The Commerce Clause and Dodd Bill

The "Commerce Clause" gives Congress the power to regulate interstate commerce. While insurance companies are licensed by state, they clearly are involved in interstate commerce and have a powerful effect upon the national economy. This is consistent with the interpretation of that constitutional provision for the last 70 years or so.
Labor and civil rights legislation for example depend on that interpretation of the commerce clause.
"To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes".
The Federal Government may be able to claim the power to 'regulate' commerce (in this case insurance) among the several states.