DETROIT -

Michigan Attorney General Bill Schuette says he won't derail the proposed overhaul of Blue Cross Blue Shield of Michigan, but wants a more detailed financial review of the state's largest health insurer before giving the deal his blessing.

Schuette told The Associated Press Wednesday the independent review that examines whether the deal is fair to Michigan residents is "not adequate."

Schuette seeks a broader financial evaluation before the insurer converts from a charitable trust to a customer-owned nonprofit.

The conversion proposed by fellow Republican Gov. Rick Snyder requires Blue Cross to contribute about $1.5 billion over 18 years to a nonprofit entity aimed at improving public health care and access, and pay about $100 million in taxes.

Schuette is scheduled to testify Thursday before a Senate panel.

Read:New plan means changes for Blue Cross