-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BT+nkTFhJiHjMAnx6vmvFRJlKngq2wDwHpUymV3CeUiN5QKR7/Eaz4q9/IW1Tr3O
 dMmh9uh25RPZFQ/6gajjiw==

<SEC-DOCUMENT>0001179110-04-006136.txt : 20040316
<SEC-HEADER>0001179110-04-006136.hdr.sgml : 20040316
<ACCEPTANCE-DATETIME>20040316173041
ACCESSION NUMBER:		0001179110-04-006136
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040312
FILED AS OF DATE:		20040316

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HUNT WILLIAM W
		CENTRAL INDEX KEY:			0001252455
		STANDARD INDUSTRIAL CLASSIFICATION:	ACCIDENT & HEALTH INSURANCE [6321]
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14681
		FILM NUMBER:		04673625

	BUSINESS ADDRESS:	
		STREET 1:		3440 LEHIGH ST
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18103
		BUSINESS PHONE:		610 793 0489

	MAIL ADDRESS:	
		STREET 1:		1110 ALEXANDER LANE
		CITY:			WEST CHESTER
		STATE:			PA
		ZIP:			19382
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-03-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000814181</issuerCik>
        <issuerName>PENN TREATY AMERICAN CORP</issuerName>
        <issuerTradingSymbol>PTA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001252455</rptOwnerCik>
            <rptOwnerName>HUNT WILLIAM W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3440 LEHIGH STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ALLENTOWN</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>18103</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President &amp; C.E.O.</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Incentive Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.70</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-03-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>75000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-03-12</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-03-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>75000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>180000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Grant of incentive stock options as officer/director.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Linda G. Carraghan, by power of attorney for William W. Hunt</signatureName>
        <signatureDate>2004-03-16</signatureDate>
    </ownerSignature>
</ownershipDocument>

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