What consequence might there be if the government tries to control costs using price ceilings?

(Or an insurance company)What consequence might there be if the government tries to control costs using price ceilings?
Price ceilings would result in shortages of that product/s on which they are introduced. It would also result in a higher price being paid for that product (in a black market) than what would have been the price had the natural forces of demand and supply come to an equilibrium price.