DETROIT, Sept. 19, 2012 /PRNewswire/ -- Blue Cross Blue Shield of Michigan today welcomed Sen. Joe Hune's introduction of legislation that would, among other things, preserve BCBSM's nonprofit status and prevent the company from becoming a for-profit health insurer in the future.
The legislation implements Gov. Rick Snyder's proposal to streamline and modernize Michigan's outmoded, 32-year-old system of health insurance regulation. The governor's proposal authorizes BCBSM to transition its structure to become a nonprofit mutual insurance company, regulates BCBSM along with other health insurers under consistent rules within the state's Insurance Code, and requires BCBSM to pay state and local taxes while also contributing $1.5 billion over 18 years to improve the health of Michigan's people, protect the vulnerable and promote healthcare access.
"One of our core principles for insurance reform in Michigan has been to remain nonprofit and focused – first and foremost – on people as our purpose for doing business," said Andrew Hetzel, BCBSM vice president for corporate communications. "We credit Senator Hune for including language in his bills that reinforces BCBSM's desire to remain nonprofit and give back to the greater Michigan community."
SOURCE Blue Cross Blue Shield of Michigan