No, it means Obozo lied.....
Insurance companies KNEW that policies that were issued after the approval of the ACA would not meet the new standards. The Insurance Companies should have told the people that then.
Caveat emptor
That's the big question. Why didn't the insurance industry notify their customers the policy they held in 2010 - when PPACA became law - that the product they had would become extinct and market new products to existing customers.
Why did they wait to the last minute to notify their customers, and all do so within the short time that PPACA was being rolled out? Did the industry conspire to do so? Were the cancellation timed as close to the 2014 election season as possible?
Imagine if you will the CEO's of the Health Insurance Industry all standing before Congress as did the CEO['s of the Tobacco Industry. Of course you will need to imagine said scene, today large industries own the Congress (thank you Scalia, Alito, Thomas, Kennedy and Roberts for proving Mr. Franklin so prescient, we had a Republic but couldn't keep it. All it took was 5 votes and CU v. FEC transformed us from a democratic republic into a Plutocracy).