the Company, all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by Swiss Re Life & Health directly to the Company or to its Authorized Representative on the basis of the liability of the Company under the contract or contracts reinsured without diminution because of the insolvency of the Company. It is understood, however, that in the event of the insolvency of the Company, the Authorized Representative of the insolvent Company shall give written notice of the pendency of a claim against the insolvent Company on the policy reinsured within a reasonable time after such claim is filed in the insolvency proceeding and that, during the pendency of such claim, Swiss Re Life & Health may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to the Company or to its Authorized Representative

3. It is further understood that the expense thus incurred by Swiss Re Life & Health shall be chargeable, subject to court approval, against the insolvent Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Company solely as a result of the defense undertaken by Swiss Re Life &

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Health. Where two or more assuming insurers are involved in the same claim and a majority in interest elect to interpose defense to such claim, the expense shall be apportioned in accordance with the terms of this Reinsurance Agreement as though such expense had been incurred by the Company.

4. In the event of the insolvency of Swiss Re Life & Health and the appointment of receivers therefor, the liability of Swiss Re Life & Health shall not terminate but shall continue with respect to the reinsurance ceded to Swiss Re Life & Health by the Company prior to the date of such insolvency or appointment.

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ARTICLE XIII

Arbitration

1. In the event of any difference arising hereafter between the contracting parties with reference to any transaction under this Agreement, the same shall be referred to three arbitrators who must be current or former executive officers of life insurance or life reinsurance companies other than the two parties to this Agreement or their affiliates, each of the contracting companies to appoint one of the arbitrators and such two arbitrators to select the third. If either party refuses or neglects to appoint an arbitrator within 60 days after receipt of the written request for arbitration, the other party may appoint a second arbitrator.

2. If the two arbitrators fail to agree on the selection of a third arbitrator within 60 days of their appointment, each of them shall name three individuals, of whom the other shall decline two, and the decision shall be made by drawing lots.

3. The arbitrators shall consider this Reinsurance Agreement not merely as a legal document but also as a gentlemen’s agreement. In resolving the dispute, the arbitrators will give full consideration to the customs and practices of the life insurance and life reinsurance industry, insofar as they are not in conflict with the specific terms of this Agreement. The arbitrators shall decide by a majority vote. There shall be no appeal from their written decision.

4. Unless the arbitrators decide otherwise, each party shall bear the expense of its own arbitration, including its arbitrator and outside attorney fees, and shall jointly and equally bear with the other party the expense of the third arbitrator. Any remaining costs of the arbitration proceedings shall be apportioned by the Board of Arbitrators.

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ARTICLE XIV

Right of Offsetting Balances Due

1. The Company and Swiss Re Life & Health shall have, and may exercise at any time, the right to offset any balance or balances due one party to the other, its successors or assigns, against balances due the other party under this Agreement or under any other Agreements or Contracts previously or subsequently entered into between the Company and Swiss Re Life & Health. This right of offset shall not be affected or diminished because of insolvency of either party to this Agreement.

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ARTICLE XV

Contract and Program Changes

1. The Company may amend, substitute, add or delete variable investment funds to the separate accounts supporting the annuity contract as described in the contract general provisions. No such change will be made by the Company without prior notification to Swiss Re Life & Health and without the prior approval of the Securities and Exchange Commission, if necessary. The Company agrees to maintain at all times a satisfactory selection of core investment options with characteristics similar to those listed in Exhibit B.

2. The Company shall also give Swiss Re Life & Health advance notice of any other changes to its annuity product design, its fees and charges, its distribution systems and/or methods, or the addition of any riders to any contract form reinsured hereunder.

3. Should any such change result in a material increase in the reinsured net amount at risk and/or material decrease in the reinsurance premiums due, Swiss Re Life & Health shall have the right to modify any of the terms of this Agreement.

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ARTICLE XVI

Federal Taxes

1. The Company and Swiss Re Life & Health hereby agree to the following pursuant to Section 1.848-2(g)(8) of the Income Tax Regulation issued December 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This election shall be effective as of the Effective Date of this Agreement and for all subsequent taxable years for which this Agreement remains in effect.

