Here's the numbers in question:
Product safety laws look at the objective safety of a product and set a minimum threshold for performance in order to allow things to be sold. They do not set price.
Consumer fraud laws protect individuals from actual criminal frauds perpetrated by corporations. They do not set price.
This entire thing just reeks of half-baked populism. How do they actually think this is going to work in practice?
Insurance company: "We're raising rates 25% because our costs have gone up 25% because the country is full of fat, sick, and old people."
Government: "No, you can only raise your rates 3% because the poor, hardworking, Joe Sixpack can't afford 25%."
Insurance company: "Okay, we're closing/no longer going to cover XYZ/no longer going to insure X type of people."
Government: "SEE! We need national health care!"
Actually, now that I think about it, they know exactly what they're doing.