INFORMATION MANAGEMENT ASSOCIATES INC
SC 13G/A, 1999-02-16
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

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


                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (Amendment No. 1)*


                     Information Management Associates, Inc.
                                (Name of Issuer)


                                  Common Stock
                         (Title of Class of Securities)


                                    456923101
                                 (CUSIP Number)

                                December 31, 1998
             (Date of Event Which Requires Filing of this Statement)

     Check the  appropriate  box to  designate  the rule  pursuant to which this
Schedule is filed:

                                |_| Rule 13d-1(b)
                                |_| Rule 13d-1(c)
                                |X| Rule 13d-1(d)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).






                                  (Page 1 of 5)




<PAGE>




CUSIP No.  456923 10 1                13G                      Page 2 of 5 Pages
- --------------------------------------------------------------------------------

     1       NAME OF REPORTING PERSONS
             IRS IDENTIFICATION NUMBER OF ABOVE PERSONS (ENTITIES ONLY)

             Gary R. Martino

     2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP           (a)  |_|
                                                                        (b)  |_|
             Not Applicable

     3       SEC USE ONLY


     4       CITIZENSHIP OR PLACE OF ORGANIZATION

             United State of America

                                        5       SOLE VOTING POWER
            NUMBER OF                           667,912
              SHARES                    6       SHARED VOTING POWER
           BENEFICIALLY                         0
             OWNED BY                   7       SOLE DISPOSITIVE POWER
               EACH                             667,912
            REPORTING                   8       SHARED DISPOSITIVE POWER
           PERSON WITH                          0

     9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

             667,912

    10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
             CERTAIN SHARES                                                  |_|


    11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

             6.9%

    12       TYPE OF REPORTING PERSON

             IN
- --------------------------------------------------------------------------------


                                        2

<PAGE>



Item 1(a).     Name of Issuer:

     The name of the Issuer is  Information  Management  Associates,  Inc.  (the
"Issuer").

Item 1(b).     Address of Issuer's Principal Executive Offices:

     The principal  executive offices of the Issuer are located at One Corporate
Drive, Suite 414, Shelton, CT 06484.

Item 2(a).     Name of Person Filing:

     This statement is being filed by Gary R. Martino.

Item 2(b).     Address of Principal Business Office or, if None, Residence:

     The address of the principal business office of the Reporting Person is One
Corporate Drive, Suite 414, Shelton, CT 06484.

Item 2(c).     Citizenship:

     United States of America.

Item 2(d).     Title of Class of Securities:

     This Schedule 13G statement relates to Common Stock.

Item 2(e).     CUSIP Number:

     456923 10 1

Item 3.        If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b)
               or (c), check whether the person filing is a:

                  (a)  [ ]    Broker or dealer registered under section 15 of
                              the Act (15 U.S.C. 78o);
                  (b)  [ ]    Bank as defined in section 3(a)(6) of the Act
                              (15 U.S.C. 78c);
                  (c)  [ ]    Insurance company as defined in section 3(a)(19)
                              of the Act (15 U.S.C. 78c);
                  (d)  [ ]    Investment company registered under section 8 of
                              the Investment Company Act of 1940
                              (15 U.S.C. 80a-8);
                  (e)  [ ]    An investment adviser in accordance with
                              ss. 240.13d-1(b)(1)(ii)(E);
                  (f)  [ ]    An employee benefit plan or endowment fund in
                              accordance with ss. 240.13d-1(b)(1)(ii)(F);
                  (g)  [ ]    A parent holding company or control person in
                              accordance with ss. 240.13d-1(b)(1)(ii)(G);
                  (h)  [ ]    A savings association as defined in Section 3(b)
                              of the Federal Deposit Insurance Act
                              (12 U.S.C. 1813);
                  (i)  [ ]    A church plan that is excluded from the definition
                              of an investment company under section 3(c)(14)
                              of the Investment Company Act of 1940
                              (15 U.S.C. 80a-3).

     This Schedule 13G statement is being filed  pursuant to Rule 13d-2(b) as an
amendment  to an original  Schedule  13G filed  pursuant to Rule  13d-1(d).  The
original  Schedule 13G was filed as a result of the ownership of more than 5% of
the Common  Stock of the Issuer  prior to the  initial  public  offering  of the
Issuer.


                                        3

<PAGE>



Item 4.        Ownership.

     The Reporting Person has sole voting and dispositive  power with respect to
the 667,912 shares he beneficially owns. The Reporting Person is the Chairman of
the Board, Chief Financial Officer, Treasurer,  Assistant Secretary and Director
of the Issuer.

Item 5.        Ownership of Five Percent or Less of a Class.

     This filing on Schedule  13G is not for the purpose of  reporting  the fact
that as of the date hereof the Reporting  Person has ceased to be the beneficial
owner of more than five percent of the class of securities.

Item 6.        Ownership of More than Five Percent on Behalf of Another Person.

     No person other than the  Reporting  Person has the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
Common Stock owned by the Reporting Person.

Item 7.        Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported on by the Parent Holding
               Company.

     This statement has not been filed by a parent holding company.

Item 8.        Identification and Classification of Members of the Group.

     Not applicable.

Item 9.        Notice of Dissolution of Group.

     Not applicable.

Item 10.       Certification.

     Not applicable.



                                        4

<PAGE>



                                    SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.

Dated:  February 12, 1999


/s/ Gary R. Martino
Gary R. Martino




                                        5



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