(a)

The term “party” will refer to either the Company or Swiss Re Life & Health, as appropriate.

(b)

The terms used in this Article are defined by reference to Regulation 1.848-2 in effect December 1992.

(c)

The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1).

(d)

Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency or as otherwise required by the Internal Revenue Service.

(e)

The Company will submit a schedule to Swiss Re Life & Health by May 1 of each year of its calculation of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Company will report such net consideration in its tax return for the preceding calendar year.

(f)

Swiss Re Life & Health may contest such calculation by providing an alternative calculation to the Company by June 1. If Swiss Re Life & Health does not so notify the Company, the Company will report the net consideration as determined by the Company in the Company’s tax return for the previous calendar year.

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(g)

If Swiss Re Life & Health contests the Company’s calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount by July 1. If the Company and Swiss Re Life & Health reach agreement on an amount of the net consideration, each party shall report such amount in their respective tax returns for the previous calendar year.

2. Swiss Re Life & Health and the Company represent and warrant that they are subject to U.S. taxation under Subchapter L of Chapter 1 of the Internal Revenue Code.

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ARTICLE XVII

Parties to Agreement

1. This Agreement is an indemnity reinsurance agreement solely between the Company and Swiss Re Life & Health. The acceptance of reinsurance hereunder shall not create any right or legal relation whatever between Swiss Re Life & Health and the annuitant, owner, beneficiary or any other party under any contracts of the Company which may be reinsured hereunder, and the Company shall be and remain solely liable to such parties under such contracts reinsured hereunder.

2. This Agreement shall be binding upon the parties hereto and their respective successors and assigns.

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ARTICLE XVIII

Confidentiality

1. All matters with respect to this Agreement require the utmost good faith of both parties. Both the Company and Swiss Re Life & Health shall hold confidential and not disclose or make competitive use of any shared proprietary information unless otherwise agreed to in writing, or unless the information otherwise becomes publicly available or the disclosure of which is required for retrocession purposes or has been mandated by law or is duly required by external auditors.

2. The restriction on use or disclosure of shared proprietary information discussed in this Article shall not be applied so as to restrict the Company from disclosing any reinsurance agreement, or treaty (or any matters relating thereto such as actuarial data, accounting records, reserve calculations, lists of policies reinsured, etc.) to persons and entities determined by the Company to be appropriate to receive such documents and information such as governmental, regulatory or taxing entities, the Company’s parent, subsidiary, or otherwise affiliated companies, Transamerica’s outside lawyers, accountants, consultants or the like.

3. In the operation of this Article, the Company will protect Swiss Re Life & Health from disclosure of its reinsurance terms to the Company’s reinsurance affiliate. Affiliated companies referenced in paragraph two of this Article excludes the Company’s reinsurance affiliate.

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ARTICLE XIX

Entire Agreement

1. This Agreement shall constitute the entire agreement between the parties with respect to business reinsured hereunder. There are no understandings between the parties other than as expressed in this Agreement and any change or modification of this Agreement shall be null and void unless made by amendment to the Agreement and signed by both parties.

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ARTICLE XX

Duration of Agreement

1. This Agreement shall be unlimited as to its duration but may be reduced or terminated as provided in this Article, below.


2.	(a)	This Agreement shall be open for new business for a minimum of five (5) years as measured from the effective date of this agreement.

	(b)	The reinsurance premium rates set forth in Article V of this Agreement, shall apply to contracts covered under this Agreement with issue dates through March 30, 1998. As of April 1, 1998, reinsurance premium rates for new business shall be renegotiated by Swiss Re Life & Health and the Company.

	(c)	Any time on or after the fifth anniversary of this Agreement and upon 180 days written notice, either the Company or Swiss Re Life & Health may either cancel this Agreement for new business unilaterally or amend the terms of reinsurance for new business by mutual agreement.

