Former Government Employees Life Insurance Co. Chairman Shelby Collon Davis, who heads a New York investment firm, says he is not convinced that investigations conducted by Geico Corp. into charges he made earlier this year have been adequate.

As reported earlier, Geico's lawyers, accountants and non-management directors as well as an outside law firm and Geico's independent accountants uncovered no evidence to support Davis charges that some expenses may have been improperly allocated and that disclosure about the life insurance firm's operations last fall was inadequate.

"I believe accountants not in Geico's employ should judge the correctness of expense apportionment" between Geico and the Life company, a majority of which is now owned by Geico Corp., Davis declared. Similarly, he said an independent body should review disclosure during a period when Geico Corp. had a tender offer in progress to buy shares of Government Employees Life.

Davis argued that "bad news," a decline in earnings, was made public as the tender offer started but that "good news, an increase in sales volume, was withheld until the last day of the offering period. Government Employees Life officials started that significant reversal in sales trends had begun much earlier and that it was fully documented.