-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AQnhLGlwcZ/uynBuDbq67l+WBb7L18M5ZC/YtareC6PFyZm+zWD/ibf+DtZRl/Ra
 1yiQ3N16L6aAPPcXbKKumQ==

<SEC-DOCUMENT>0001140361-03-003696.txt : 20031003
<SEC-HEADER>0001140361-03-003696.hdr.sgml : 20031003
<ACCEPTANCE-DATETIME>20031003140243
ACCESSION NUMBER:		0001140361-03-003696
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031001
FILED AS OF DATE:		20031003

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WL ROSS & CO LLC
		CENTRAL INDEX KEY:			0001202045
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14681
		FILM NUMBER:		03927401

	BUSINESS ADDRESS:	
		STREET 1:		101 EAST 52ND STREET
		STREET 2:		19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2128262042

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENN TREATY AMERICAN CORP
		CENTRAL INDEX KEY:			0000814181
		STANDARD INDUSTRIAL CLASSIFICATION:	ACCIDENT & HEALTH INSURANCE [6321]
		IRS NUMBER:				231664166
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3440 LEHIGH ST
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18103
		BUSINESS PHONE:		6109652222

	MAIL ADDRESS:	
		STREET 1:		3440 LEHIGH ST
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18103
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-10-01</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000814181</issuerCik>
        <issuerName>PENN TREATY AMERICAN CORP</issuerName>
        <issuerTradingSymbol>PTA</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001202045</rptOwnerCik>
            <rptOwnerName>WL ROSS &amp; CO LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>101 EAST 52ND STREET</rptOwnerStreet1>
            <rptOwnerStreet2>19TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<derivativeTable>
<derivativeTransaction>
<securityTitle>
<value>Convertible Notes Due 2008</value>
</securityTitle>
<conversionOrExercisePrice>
<value>1.75</value>
</conversionOrExercisePrice>
<transactionDate>
<value>2003-10-01</value>
</transactionDate>
<deemedExecutionDate>
</deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionTotalValue>
<value>700000</value>
</transactionTotalValue>
<transactionPricePerShare>
<value>766965</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value>1988-08-08</value>
<footnoteId id="F1"/>
</exerciseDate>
<expirationDate>
<value>2008-10-15</value>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value>400000.00</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>16922000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value>By WLR Recovery Fund II L.P.</value>
<footnoteId id="F2"/>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction>
<securityTitle>
<value>Convertible Notes Due 2008</value>
</securityTitle>
<conversionOrExercisePrice>
<value>1.75</value>
</conversionOrExercisePrice>
<transactionDate>
<value>2003-10-02</value>
</transactionDate>
<deemedExecutionDate>
</deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionTotalValue>
<value>150000</value>
</transactionTotalValue>
<transactionPricePerShare>
<value>165725</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value>1988-08-08</value>
<footnoteId id="F1"/>
</exerciseDate>
<expirationDate>
<value>2003-10-15</value>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value>85714.29</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>16772000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value>By WLR Recovery Fund II L.P.</value>
<footnoteId id="F2"/>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes>
<footnote id="F1">The convertible notes are immediately exerciseable.</footnote>
<footnote id="F2">The shares are held directly by WLR Recovery Fund II, L.P.  The general partner of WLR Recovery Fund II, L.P. is WLR Recovery Associates II LLC.  Wilbur L. Ross, Jr. is the managing member, and W.L. Ross &amp; Co. LLC is the advisor, of WLR Recovery Associates II LLC.</footnote>
</footnotes>
<remarks>(3)  Signing individually and on behalf of WLR Recovery Fund II, L.P., WLR Recovery Associates II LLC, and W.L. Ross &amp; Co. LLC. </remarks>
<ownerSignature>
<signatureName>Wilbur L. Ross, Jr. (3)</signatureName>
<signatureDate>2003-10-03</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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