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<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on July&nbsp;23, 2001  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM S-8<BR>
REGISTRATION STATEMENT<BR>  </B></FONT><FONT SIZE=2><I>Under<BR>
The Securities Act of 1933</I></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>PAULA FINANCIAL<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

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<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware</B></FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=2><B>95-4640368</B></FONT></TD>
</TR>
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<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=2>(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT SIZE=2>(IRS Employer<BR>
Identification No.)<BR></FONT>
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<P ALIGN="CENTER"><FONT SIZE=2><B>300 North Lake Avenue, Suite 300 Pasadena, California 91101<BR>  </B></FONT><FONT SIZE=2>(Address of principal executive offices) (Zip Code) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>PAULA FINANCIAL<BR>
AMENDED AND RESTATED 1997<BR>
STOCK INCENTIVE PLAN<BR>  </B></FONT><FONT SIZE=2>(Full title of the Plan) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>Jeffrey A. Snider<BR>
President and Chief Executive Officer<BR>
PAULA Financial<BR>
300 North Lake Avenue, Suite 300<BR>
Pasadena, California 91101<BR>  </B></FONT><FONT SIZE=2>(Name and address of agent for service) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>(626)&nbsp;304-0401<BR>  </B></FONT><FONT SIZE=2>(Telephone number, including area code, of agent for service) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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<TD WIDTH="35%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Title of Securities<BR>
to be Registered</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Amount to<BR>
be Registered(1)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Proposed Maximum<BR>
Offering Price<BR>
per Share(2)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate<BR>
Offering Price(2)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1><B>Amount of<BR>
Registration Fee</B></FONT></TD>
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<TD COLSPAN=9 VALIGN="BOTTOM"><HR NOSHADE></TD>
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<TD WIDTH="35%"><FONT SIZE=2><I>Amended and Restated<BR>
1997 Stock Incentive Plan</I></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="35%"><FONT SIZE=2>Common Stock, par value $.01 per share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=2>700,000 shares</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$1.90</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$1,330,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$332.50</FONT></TD>
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<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>This
Registration Statement shall also cover any additional shares of Common Stock which become issuable under the PAULA Financial Amended and Restated 1997 Stock Incentive Plan by
reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant's receipt of consideration which results in an increase in the number of the
outstanding shares of Registrant's Common Stock.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Calculated
solely for purposes of the registration fee for this offering under Rule&nbsp;457(h) of the Securities Act of 1933, as amended, on the basis of the average of the high
and low selling prices as reported on the consolidated reporting system as of July&nbsp;17, 2001. </FONT></DD></DL>
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<BR></FONT><FONT SIZE=2><B>PART II<BR>  <BR>    Information Required in the Registration Statement    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;18, 1997, PAULA Financial filed with the Securities Exchange Commission (the "Commission") a Registration Statement on
Form&nbsp;S-8 (File No.&nbsp;333-42627) with respect to the registration of 200,000 shares of Common Stock reserved for issuance under its 1997 Stock Incentive Plan (as
amended). The contents of such prior registration statement are hereby incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2><B>Item 3.&nbsp;&nbsp;Incorporation of Documents by Reference  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;PAULA
Financial (the "Registrant") hereby incorporates by reference into this Registration Statement the following documents previously filed with the Commission: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
Registrant's Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2000, filed with the Commission on March&nbsp;30, 2001;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
Registrant's Amended Annual Report on Form&nbsp;10-K/A for the fiscal year ended December&nbsp;31, 2000, filed with the Commission on April&nbsp;30, 2001;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
Registrant's Quarterly Report on Form&nbsp;10-Q, for the fiscal quarter ended March&nbsp;31, 2001, filed with the Commission on May&nbsp;15, 2001; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>The
Registrant's Registration Statement on Form&nbsp;8-A (File No.&nbsp;000-23181), filed with the Commission on October&nbsp;7, 1997, pursuant to
Section&nbsp;12(b) of the Securities Exchange Act of 1934, as amended, in which there is described the terms, rights, and provisions applicable to the Registrant's outstanding Common Stock. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
reports and definitive proxy or information statements filed pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, after the date of
this Registration Statement and prior to the filing of a post-effective amendment that indicate that all securities offered hereby have been sold or that de-registers all
securities then remaining unsold shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. </FONT></P>

