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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>As filed with the Securities and Exchange Commission on April 4, 2007</font></b></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Registration No. 333- </font></b><font size=2>&nbsp;&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, D.C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>_________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>FORM S-8</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>REGISTRATION STATEMENT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNDER THE SECURITIES ACT OF 1933</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>_________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>AMERICAN PHYSICIANS SERVICE GROUP, INC.</font></B></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of Registrant as specified in its charter)</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'>&nbsp;</p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><b><font size=2>Texas</font></b><br> <font size=2>(State or other jurisdiction of</font><br> <font size=2>incorporation or organization)</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><b><font size=2>75-1458323</font></b><br> <font size=2>(I.R.S. Employer</font><br> <font size=2>Identification No.)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>1301 Capital of Texas Highway, Suite C-300</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Austin, Texas  78746</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of Principal Executive Offices)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>2005 Incentive and Non-Qualified Stock Option Plan </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>of American Physicians Service Group, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Full Title of the Plans)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>W. H. Hayes</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Senior Vice President - Finance, Chief Financial Officer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>1301 Capital of Texas Highway, Suite C-300</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Austin, Texas  78746</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(512) 328-0888</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Name, address and telephone number of agent for service)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><i><font size=2>Copy to:</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Timothy L. LaFrey</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Akin Gump Strauss Hauer &amp; Feld LLP</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>300 West 6th Street, Suite 2100</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Austin, Texas  78701</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(512) 499-6200</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>_</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>_____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CALCULATION OF REGISTRATION FEE</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>&nbsp;</p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><b><font size=2>Title of Securities</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><b><font size=2>to be Registered</font></b></p> </td>
        <td width="98" valign=bottom style='border-top:double black 2.25pt; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><b><font size=2>Amount to be Registered</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><b><font size=2>Proposed Maximum Offering Price Per Share(2)</font></b></p> </td>
        <td width="128" valign=bottom style='border-top:double black 2.25pt; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><b><font size=2>Proposed Maximum Aggregate Offering Price(2)</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><b><font size=2>Amount of Registration</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><b><font size=2>Fee</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt;line-height:108%'><font size=1>Common Stock to be registered in respect of the 2005 Incentive and Non-Qualified Stock Option Plan (1)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><font size=1>300,000</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><font size=1>$17.70</font></p> </td>
        <td width="128" valign=top style='border-top:none;border-left: none;border-bottom:double black 2.25pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><font size=1>$5,310,000</font></p> </td>
        <td width="97" valign=top style='border-bottom:double black 2.25pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt;line-height:108%'><font size=1>$163.02</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.38in; text-indent:-0.38in;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.38in; text-indent:-0.38in;text-align:left;'><font size=1>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>(1)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Upon a future stock split, stock dividend or similar transaction involving the common stock of the registrant and during the effectiveness of this registration statement, the number of securities registered shall be automatically increased to cover the additional securities in accordance with Rule 416(a) under the Securities Act of 1933.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>(2)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(c) and (h) under the Securities Act of 1933, based on average of the high and low price per common stock on April 3, 2007, as reported by NASDAQ.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>EXPLANATORY NOTE</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>This Registration Statement relates solely to the registration of additional securities of the same class as other securities for which a registration statement on this form relating to an employee benefit plan is effective.  This Registration Statement is being filed to register an additional 300,000 shares of common stock, par value $.10 per share ("Common Stock") available for issuance under the 2005 Incentive and Non-Qualified Stock Option Plan, as amended (the "Plan").  As a result of an amendment to the Plan, which was approved by our stockholders on March 22, 2007, the number of shares of Common Stock authorized for issuance under the Plan was increased from 350,000 to 650,000.  Pursuant to General Instruction E of Form S-8, this registration statement hereby incorporates by reference the contents of the registration statement on Form S-8 filed by the Registrant on April 26, 2006
with respect to Registrant's 2005 Incentive and Non-Qualified Stock Option Plan (Registration No. 333-133544).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 8.</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Exhibits.</font></b></u></p> </td> </tr></table>
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<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>


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            <p  align=right style='text-align:right'><u><b><font size=2>Exhibit No.</font></b></u><u></u></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><u><b><font size=2>Description</font></b></u><u></u></p> </td> </tr>
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            <p  align=right style='text-align:right'><font size=2>4.1*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=2>Amendment to 2005 Incentive and Non-Qualified Stock Option Plan of American Physicians Service Group, Inc.</font></p> </td> </tr>
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            <p  align=right style='text-align:right'><font size=2>5.1*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>Opinion of Akin Gump Strauss Hauer &amp; Feld LLP.</font></p> </td> </tr>
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            <p  align=right style='text-align:right'><font size=2>23.1*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>Consent of Akin Gump Strauss Hauer &amp; Feld LLP (included in the opinion filed as Exhibit 5.1 to this registration statement).</font></p> </td> </tr>
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            <p  align=right style='text-align:right'><font size=2>23.2*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>Consent of independent registered public accounting firm.</font></p> </td> </tr>
