Correspondence 0001193125-23-288965 from RIVERSOURCE OF NEW YORK ACCOUNT 8 (CIK 0000817132)
RIVERSOURCE OF NEW YORK ACCOUNT 8 (CIK 0000817132)
Date: Dec. 5, 2023 · CIK: 0000817132 · Accession: 0001193125-23-288965
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File numbers found in text: 333-227507, 811-05213
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CORRESP 1 filename1.htm CORRESP December 5, 2023 Mark Cowan Senior Counsel\Disclosure Review and Accounting Office Division of Investment Management Securities and Exchange Commission 100 F Street, N.E. (Mail Stop 5-6) Washington, D.C. 20549 RE: RiverSource Life of New York Account 8 (“Registrant”) RiverSource Life Insurance Co. of NY (“Company”) Post-Effective Amendment No. 12 on Form N-6 File Nos. 333-227507 / 811-05213 RiverSource Variable Universal Life 6 Insurance Dear Mr. Cowan: On behalf of RiverSource Life Insurance Co. of NY (the “Company”), we are responding to the comments of the Securities and Exchange Commission provided to us on December 1, 2023, with regard to the Registration Statement referenced above. Along with this letter, we are filing the revised supplement, which reflects conforming edits. Comments and responses are outlined below. Comment: If changes in this supplement apply only to new investors, in the introductory paragraph, change “your current variable insurance product statutory and initial summary prospectus” to “the current variable insurance product statutory and initial summary prospectus.” Response: Revised as requested. Comment: Please clarify, under I., that the Cost of Insurance and Administrative Charges apply to policies with an application date on or after 1/13/2024 and add that all other Policy fees and charges are as stated in the Fee Table. Response: Revised as requested. Comment: If all changes are applicable to policies issued on or after 1/13/2024, the supplement should include only changes for policies issued on or after 1/13/2024 and all references to policies with application dates before 1/13/2024 removed. The supplement should be delivered just to new investors. Response: Revised as requested. 1 Comment: Under II. Funds available under policy, all items referring to existing investors should be removed. Response: Revised as requested. Comment: Please clarify if all listed funds are available fund offerings for new policies on or after 1/13/24 or just additional ones. To avoid confusion and for purposes of clarity as to what funds will be available after 1/13/2024, the table below should list all funds available after 1/13/2024. Response: The table has been revised to include all funds available for policies with applications dated on or after 1/13/2024. Comment: Please include in the supplement any changes in the KIT or Annual Portfolio Company Expenses Minimum Maximum table, if any of the fund lineup changes affect those disclosures. Response: The KIT and Annual Portfolio Company Expenses Minimum and Maximum Table have been revised and added to the supplement to reflect the fund lineup changes. If you have any questions concerning responses to the comments, please contact me at (612) 678-5337. Sincerely, /s/ Nicole D. Wood Nicole D. Wood Assistant General Counsel and Assistant Secretary 2 Supplement dated December XX, 2023 to Statutory Prospectus and initial Summary Prospectus dated April 26, 2023 Product Name Prospectus Form #/Date RiverSource® Variable Universal Life 6 Insurance PRO9089_12_B01_(05/23) ISP9089_12_B01_(05/23) The information in this supplement updates and amends certain information contained in the current variable life insurance product statutory and initial summary prospectus (together, the “prospectus”). Please read it carefully and keep it with your variable life insurance product prospectus for future reference. Except as modified in this supplement, all other terms and information contained in the prospectus remain in effect and unchanged. The terms we use in this supplement have the same meaning as in the prospectus. I. Effective 1/13/2024, the Cost of Insurance Charge and Administrative Charge descriptions in the “Fee Table – Periodic Charges Other than Annual Fund Expenses” are deleted and replaced with the following information, for policies with application dates on or after 1/13/2024. All other policy fees and charges are as stated in the Fee Table. CHARGE WHEN CHARGE IS DEDUCTED AMOUNT DEDUCTED Cost of Insurance Charge(a) For policies with application dates on or after 1/13/2024. Monthly. Monthly rate per $1,000 of Net Amount at Risk: Minimum: $0.005 — Female, Standard Nontobacco, Insurance Age 0, Duration 5. Maximum: $57.6325 – Male, Standard Tobacco, Insurance Age 85, Duration 28. Representative Insureds: $0.0125 – Female, $500,000 Specified Amount, Super Preferred Nontobacco, Insurance Age 40, Duration 1. Administrative Charge(a) For policies with application dates on or after 1/13/2024. Monthly. Monthly Rate per $1,000 of initial Specified Amount: Minimum: $0.098 — Female, Standard Nontobacco, Insurance Age 0, Duration 1. Maximum: $2.979 — Male, Standard Tobacco, Insurance Age 85, Duration 1. Representative Insured: $0.148 Female, Super Preferred Nontobacco, Insurance Age 40, Duration 1. (a) This charge varies based on individual characteristics. The charges shown in the table may not be representative of the charge you will pay. For information about the charge you would pay, contact your sales representative or RiverSource Life of NY at the address or telephone number shown on the first page of this prospectus. II. For policies with application dates on or after 1/13/2024, Ongoing fees and Expenses in the Key Information Table – Information You Should Consider About the Policy, is deleted and replaced in its entirety with the following: Key Information Table 1 Important Information You Should Consider About the Policy FEES AND EXPENSES Location in Statutory Prospectus Ongoing Fees and Expenses (annual charges) In addition to surrender charges and transaction charges, an investment in the policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the policy and the cost of the following riders if elected as optional benefits available under the policy: Accounting Value Increase Rider, Accidental Death Benefit Rider, Children's Insurance Rider, Waiver of Monthly Deduction Rider, Waiver of Premium Rider and the AdvanceSource Accelerated Benefit for CI if they are elected as optional benefits available under the policy. Such fees and expenses are set based on various factors such as the Insured’s Risk Classification, Insurance Age, sex and the number of years the policy is in force. You should review the rates, fees and charges under the Policy Data page of your policy. You will also bear expenses associated with the Funds offered under the policy, as shown in the following table: Fee Tables Transaction Fees Base Policy Charges Annual Fee Minimum Maximum Underlying Fund options (Funds fees and expenses)(1) 0.25 1.26 (1) As a percentage of Fund assets. III. For policies with application dates on or after 1/13/2024, Total Annual Operating Expenses of the Funds in the Fee Tables section of the prospectus is deleted and replaced in its entirety with the following: Total Annual Operating Expenses of the Funds The next table provides the minimum and maximum total operating expenses charged by the underlying Funds(1) that you may pay periodically during the time that you own the policy. A complete list of Funds available under the policy, including their annual expenses, may be found in Appendix A: Funds Available Under the Policy. Total Annual Fund Expenses Minimum(%) Maximum(%) (expenses deducted from the Fund assets, including management fees and other expenses) 0.25 1.26 (1) Total annual Fund operating expenses are deducted from amounts that are allocated to the Fund. They include management fees and other expenses. Other expenses may include service fees that may be used to compensate service providers, including us and our affiliates, for administrative and contract owner services provided on behalf of the Fund. The amount of these payments will vary by Fund and may be significant. See “The Variable Account and the Funds” for additional information, including potential conflicts of interest these payments may create. For a more complete description of each Fund’s fees and expenses and important disclosure regarding payments the Fund and/or its affiliates make, please review the Fund’s prospectus and SAI. IV. Funds available under the policy. For policies with application dates on or after 1/13/2024, the Section in the prospectus titled “Appendix A: Funds Available Under the Contract” is replaced with the following. Appendix A: Funds Available Under the Contract The following is a list of funds available under the contract. More information about the funds is available in the prospectuses for the funds, which may be amended from time to time and can be found online at riversource.com/insurance. You can also request this information at no cost by calling 1-800-862-7919 or by sending an email request to riversourceannuityservice@ampf.com. The current expenses and performance information below reflects fee and expenses of the funds, but do not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance. 2 Investment Objective Fund and Adviser/Sub-Adviser Current Expenses Ratio [NET] Average Annual Total Returns (as of 12/31/2022) 1 Year 5 Year 10 Year Seeks long-term growth of capital AB VPS Large Cap Growth Portfolio (Class A) AllianceBernstein L.P. 0.65% (28.51%) 11.54% 15.08% Seeks long-term capital appreciation. Allspring VT Small Cap Growth Fund - Class 1 Allspring Funds Management, LLC, adviser; Allspring Global Investments, LLC, sub-adviser. 