Yes and no, respectively.
I'm all for tort reform, but this violation of states' rights putting insurance regulation under unconstitutional Federal control doesn't warm my cockles one bit.
Here's why: If health insurers are not making oodles of money now (and they're not), then there isn't much to be saved in this measure. Oh but there is a bundle to be made in mergers and acquisitions! Are you interested in health-care insurers too big to fail?
Setting up an insurance company isn't like automobile manufacturing in that the economies of scale are very different. A holding company can set up fifty insurance subsidiaries with little difficulty. So this is really a non-problem. The real problem is corruption at the state level, but if you think Federalizing the system will fix that I have news for you.
Letting people buy across state lines won’t federalize the system any more than letting me buy books from Amazon. If Congress wants to create a cabinet level Department of Book Sales they can do that, but that would be the expansion of government, not allowing Amazon to ship books to all 50 states.