Of course Obama is setting the regulators and insurance companies up. During his spiel, he basically tossed the problem to them. Now, if it fails, Obama will have them to blame.
They've been badly burned by this pResident, and they know it. I highly doubt a single insurance company will be foolish enough to trust him to keep his latest promise.
They're not going to suddenly begin re-writing the old plans, just so he can turn around and prosecute them for violating the law, after his bacon is pulled from the fire.