1
                                                                                
                                   EXHIBIT 22



                           SUBSIDIARIES OF REGISTRANT



                                              STATE OF                                           PERCENTAGE
            COMPANY NAME                   INCORPORATION                TAX I.D.                  OWNERSHIP
            ------------                   -------------                --------                 ----------
                                                                                       
   Citizens Insurance Company of
              America                         Colorado                 84-0583103                100% Direct

     Insurance Investors, Inc.                 Texas                   74-1458561               100% Indirect

     Continental Investors Life
         Insurance Company                    Alabama                  63-0514221               90% Indirect

     Industrial Benefits, Inc.                 Texas                   76-0159854               100% Indirect

     Computing Technology, Inc.               Colorado                 84-1037266               100% Indirect