First off all , the name of a paint can't be the thing that decides about its correctitude in tinge. Many manufacturers offer the same paint with the different name and vice-versa, The same name but different shade. Therefore it is better to use the FS code system for colours. Having that you may select the paint you need. Usually, many guys ( also here ) complain that an "authentic" paint is too dark or of a different hue. It is because a manufactured offers the colour that is authentic for a real plane but not for a model. A such paint applied on 1 square meter of a real aircraft looks good but applied on 1 square centimeter of a model looks too dark. In other words , wrong. And this is a reason a basic colour has to be lighter by mixing with some of a white paint in order to get the correct , scale effect. Knowing the name of paint only it isn't easy to select the proper tonality of a paint. But The FS system is more useful. It is because instead of mixing of the main colour with the white it is easier to select a lighter variant of the basic coat.
You said... Model Master Acrylic: Insignia Blue, I assume you used the ModelMaster acrylic paint 4742 what is the FS 35044. The Sea Blue colour was given to ANA 606 Semi-Gloss Sea Blue - FS25042, ANA607 Non-specular Sea Blue - FS 35042 and ANA 623 Glossy Sea Blue - FS 15042. As you might notice the FS number is still the same *5042. Only the first digit is different because it says what kind of a colour it is, Gloss-1, semi-gloss-2 and matt -3. The meaning of the rest digits of the code you can find there ...
Color Reference Charts - Federal Standard
Here is a comparison of both colours. The Insignia Blue ( according to the FS sample ) is more bluish than the Sea Blue FS 35042 that seems to be a little bit of greyish tonality. The Model Master FS *5042 should be 1717 for enamel colour or 4686 for acrylic paint.
The Model Master Blue Angel Blue in the spray can is of FS 15050, also the enamel 1772 and acrylic 4687 are of the same FS number. Here the comparison... the paint seems to be lighter than the FS *5044 and doesn't much the FS *5042 in any way.
To sum up.... neither the FS *5044 nor FS *5050 should be used as the equivalent of the FS *5042. However if the FS *5044 would be the origin basic paint , the FS *5050 could be used to get the scale effect. Or for making of the weathering for surfaces painted with the FS *5044.
Having the info you should find the proper equivalent for the Sea Blue colour of different manufacturers.
Oh.. by the way, the Light Grey for undersides seems to be incorrect too. As memo serves it should be the White one.