<P><FONT SIZE=2><B>Item 8.&nbsp;&nbsp;Exhibits  </B></FONT></P>

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<TH WIDTH="12%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="85%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit<BR> </B></FONT><HR NOSHADE></TH>
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<TD WIDTH="12%"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Opinion and Consent of Brobeck, Phleger &amp; Harrison LLP.</FONT></TD>
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<TD WIDTH="12%"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Consent of KPMG LLP, Independent Auditors.</FONT></TD>
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<TD WIDTH="12%"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Consent of Brobeck, Phleger &amp; Harrison LLP is contained in Exhibit 5.</FONT></TD>
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<TD WIDTH="12%"><FONT SIZE=2>24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Power of Attorney. Reference is made to page II-2 of this Registration Statement.</FONT></TD>
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<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>99</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Amended and Restated 1997 Stock Incentive Plan.</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>II&#150;1</FONT></P>

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<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form&nbsp;S-8, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of
Pasadena, State of California on this 23rd day of July, 2001. </FONT></P>

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<TD COLSPAN=2><FONT SIZE=2>PAULA FINANCIAL</FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JEFFREY A. SNIDER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Jeffrey A. Snider<BR></FONT> <FONT SIZE=2><I>President and Chief Executive Officer</I></FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>POWER OF ATTORNEY    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B> KNOW ALL PERSONS BY THESE PRESENTS:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;That each person whose signature appears below constitutes and appoints Jeffrey A. Snider and James A. Nicholson, and each of them, as such person's true and
lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for such person and in such person's name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or their or his or her substitutes, may lawfully do or cause to be done by virtue thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons on behalf of the Registrant and in
the capacities and on the dates indicated: </FONT></P>

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<TH WIDTH="43%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="36%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
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<TR VALIGN="BOTTOM">
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD WIDTH="43%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;</FONT><FONT SIZE=2>JEFFREY A. SNIDER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Jeffrey A. Snider</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2>President, Chief Executive Officer<BR>
and Chairman of the Board<BR>
(Principal Executive Officer)</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>July 23, 2001</FONT></TD>
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<TD WIDTH="43%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JAMES A. NICHOLSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> James A. Nicholson</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Chief Financial Officer,<BR>
Secretary and Director<BR>
(Principal Financial<BR>
and Accounting Officer)</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
July 23, 2001</FONT></TD>
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<TD WIDTH="43%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>KARL T. HANSEN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Karl T. Hansen</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
July 23, 2001</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JOEL W. GEDDES</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Joel W. Geddes</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
July 23, 2001</FONT></TD>
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<TD WIDTH="43%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>ROBERT ANDERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Robert Anderson</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
July 23, 2001</FONT></TD>
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<TD WIDTH="43%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JAMES G. PARKER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> James G. Parker</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
July 23, 2001</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>II&#150;2</FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B><BR>
WASHINGTON, D.C. 20549</B></FONT></TD>
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&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=3><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=3><B><BR>
&nbsp;</B></FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B>EXHIBITS</B></FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B><BR>
TO</B></FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B><BR>
FORM S-8</B></FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B><BR>
UNDER</B></FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B><BR>
SECURITIES ACT OF 1933</B></FONT></TD>
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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=3><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=3><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="49%"><FONT SIZE=3><B><BR>
&nbsp;</B></FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B>PAULA FINANCIAL</B></FONT></TD>
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<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>  </B></FONT></P>

