In another potentially worrisome sign, a number of insurers had risk corridor receivables that exceeded 50 percent of their reported capital.
PreferredOne, based in Minnesota, booked risk corridor receivables that were 149 percent of the insurer's reported capital. A spokesman for the insurer said, "PreferredOne expects the federal government to meet its risk corridor obligation for all insurers who provided individual health coverage as required by the Affordable Care Act."
Kentucky Health Cooperative had the second-highest level of receivables as a percentage of capital—117 percent. A spokeswoman did not return a call seeking comment.
Oscar Health Insurance, which is based in New York and does business as well in New Jersey, had $15 million worth of receivables, which accounted for 57 percent of reported capital, according to the S&P report.
In a statement, an Oscar spokeswoman said, "Utilizing the latest available information that has been released on the statewide risk pool, Oscar expects its risk corridor receivable to be $9 million."
"The difference from the $15 million cited in Oscar's financial statements is driven by refined expectations of Oscar's relativity to the market risk pool, and not by expected funding issues of the risk corridor program. This number should be held against Oscar's total capital of over $250 million, as opposed to only its capital in New York."
The spokeswoman also said: "CMS has indicated that payments into the risk corridor program in 2015 and 2016 will be used to pay 2014 obligations if the program is underfunded. Reports and industry-internal discussions we follow indicate that insurers will be made whole for 2014 risk corridor receivables, although the precise timing of these payments is uncertain."
Other insurers with relatively high ratios of receivables to capital—Moda Health Plan of Oregon, Common Ground Healthcare and Health Republic Insurance of New York—either had no comment or did not respond to requests for comment.
Earlier this year, an Iowa-based insurer, CoOportunity Health, was taken over by government regulators after claims by customers outweighed its capital. CoOportunity Health had been reporting tens of millions of dollars of risk corridor payments as part of its capital.