3. Any time on or after the tenth anniversary of this Agreement, the Company may, upon 90 days written notice, irrevocably elect to cancel the reinsurance in force under this Agreement, provided the loss carryforward, calculated as described in Exhibit C of this Agreement, is non-negative. Upon election, the reinsurance shall be recaptured at a constant rate by reducing the quota share percentage set forth in Article I, paragraph 1, by 2.8% per month. The reduction shall begin in the month of election and continue for 36 consecutive months. The quota share percentage will then be equal to 0% and the reinsurance ceded hereunder will be fully recaptured and this Agreement will then be terminated.


4.		(a)		Should the Company fail to pay reinsurance premiums when due, Swiss Re Life & Health may give the Company 30 days notice, after reinsurance premiums are 90 days or more in arrears, that reinsurance coverage on the affected reinsurance is suspended. The reinsurance coverage will be reinstated at the option of Swiss Re Life & Health upon

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				receipt of all the overdue premiums. However, Swiss Re Life & Health shall have no liability for claims that occur during a period of suspension. Also, suspension of reinsurance coverage shall not relieve the Company of liability for premiums due Swiss Re Life & Health.

		(b)		Swiss Re Life & Health agrees to accept estimated premiums based on reasonable assumptions made by the Company to calculate amounts due during the Company’s system upgrade. The Company agrees to make a good faith effort to upgrade its system and provide accurate account data in accordance with the provisions set forth in Article VII. A true-up of estimated premium payments will occur when data becomes available for accurate calculations.

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ARTICLE XXI

Severability

1. If any provision of this Agreement is determined to be invalid or unenforceable, such determination will not affect or impair the validity or the enforceability of the remaining provisions of this Agreement.

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IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their names to be subscribed and duly attested hereunder by their respective Authorized Officers.

TRANSAMERICA LlFE INSURANCE COMPANY OF NEW YORK

(formerly known as FIRST TRANSAMERICA LlFE INSURANCE COMPANY)


By:		Attest:
Title:	VP	Title:	VP & Division General Counsel
Date:	12/30/02	Date:	12-30-20

SWISS RE LlFE & HEALTH AMERICA INC.

(formerly known as SWISS RE LlFE COMPANY AMERICA)


By:		Attest:
Title:	VICE PRESIDENT	Title:	Second VP
Date:	11/6/02	Date:	11/6/02

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EXHIBIT A

Variable Annuities Covered Under This Agreement

I.	Contract Data

Product

Dreyfus Triple Advantage Variable Annuity Issued in New York

Guaranteed Minimum Death Benefit Endorsement Number

3-007 13-194

Prospectus Number

SSVP050197NY (number given reflects update of May 1, 1997 to change company name from First Transamerica Life lnsurance Company to Transamerica Life lnsurance Company of New York).

II.	Issue Dates Covered

Contracts issued on or after March 1, 1996

III.	GMDB Design

Annual Ratchet to Attained Age 75.

EXHIBIT B

Sub-Accounts

The Investment Portfolios within Separate Account VA-2LNY

Dreyfus Money Market

Dreyfus Managed Assets

Dreyfus Zero Coupon

Dreyfus Quality Bond

Dreyfus Small Cap

Dreyfus Capital Appreciation

Dreyfus Growth and Income

Dreyfus International Equity

Dreyfus International Value

Dreyfus Disciplined Stock

Dreyfus Small Company Stock

Dreyfus Balanced Fund

Dreyfus Limited Term High Income

Dreyfus Stock Index Fund

Dreyfus Socially Responsible Fund

EXHIBIT C

Experience Refund and Loss Carryforward

Definitions and Formulae


t	=	current month

q	=	current quarter

SAV_t	=	Sum total of Swiss Re Life & Health’s quota share percentage of account values at end of month t

Avg. AV_t	=	50% of (SAV_t-1 + SAV_t)

SGMDB_t	=	Sum total of Swiss Re Life & Health’s quota share percentage of guaranteed minimum death benefits at end of month t

Avg. GMDB_t	=	50% of (SGMDB_t-1 + SGMDB _t)