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<TH WIDTH="12%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="85%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Opinion and Consent of Brobeck, Phleger &amp; Harrison LLP.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Consent of KPMG LLP, Independent Auditors.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Consent of Brobeck, Phleger &amp; Harrison LLP is contained in Exhibit 5.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Power of Attorney. Reference is made to page II-2 of this Registration Statement.</FONT></TD>
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<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>99</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>Amended and Restated 1997 Stock Incentive Plan.</FONT></TD>
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<FONT SIZE=2><A HREF="#toc_ja2071_1">PART II Information Required in the Registration Statement</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_jc2071_1">SIGNATURES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_jc2071_2">POWER OF ATTORNEY</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_kb2071_1">EXHIBIT INDEX</A></FONT><BR>
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As filed with the Securities and Exchange Commission on July 23, 2001
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
The Securities Act of 1933
PAULA FINANCIAL
(Exact name of registrant as specified in its charter)
Delaware
95-4640368
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
300 North Lake Avenue, Suite 300 Pasadena, California 91101
(Address of principal executive offices) (Zip Code)
PAULA FINANCIAL
AMENDED AND RESTATED 1997
STOCK INCENTIVE PLAN
(Full title of the Plan)
Jeffrey A. Snider
President and Chief Executive Officer
PAULA Financial
300 North Lake Avenue, Suite 300
Pasadena, California 91101
(Name and address of agent for service)
(626) 304-0401
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Amount to
be Registered(1)
Proposed Maximum
Offering Price
per Share(2)
Proposed Maximum
Aggregate
Offering Price(2)
Amount of
Registration Fee
Amended and Restated
1997 Stock Incentive Plan
Common Stock, par value $.01 per share
700,000 shares
$1.90
$1,330,000
$332.50
(1)
This
Registration Statement shall also cover any additional shares of Common Stock which become issuable under the PAULA Financial Amended and Restated 1997 Stock Incentive Plan by
reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant's receipt of consideration which results in an increase in the number of the
outstanding shares of Registrant's Common Stock.
(2)
Calculated
solely for purposes of the registration fee for this offering under Rule 457(h) of the Securities Act of 1933, as amended, on the basis of the average of the high
and low selling prices as reported on the consolidated reporting system as of July 17, 2001.
PART II
Information Required in the Registration Statement
On December 18, 1997, PAULA Financial filed with the Securities Exchange Commission (the "Commission") a Registration Statement on
Form S-8 (File No. 333-42627) with respect to the registration of 200,000 shares of Common Stock reserved for issuance under its 1997 Stock Incentive Plan (as
amended). The contents of such prior registration statement are hereby incorporated herein by reference.
Item 3.  Incorporation of Documents by Reference
PAULA
Financial (the "Registrant") hereby incorporates by reference into this Registration Statement the following documents previously filed with the Commission:
(a)
The
Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2000, filed with the Commission on March 30, 2001;
(b)
The
Registrant's Amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2000, filed with the Commission on April 30, 2001;
(c)
The
Registrant's Quarterly Report on Form 10-Q, for the fiscal quarter ended March 31, 2001, filed with the Commission on May 15, 2001; and
(d)
The
Registrant's Registration Statement on Form 8-A (File No. 000-23181), filed with the Commission on October 7, 1997, pursuant to
Section 12(b) of the Securities Exchange Act of 1934, as amended, in which there is described the terms, rights, and provisions applicable to the Registrant's outstanding Common Stock.
All
reports and definitive proxy or information statements filed pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, after the date of
this Registration Statement and prior to the filing of a post-effective amendment that indicate that all securities offered hereby have been sold or that de-registers all
securities then remaining unsold shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 8.  Exhibits
Exhibit Number
Exhibit
5
Opinion and Consent of Brobeck, Phleger & Harrison LLP.
23.1
Consent of KPMG LLP, Independent Auditors.
23.2
Consent of Brobeck, Phleger & Harrison LLP is contained in Exhibit 5.
24
Power of Attorney. Reference is made to page II-2 of this Registration Statement.
99
Amended and Restated 1997 Stock Incentive Plan.
II–1
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form S-8, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of
Pasadena, State of California on this 23rd day of July, 2001.
PAULA FINANCIAL
By:
/s/
JEFFREY A. SNIDER
Jeffrey A. Snider
President and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS:
That each person whose signature appears below constitutes and appoints Jeffrey A. Snider and James A. Nicholson, and each of them, as such person's true and
lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for such person and in such person's name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or their or his or her substitutes, may lawfully do or cause to be done by virtue thereof.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons on behalf of the Registrant and in
the capacities and on the dates indicated:
Signature
Title
Date
/s/
JEFFREY A. SNIDER
Jeffrey A. Snider
President, Chief Executive Officer
and Chairman of the Board
(Principal Executive Officer)
July 23, 2001
/s/
JAMES A. NICHOLSON
James A. Nicholson
Chief Financial Officer,
Secretary and Director
(Principal Financial
and Accounting Officer)
July 23, 2001
/s/
KARL T. HANSEN
Karl T. Hansen
Director
July 23, 2001
/s/
JOEL W. GEDDES
Joel W. Geddes
Director
July 23, 2001
/s/
ROBERT ANDERSON
Robert Anderson
Director
July 23, 2001
/s/
JAMES G. PARKER
James G. Parker
Director
July 23, 2001
II–2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
EXHIBITS
TO
FORM S-8
UNDER
SECURITIES ACT OF 1933
PAULA FINANCIAL
EXHIBIT INDEX
Exhibit Number
Exhibit
5
Opinion and Consent of Brobeck, Phleger & Harrison LLP.
23.1
Consent of KPMG LLP, Independent Auditors.
23.2
Consent of Brobeck, Phleger & Harrison LLP is contained in Exhibit 5.
24
Power of Attorney. Reference is made to page II-2 of this Registration Statement.
99
Amended and Restated 1997 Stock Incentive Plan.
QuickLinks
PART II Information Required in the Registration Statement
SIGNATURES
POWER OF ATTORNEY
EXHIBIT INDEX