0.94% (34.30%) 7.35% 10.85% The Portfolio seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian Midstream Energy Select Index (the "Index"). ALPS | Alerian Energy Infrastructure Portfolio: Class I ALPS Advisors, Inc. 0.95%1 17.84% 3.77% - Seeks long-term capital growth. Income is a secondary objective. American Century VP Mid Cap Value, Class I American Century Investment Management, Inc. (1.19%) 6.76% 11.01% Seeks long-term capital growth. Income is a secondary objective. American Century VP Value, Class I American Century Investment Management, Inc. 0.73%1 0.54% 7.85% 10.59% Seeks high total investment return. BlackRock Global Allocation V.I. Fund (Class I) BlackRock Advisors, LLC, adviser; BlackRock (Singapore) Limited, sub-adviser. 0.73%1 (15.86%) 3.50% 5.06% Seeks investment results that correspond to the total return performance of common stocks as represented by the MSCI EAFE Index. Calvert VP EAFE International Index Portfolio - Class I Calvert Research and Management 0.48%1 (14.58%) 1.35% 4.07% Seeks investment results that correspond to the investment performance of U.S. common stocks, as represented by the NASDAQ 100 Index. Calvert VP Nasdaq 100 Index Portfolio - Class I Calvert Research and Management, adviser; Ameritas Investment Partners, Inc, subadviser. 0.48%1 (32.64%) 11.83% 15.82% Seeks investment results that correspond to the investment performance of U.S. common stocks, as represented by the Russell 2000® Index. Calvert VP Russell 2000® Small Cap Index Portfolio - Class I Calvert Research and Management, adviser; Ameritas Investment Partners, Inc, subadviser. 0.40%1 (20.52%) 3.87% 8.57% 3 Investment Objective Fund and Adviser/Sub-Adviser Current Expenses Ratio [NET] Average Annual Total Returns (as of 12/31/2022) 1 Year 5 Year 10 Year Seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds and money market instruments which offer income and capital growth opportunity. Calvert VP SRI Balanced Portfolio - Class I Calvert Research and Management 0.64% (15.41%) 6.32% 7.57% Seeks maximum total investment return through a combination of capital growth and current income. Columbia Variable Portfolio - Balanced Fund (Class 1) Columbia Management Investment Advisers, LLC 0.74%1 (16.65%) 5.50% 8.10% Seeks to provide shareholders with total return. Columbia Variable Portfolio - Commodity Strategy Fund (Class 1) Columbia Management Investment Advisers, LLC 0.75% 19.09% 7.70% - Seeks total return, consisting of long-term capital appreciation and current income. Columbia Variable Portfolio - Contrarian Core Fund (Class 1) Columbia Management Investment Advisers, LLC 0.68%1 (18.65%) 8.44% 12.12% Seeks to provide shareholders with capital appreciation. Columbia Variable Portfolio - Disciplined Core Fund (Class 1) Columbia Management Investment Advisers, LLC 0.67% (18.72%) 8.17% 11.98% Seeks to provide shareholders with a high level of current income and, as a secondary objective, steady growth of capital. Columbia Variable Portfolio - Dividend Opportunity Fund (Class 1) Columbia Management Investment Advisers, LLC 0.73%1 (1.11%) 8.10% 10.06% Non-diversified fund that seeks to provide shareholders with high total return through current income and, secondarily, through capital appreciation. Columbia Variable Portfolio - Emerging Markets Bond Fund (Class 1) Columbia Management Investment Advisers, LLC 0.75% (16.03%) (1.63%) 0.67% Seeks to provide shareholders with long-term capital growth. Columbia Variable Portfolio - Emerging Markets Fund (Class 1) Columbia Management Investment Advisers, LLC 1.09%1 (32.90%) (3.03%) 1.55% Seeks to provide shareholders with high total return through income and growth of capital. Columbia Variable Portfolio - Global Strategic Income Fund (Class 1) Columbia Management Investment Advisers, LLC (13.49%) (0.67%) (1.19%) 4 Investment Objective Fund and Adviser/Sub-Adviser Current Expenses Ratio [NET] Average Annual Total Returns (as of 12/31/2022) 1 Year 5 Year 10 Year Seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Columbia Variable Portfolio - Government Money Market Fund (Class 1) Columbia Management Investment Advisers, LLC 0.34%1 1.22% 0.99% 0.54% Seeks to provide shareholders with high current income as its primary objective and, as its secondary objective, capital growth. Columbia Variable Portfolio - High Yield Bond Fund (Class 1) Columbia Management Investment Advisers, LLC 0.64%1 (10.54%) 2.42% 3.89% Seeks to provide shareholders with a high total return through current income and capital appreciation. Columbia Variable Portfolio - Income Opportunities Fund (Class 1) Columbia Management Investment Advisers, LLC 0.64%1 (10.01%) 2.22% 3.63% Seeks to provide shareholders with a high level of current income while attempting to conserve the value of the investment for the longest period of time. Columbia Variable Portfolio - Intermediate Bond Fund (Class 1) Columbia Management Investment Advisers, LLC 0.50% (17.06%) 0.43% 1.39% Seeks to provide shareholders with long-term capital growth. Columbia Variable Portfolio - Large Cap Growth Fund (Class 1) Columbia Management Investment Advisers, LLC 0.70%1 (31.38%) 9.21% 12.60% Seeks to provide shareholders with long-term capital appreciation. Columbia Variable Portfolio - Large Cap Index Fund (Class 1) Columbia Management Investment Advisers, LLC 0.25% (18.34%) 9.12% 12.22% Seeks to provide shareholders with a level of current income consi