LANSING (WKZO) -- Michigan Governor Rick Snyder has unveiled a plan that would move Blue Cross/Blue Shield of Michigan into a nonprofit mutual insurance company.  The 1.5-billion dollar plan would have the company contribute money to a board of directors to oversee the operation.

Blue Cross/Blue Shield of Michigan President Daniel Loepp says the plan is not something his company would have proposed, but understands the need for all insurance companies to be governed by the same regulations.  The proposal must be approved by the insurance company's board of directors and the Michigan Legislature.