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            <p  align=right style='text-align:right'><font size=2>24.1*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>Power of Attorney (included on the signature page of this registration statement).</font></p> </td> </tr></table>
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<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;border-bottom:solid 1.5pt;padding-bottom:1;'>&nbsp;</p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;border-bottom:solid 1.5pt;padding-bottom:1;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>____________</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font size=2>*Filed herewith.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Act of 1933, as amended, APSG 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 Austin, State of Texas, on April 4, 2007.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>AMERICAN PHYSICIANS SERVICE GROUP, INC.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Kenneth S. Shifrin</font></u></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Kenneth S. Shifrin</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="296" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Chairman of the Board and Chief Executive Officer</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>POWER OF ATTORNEY</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Each person whose signature appears below hereby constitutes and appoints each of Kenneth S. Shifrin and W.H.&nbsp;Hayes with the power to act without the other, his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for him or her in his or her name, place and stead, in any and all capacities, to sign on his or her behalf individually and in each capacity stated below any or all amendments or post-effective amendments to this registration statement, and to file the same, with all exhibits and other documents relating thereto, granting unto said attorney-in-fact and agent, 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 and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent, or either of them, or their substitutes, may lawfully do or cause to be done by virtue hereof. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:10pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated below on April 4, 2007.</font></p>

<p style=' margin-bottom:10pt; margin-top:0pt; text-indent:0.5in;text-align:left;'>&nbsp;</p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="647" style='border-collapse:collapse'>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font  size=2>Signature</font></u><u></u></p>  </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font  size=2>Title</font></u><u></u></p>  </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:50.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Kenneth S. Shifrin</font></u>                                                           </p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Kenneth S. Shifrin</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director - Chairman of the Board and Chief Executive Officer (Principal Executive Officer) </font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ W. H. Hayes</font></u>                                                                                 </p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>W. H. Hayes</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Senior Vice President - Finance, Secretary and Chief Financial Officer (Principal Financial Officer) </font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:38.25pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Thomas R. Solimine</font></u>                   </p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Thomas R. Solimine</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Controller (Principal Accounting Officer)</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Jackie Majors</font></u>                                                                            </p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Jackie Majors</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Lew N. Little, Jr.</font></u>                                                                </p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Lew N. Little, Jr.</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:16.65pt'>
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.65pt'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ William A. Searles</font></u>    </p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>William A. Searles</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.65pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:55.5pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Cheryl Williams</font></u>                                                                 </p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Cheryl Williams</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td> </tr>
    <tr >
        <td width="343" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="304" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style='page-break-before:always'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>INDEX TO EXHIBITS</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="662" style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="87" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=right style='text-align:right'><u><b><font size=2>Exhibit No.</font></b></u><u></u></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><u><b><font size=2>Description</font></b></u><u></u></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="87" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=right style='text-align:right'><font size=2>4.1*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=2>Amendment to 2005 Incentive and Non-Qualified Stock Option Plan of American Physicians Service Group, Inc.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="87" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=right style='text-align:right'><font size=2>5.1*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>Opinion of Akin Gump Strauss Hauer &amp; Feld LLP.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="87" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=right style='text-align:right'><font size=2>23.1*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>Consent of Akin Gump Strauss Hauer &amp; Feld LLP (included in the opinion filed as Exhibit 5.1 to this registration statement).</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="87" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=right style='text-align:right'><font size=2>23.2*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>Consent of independent registered public accounting firm.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="87" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=right style='text-align:right'><font size=2>24.1*</font></p> </td>
        <td width="575" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>Power of Attorney (included on the signature page of this registration statement).</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>______________</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font size=2>*Filed herewith</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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[{"type": "S-8", "sequence": "1", "filename": "cover.htm", "description": "REGISTRATION OF 300,000 SHARES AMPH", "secsgml_size_bytes": 37120}]
{"company-data": {"conformed-name": "AMERICAN PHYSICIANS SERVICE GROUP INC", "cik": "0000724024", "assigned-sic": "8741", "irs-number": "751458323", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-141887", "film-number": "07749568"}, "business-address": {"street1": "1301 CAPITAL OF TEXAS HWY", "street2": "C-300", "city": "AUSTIN", "state": "TX", "zip": "78746", "phone": "5123280888"}, "mail-address": {"street1": "1301 CAPITAL OF TEXAS HIGHWAY", "city": "AUTIN", "state": "TX", "zip": "78746"}}
As filed with the Securities and Exchange Commission on April 4, 2007
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
_________________________
AMERICAN PHYSICIANS SERVICE GROUP, INC.
