0000101686-11-000034.txt : 20110517 0000101686-11-000034.hdr.sgml : 20110517 20110517131636 ACCESSION NUMBER: 0000101686-11-000034 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20110517 DATE AS OF CHANGE: 20110517 EFFECTIVENESS DATE: 20110517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: USL SEPARATE ACCOUNT USL VL-R CENTRAL INDEX KEY: 0000101686 IRS NUMBER: 135459480 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-79471 FILM NUMBER: 11850749 BUSINESS ADDRESS: STREET 1: ONE WORLD FINANCIAL CENTER STREET 2: 200 LIBERTY STREET CITY: NEW YORK STATE: NY ZIP: 10281 BUSINESS PHONE: 800-874-8743 MAIL ADDRESS: STREET 1: ONE WORLD FINANCIAL CENTER STREET 2: 200 LIBERTY STREET CITY: NEW YORK STATE: NY ZIP: 10281 0000101686 S000000577 USL SEPARATE ACCOUNT USL VL-R C000008727 USL Platinum Investor VUL (333-79471 Form N-6) Policy No. 97600N 497 1 supp51711.txt PROSPECTUS SUPPLEMENT THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK SEPARATE ACCOUNT USL VL-R SEPARATE ACCOUNT USL B VARIABLE UNIVERSAL LIFE INSURANCE POLICIES SEPARATE ACCOUNT USL VA-R SEPARATE ACCOUNT USL A VARIABLE ANNUITY CONTRACTS SUPPLEMENT DATED MAY 17, 2011 TO PROSPECTUSES, AS AMENDED The United States Life Insurance Company in the City of New York ("USL") is amending its variable universal life insurance Policy prospectuses and variable annuity Contract prospectuses (collectively, the "prospectuses") for the sole purpose of replacing information in the "General Information" section of the prospectuses. The following paragraphs replace information under the subheading "The United States Life Insurance Company in the City of New York" in the "General Information" section of the prospectuses: On September 22, 2008, American International Group, Inc. ("AIG") entered into a revolving credit facility ("FRBNY Credit Facility") with the Federal Reserve Bank of New York ("NY Fed"). In connection with the FRBNY Credit Facility, on March 4, 2009, AIG issued its Series C Perpetual, Convertible, Participating Preferred Stock (the "Series C Preferred Stock") to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury (the "Trust"). The Series C shares were entitled to approximately 77.8% of the voting power of AIG's outstanding stock. On January 14, 2011, AIG completed a series of previously announced integrated transactions (the "Recapitalization") to recapitalize AIG. In the Recapitalization, AIG repaid the Federal Reserve Bank of New York ("NY Fed") approximately $21 billion in cash, representing all amounts owing under the FRBNY Credit Facility and the facility was terminated. Also as part of the Recapitalization, (i) the Series C Preferred Stock was exchanged for shares of AIG Common Stock and subsequently transferred to the U.S. Department of the Treasury (the "Treasury Department") and the Trust, which had previously held all shares of the Series C Preferred Stock, was terminated, (ii) AIG's Series E Preferred Shares and Series F Preferred Shares were exchanged for shares of AIG Common Stock and a new Series G Preferred Shares (which functions as a $2 billion commitment to provide funding that AIG will have the discretion and option to use). As a result of the Recapitalization, the Treasury Department is a majority shareholder of AIG Common Stock. These transactions do not alter USL's obligations to you. It is expected that over time the Treasury Department will sell its shares of the AIG Common Stock on the open market. More information about AIG may be found in the regulatory filings AIG files from time to time with the U.S. Securities and Exchange Commission at www.sec.gov.