The insurer financial strength rating on Noridian Mutual Insurance Co., which does business as Blue Cross and Blue Shield of North Dakota (BCBSND), is based on the company's continued dominance of the North Dakota health insurance market, very strong capitalization, and conservative investment portfolio. These positive factors are offset by the plan's erratic underwriting results and restrictive regulatory environment. Dominant market position. BCBSND is well positioned to maintain its dominant market share in providing health insurance products and services in North Dakota. It is the leading health insurer in the state, writing about 80% of all the health insurance premiums sold. Very strong capitalization. For 2001, BCBSND's capital adequacy ratio, based on Standard&Poor's model, was 208%, which is