APR	=	annualized premium rate for each product combination

MPR	=	Monthly premium rate for each product combination
	=	(APR ÷12)

RP_t	=	Reinsurance premiums due at end of month t

DBR_t	=	Death benefit recoveries in month t
DBR_t	=	Sum of individual reinsured variable net risk amounts reimbursed upon death

DBR₀	=	0

MEC_t	=	Monthly expense charge for month t
MEC_t	=	(2.0 basis points ÷12) x Avg. AV_t

MEC₀	=	0

CFWD_t	=	Carryforward from month (t-1), adjusted for interest and reduced by any refund paid.
CFWD_t	=	[AdjP_t-1 x (1 + CIR_t)] - Refund_t

	Note: When t = 4, 7, 10,13 …., and Refund_t-1 > 0 then CFWD_t sets reset to zero

CFWD₁	=	0

CIR_t	=	Carryforward interest rate for month t
CIR_t	=	(Avg. 90 Day U.S. Treasury ▇▇▇▇ rate for month t + 2.0%) ÷12

EXHIBIT C, continued


AdjP_t	=	Adjusted profit for all products reinsured hereunder for month t
AdjP_t	=	RP_t -DBR_t -MEC_t + CFWD_t

AdjP₀	=	0

AdjP_q	=	Adjusted profit for quarter q
AdjP_q	=	Sum of monthly adjusted profits since last refund paid

PR_q	=	Payout ratio for quarter q
PR_q	=	1.0 if AdjP_y > 0, otherwise 0

Refund_q	=	40% of adjusted quarterly profit, provided it is positive
Refund_q	=	40% x AdjP_q x PR_q

Note 1:	Contract Values under this Agreement are to be combined with Contract Values under the Automatic Reinsurance Agreement dated July 1, 1994 that provides reinsurance coverage for the Dreyfus Triple Advantage Variable Annuity issued outside of the State of New York.

Note 2:	Upon recapture, the reinsurance reserve will be released into Adjusted Profit.

Note 3:	The Experience Refund formula shall be revised as of April 1, 1998 to include the monthly change in reserve in the calculation of Adjusted Profit.

AMENDMENT NO. I

To the Automatic Reinsurance Agreement

Between the

TRANSAMERICA LlFE INSURANCE COMPANY OF NEW YORK

And

SWISS RE LlFE & HEALTH AMERICA INC.

Except as hereinafter specified, all terms and conditions of the Automatic Reinsurance Agreement effective the 1st day of March, 1996, amendments and addenda attached thereto, shall apply, and this Amendment is to be attached to and made a part of the aforesaid Agreement.

It is mutually agreed that:

Effective the 1st day of January, 1997, Exhibit A, Variable Annuities Cover Under This Agreement, is expanded, as attached, to include policies with inforce dates prior to March 1, 1996, that have been endorsed with the Enhanced Death Benefit; and,

Effective the 1st day of April, 1998, Exhibit C, Experience Refund and Loss Carryforward Definitions and Formulae, is revised, as attached.

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EXHIBIT A

Variable Annuities Covered Under This Agreement

I.	Contract Data

Product

Dreyfus Triple Advantage Variable Annuity Issued in New York

Guaranteed Minimum Death Benefit Endorsement Number

3-007 13-194

Prospectus Number

SSVP050197NY (number given reflects update of May 1, 1997 to change company name from First Transamerica Life Insurance Company to Transamerica Life Insurance Company of New York).

II.	Issue Dates Covered

Contracts issued on or after ▇▇▇▇▇ ▇, ▇▇▇▇

▇▇▇.	Effective January 1, 1997, coverage is expanded to include policies with issue dates prior to March 1, 1996, that are endorsed with the Guaranteed Minimum Death Benefit Endorsement Form No. 3-007 13-194.

III.	GMDB Design

Annual Ratchet to Attained Age 75.

