I don't think they should be looking into salaries, but the insurance industry definitely could use a little more oversight (rather than just more regulations).
Just yesterday I had to contact our home owners insurance company because of how much our premiums were this year when I got my escrow letter. You would think our Cape Cod was the Biltmore for what they were charging us.
At any rate, I called them up and went over the fees with them and they had us - without any approval to the changes on our part - signed up for coverage on crap like Volcano coverage. We live in the KC area, not exactly an area known for any volcano activity in the last 2 billion years or so. They had also added coverage for an additional bathroom in the house - that we did not have. They had also added premium jewelry coverage that is above and beyond what is on a normal policy or on the original policy. Great feature, except I own no jewelry at all and my wife only owns her wedding and engagement ring. I can go on and on, but the fact is they were screwing us and I ended up cutting our rate nearly in half by just getting the coverage levels we originally signed up for.