It is official--Blue Cross Blue Shield of Michigan has become a nonprofit mutual insurance company after Gov. Rick Snyder signed two bills legalizing the conversion. Beginning next January, the state's largest insurer will begin the transition, which includes paying about $90 million a year in taxes, contributing $1.5 billion over 18 years to a new state endowment fund and ending its "most favored nation" contracts with hospitals, reported the Detroit Free Press. Blue Cross CEO Dan Loepp said the move will help the company remain competitive in the state market."In the old system you had to go in front of a very, very long rate application process that took us oftentimes nine to 18 months to get rates," Loepp said during a news conference. "We needed to be treated on a level playing field." He added that he doesn't think that becoming a nonprofit won't lead to higher premiums. "This will be more competitive and more advantageous for consumers," he noted. Article