(Exact name of Registrant as specified in its charter)
Texas
(State or other jurisdiction of
incorporation or organization)
75-1458323
(I.R.S. Employer
Identification No.)
1301 Capital of Texas Highway, Suite C-300
Austin, Texas  78746
(Address of Principal Executive Offices)
2005 Incentive and Non-Qualified Stock Option Plan
of American Physicians Service Group, Inc.
(Full Title of the Plans)
W. H. Hayes
Senior Vice President - Finance, Chief Financial Officer
1301 Capital of Texas Highway, Suite C-300
Austin, Texas  78746
(512) 328-0888
(Name, address and telephone number of agent for service)
Copy to:
Timothy L. LaFrey
Akin Gump Strauss Hauer & Feld LLP
300 West 6th Street, Suite 2100
Austin, Texas  78701
(512) 499-6200
_
_____________________
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Amount to be Registered
Proposed Maximum Offering Price Per Share(2)
Proposed Maximum Aggregate Offering Price(2)
Amount of Registration
Fee
Common Stock to be registered in respect of the 2005 Incentive and Non-Qualified Stock Option Plan (1)
300,000
$17.70
$5,310,000
$163.02
(1)
Upon a future stock split, stock dividend or similar transaction involving the common stock of the registrant and during the effectiveness of this registration statement, the number of securities registered shall be automatically increased to cover the additional securities in accordance with Rule 416(a) under the Securities Act of 1933.
(2)
Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(c) and (h) under the Securities Act of 1933, based on average of the high and low price per common stock on April 3, 2007, as reported by NASDAQ.
EXPLANATORY NOTE
This Registration Statement relates solely to the registration of additional securities of the same class as other securities for which a registration statement on this form relating to an employee benefit plan is effective.  This Registration Statement is being filed to register an additional 300,000 shares of common stock, par value $.10 per share ("Common Stock") available for issuance under the 2005 Incentive and Non-Qualified Stock Option Plan, as amended (the "Plan").  As a result of an amendment to the Plan, which was approved by our stockholders on March 22, 2007, the number of shares of Common Stock authorized for issuance under the Plan was increased from 350,000 to 650,000.  Pursuant to General Instruction E of Form S-8, this registration statement hereby incorporates by reference the contents of the registration statement on Form S-8 filed by the Registrant on April 26, 2006
with respect to Registrant's 2005 Incentive and Non-Qualified Stock Option Plan (Registration No. 333-133544).
Item 8.
Exhibits.
Exhibit No.
Description
4.1*
Amendment to 2005 Incentive and Non-Qualified Stock Option Plan of American Physicians Service Group, Inc.
5.1*
Opinion of Akin Gump Strauss Hauer & Feld LLP.
23.1*
Consent of Akin Gump Strauss Hauer & Feld LLP (included in the opinion filed as Exhibit 5.1 to this registration statement).
23.2*
Consent of independent registered public accounting firm.
24.1*
Power of Attorney (included on the signature page of this registration statement).
____________
*Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, APSG 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 Austin, State of Texas, on April 4, 2007.
AMERICAN PHYSICIANS SERVICE GROUP, INC.
By:
/s/ Kenneth S. Shifrin
Kenneth S. Shifrin
Chairman of the Board and Chief Executive Officer
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints each of Kenneth S. Shifrin and W.H. Hayes with the power to act without the other, his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, for him or her in his or her name, place and stead, in any and all capacities, to sign on his or her behalf individually and in each capacity stated below any or all amendments or post-effective amendments to this registration statement, and to file the same, with all exhibits and other documents relating thereto, granting unto said attorney-in-fact and agent, 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 and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent, or either of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated below on April 4, 2007.
Signature
Title
/s/ Kenneth S. Shifrin
Kenneth S. Shifrin
Director - Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
/s/ W. H. Hayes
W. H. Hayes
Senior Vice President - Finance, Secretary and Chief Financial Officer (Principal Financial Officer)
/s/ Thomas R. Solimine
Thomas R. Solimine
Controller (Principal Accounting Officer)
/s/ Jackie Majors
Jackie Majors
Director
/s/ Lew N. Little, Jr.
Lew N. Little, Jr.
Director
/s/ William A. Searles
William A. Searles
Director
/s/ Cheryl Williams
Cheryl Williams
Director
INDEX TO EXHIBITS
Exhibit No.
Description
4.1*
Amendment to 2005 Incentive and Non-Qualified Stock Option Plan of American Physicians Service Group, Inc.
5.1*
Opinion of Akin Gump Strauss Hauer & Feld LLP.
23.1*
Consent of Akin Gump Strauss Hauer & Feld LLP (included in the opinion filed as Exhibit 5.1 to this registration statement).
23.2*
Consent of independent registered public accounting firm.
24.1*
Power of Attorney (included on the signature page of this registration statement).
______________
*Filed herewith