-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UeYot0clcPy0bSnxwmS1yI76Y4mQ3L4oBPmU3YEJBCZ3NgOxY804/BZeCIpcAOrB
 TMK7SJ2/lVrLFbqO48vmCA==

<SEC-DOCUMENT>0001140361-03-003976.txt : 20031028
<SEC-HEADER>0001140361-03-003976.hdr.sgml : 20031028
<ACCEPTANCE-DATETIME>20031028162743
ACCESSION NUMBER:		0001140361-03-003976
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031024
FILED AS OF DATE:		20031028

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ROSS WILBUR L JR
		CENTRAL INDEX KEY:			0001026610

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14681
		FILM NUMBER:		03961217

	BUSINESS ADDRESS:	
		STREET 1:		C/O SYMS CORP
		STREET 2:		SYMS WAY
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094

	MAIL ADDRESS:	
		STREET 1:		ROTHOCHILD INC
		STREET 2:		1251 AVENUE OF AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

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:		03961219

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WLR RECOVERY ASSOCIATES II LLC
		CENTRAL INDEX KEY:			0001266093
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14681
		FILM NUMBER:		03961218

	BUSINESS ADDRESS:	
		STREET 1:		C/O WL ROSS CO LLC
		STREET 2:		101 EAST 52ND 19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2128262042

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WLR RECOVERY FUND II LLC
		CENTRAL INDEX KEY:			0001266096
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14681
		FILM NUMBER:		03961220

	BUSINESS ADDRESS:	
		STREET 1:		C/O WL ROSS CO LLC
		STREET 2:		101 EAST 52ND 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>2003-10-24</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>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001266093</rptOwnerCik>
            <rptOwnerName>WLR RECOVERY ASSOCIATES II 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>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001266096</rptOwnerCik>
            <rptOwnerName>WLR RECOVERY FUND II 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>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001026610</rptOwnerCik>
            <rptOwnerName>ROSS WILBUR L JR</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>2003-10-24</value>
</transactionDate>
<deemedExecutionDate>
</deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionTotalValue>
<value>250000</value>
</transactionTotalValue>
<transactionPricePerShare>
<value>251225</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>142857.14</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<valueOwnedFollowingTransaction>
<value>12922000</value>
</valueOwnedFollowingTransaction>
</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>2003-10-24</value>
</transactionDate>
<deemedExecutionDate>
</deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionTotalValue>
<value>500000</value>
</transactionTotalValue>
<transactionPricePerShare>
<value>499975</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>285714.29</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<valueOwnedFollowingTransaction>
<value>12422000</value>
</valueOwnedFollowingTransaction>
</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>2003-10-28</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----