This is exactly right. There are reasons why states have insurance oversight bodies, and a big reason is that it helps ensure the financial stability of insurance companies and protects state residents from half-@ssed insurance companies that operate outside of any state oversight.
“It provided grants and loans to provide, start, or expand a Health Maintenance Organization (HMO); removed certain state restrictions for federally qualified HMOs; and required employers with 25 or more employees to offer federally certified HMO options”
Why don’t people understand that part about removing certain state restrictions? (The HMO Act) This was the year and the first shot fired in the war of federal takeover of healthcare. The states have very limited oversight of HMO healthcare plans, if any at all.