The insurer financial strength rating on Noridian Mutual Insurance Co., which does business as Blue Cross and Blue Shield of North Dakota (Noridian), reflects the company's dominance of the North Dakota health insurance market and very strong capitalization and liquidity. Offsetting these positive factors is the company's diminishing operating earnings, concentration in the North Dakota market and the restrictive regulatory environment in which it operates. Noridian is the largest writer and administrator of health insurance products and plans in North Dakota, writing about 90% of the statutory health insurance premium. The company maintains a competitive portfolio of health insurance products and provides services to more than 485,000 members. The company's capital adequacy ratio (CAR), based on Standard&Poor's Ratings
