SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

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

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

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

Date of report (Date of earliest event reported):    September 18, 1997

                                  RISCORP, INC.
               (Exact Name of Registrant as Specified in Charter)

      Florida                       0-27462                    65-0335150

(State or Other Jurisdiction  (Commission File Number)       (IRS Employer
   of Incorporation)                                        Identification No.)


                                1390 Main Street
                             Sarasota, Florida 34236
          (Address of Principal Executive Offices, including Zip Code)


Registrant's telephone number, including area code:  (941) 951-2022



(Former Name or Former Address, if Changed Since Last Report)

<PAGE>

Item 5.  Other Events.

     On September 18, 1997,  the U.S.  Attorney's  Office in Pensacola,  Florida
announced  that a United  States  grand jury had  indicted  RISCORP,  Inc.  (the
"Company") and five former officers,  including William D. Griffin,  founder and
Chairman  of the Board,  for  various  charges  stemming  from  alleged  illegal
political campaign contributions.  On September 18, 1997, the Board of Directors
approved a guilty plea by RISCORP  Management  Services,  Inc., a wholly  owned,
non-regulated  subsidiary  of the Company,  to a single count of  conspiracy  to
commit  mail  fraud.  As a result  of the plea  being  negotiated  with the U.S.
Attorney,  it is  expected  that the  indictment  against  the  Company  will be
dismissed.  Mr.  Griffin has resigned from the Board of Directors of the Company
and all other positions with the Company and its subsidiaries.

     A copy of the press  release  issued by the  Company  with  respect  to the
foregoing matters is filed herewith as Exhibit 99 and is incorporated  herein by
reference.


Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

         The following exhibit is filed as a part of this report:

         EXHIBIT NO.                                      DESCRIPTION

              99                Press Release, dated September 18, 1997



                                                               SIGNATURE

     Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, as
amended,  the  registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
                                    RISCORP, INC.


                                    By:   /s/ Frederick M. Dawson    
                                              Frederick M. Dawson
                                              Chief Executive Officer

Dated:   October 1, 1997
[{"type": "8-K", "sequence": "1", "description": "PRESS RELEASE OF LEGAL ACTION", "secsgml_size_bytes": 3074}]
{"company-data": {"conformed-name": "RISCORP INC", "cik": "0001003957", "assigned-sic": "6331", "irs-number": "650335150", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27462", "film-number": "97689478"}, "business-address": {"street1": "1390 MAIN ST", "city": "SARASOTA", "state": "FL", "zip": "34236", "phone": "9419512022"}, "mail-address": {"street1": "1390 MAIN STREET", "city": "SARASOTA", "state": "FL", "zip": "34236"}}
SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

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

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

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

Date of report (Date of earliest event reported):    September 18, 1997

                                  RISCORP, INC.
               (Exact Name of Registrant as Specified in Charter)

      Florida                       0-27462                    65-0335150

(State or Other Jurisdiction  (Commission File Number)       (IRS Employer
   of Incorporation)                                        Identification No.)

                                1390 Main Street
                             Sarasota, Florida 34236
          (Address of Principal Executive Offices, including Zip Code)

Registrant's telephone number, including area code:  (941) 951-2022

(Former Name or Former Address, if Changed Since Last Report)
Item 5.  Other Events.

     On September 18, 1997,  the U.S.  Attorney's  Office in Pensacola,  Florida
announced  that a United  States  grand jury had  indicted  RISCORP,  Inc.  (the
"Company") and five former officers,  including William D. Griffin,  founder and
Chairman  of the Board,  for  various  charges  stemming  from  alleged  illegal
political campaign contributions.  On September 18, 1997, the Board of Directors
approved a guilty plea by RISCORP  Management  Services,  Inc., a wholly  owned,
non-regulated  subsidiary  of the Company,  to a single count of  conspiracy  to
commit  mail  fraud.  As a result  of the plea  being  negotiated  with the U.S.
Attorney,  it is  expected  that the  indictment  against  the  Company  will be
dismissed.  Mr.  Griffin has resigned from the Board of Directors of the Company
and all other positions with the Company and its subsidiaries.

     A copy of the press  release  issued by the  Company  with  respect  to the
foregoing matters is filed herewith as Exhibit 99 and is incorporated  herein by
reference.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

         The following exhibit is filed as a part of this report:

         EXHIBIT NO.                                      DESCRIPTION

              99                Press Release, dated September 18, 1997

                                                               SIGNATURE

     Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, as
amended,  the  registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
                                    RISCORP, INC.

                                    By:   /s/ Frederick M. Dawson    
                                              Frederick M. Dawson
                                              Chief Executive Officer

Dated:   October 1, 1997