If private health insurance companies are ripping consumers off, isn't that a failure of government oversight?

... since insurance companies are heavily regulated?
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American health insurance regulations are an absolute wreck. They are a mess of overlapping and contradictory state and federal regulations, and they are enforced to a lesser or greater degree depending on the political wind. You are trying to make some overarching libertarian point, but like most forms of libertarian argumentation this one is dishonest and cannot depend upon its evidence for its conclusion.
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