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EXHIBIT C

Experience Refund and Loss Carryforward

Definitions and Formulae


t	=	current month

q	=	current quarter

SAV_t	=	Sum total of Swiss Re Life & Health’s quota share percentage of account values at end of month t

Avg. AV_t	=	50% of (SAV _t-1 + SAV_t)

SGMDB_t	=	Sum total of Swiss Re Life & Health’s quota share percentage of guaranteed minimum death benefits at end of month t

Avg. GMDB_t	=	50% of (SGMDB_t-1 + SGMDB_t)

APR	=	annualized premium rate for each product combination

MPR	=	Monthly premium rate for each product combination
	=	(APR ÷ 12)

RP_t	=	Reinsurance premiums due at end of month t

DBR_t	=	Death benefit recoveries in month t
	=	Sum of individual reinsured variable net risk amounts reimbursed upon death

DBR₀	=	0

CHGRES_t	=	Change in reinsurance reserves for month t
	=	Res_t - Res_t-1

Res_t	=	Reserve at end of month t

MEC_t	=	Monthly expense charge for month t
	=	(2.0 basis points ÷ 12) x Avg. AV_t

MEC₀	=	0

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EXHIBIT C, continued

CFWD_t	=	Carryforward from month (t-1), adjusted for interest and reduced by any refund paid.
	=	[AdjP_t-1 x (1 + CIR_t)] - Refund_t

	Note: When t = 4, 7, 10, 13…., and Refund_t-1 > 0 then CFWD_t sets reset to zero

CFWD₁	=	0

CIR_t	=	Carryforward interest rate for month t
	=	(Avg. U.S. Treasury ▇▇▇▇ rate for month t + 2.0%) ▇ ▇▇

▇▇▇▇_▇	=	Adjusted profit for all products reinsured hereunder for month t
	=	RP_t-DBR_t-MEC_t-CHGRES_t+ CFWD_t

AdjP₀	=	0

AdjP_q	=	Adjusted profit for quarter q
	=	Sum of monthly adjusted profits since last refund paid

PR_q	=	Payout ratio for quarter q
	=	1.0 if AdjP_y > 0, otherwise 0

Refund_q	=	40% of adjusted quarterly profit, provided it is positive
	=	40% x AdjP_q x PR_q

Note 1:	Contract Values under this Agreement are to be combined with Contract Values under the Automatic Reinsurance Agreement between Transamerica Life Insurance Company of New York and Swiss Re Life & Health America Inc., dated March 1, 1996, that provides reinsurance coverage for the Dreyfus Triple Advantage Variable Annuity issued in the State of New York.

Note 2:	Upon recapture, the reinsurance reserve will be released into Adjusted Profit.

- 4 -

IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their names to be subscribed and duly attested hereunder by their respective Authorized Officers.

TRANSAMERICA LIFE INSURANCE COMPANY OF NEW YORK


By:		Attest:
Title:	VP	Title:	V.P. & Division Gen. Counsel
Date:	12/30/02	Date:	12-30-02

SWISS RE LIFE & HEALTH AMERICA INC.


By:		Attest:
Title:	VICE PRESIDENT	Title:	Second VP
Date:	11/6/02	Date:	11/6/02

- 5 -

Amendment II to Automatic Reinsurance Agreement SA711-98, effective March 1, 1996, between TRANSAMERICA LIFE INSURANCE COMPANY ▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ (“the Company”) and SWISS RE LIFE & HEALTH AMERICA INC. of Stamford, Connecticut (“the Reinsurer”).

Effective August 1, 1999, facilities for reinsurance of new business under the above specified Reinsurance Agreement are terminated.

All other provisions of the Reinsurance Agreement will continue unchanged.

Made in duplicate and hereby executed by both parties.

TRANSAMERICA LIFE INSURANCE COMPANY OF NEW YORK


By:		Attest:
Title:	VP	Title:	V.P. & Division Gen. Counsel
Date:	12/30/02	Date:	12-30-02

SWISS RE LIFE & HEALTH AMERICA INC.


By:		Attest:
Title:	VICE PRESIDENT	Title:	Second VP
Date:	11/6/02	Date:	11/6/02

REINSURANCE AGREEMENT (SWISS Re)

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