They should be able to be that big. But your major problem then is how did they get that big.
They either start that size after coming from a grub which would need to be a lot bigger, or they somehow grow in which case they need to shed their rigid skins periodically which would leave them extremely vulnerable.
There are a few ways insects grow, here is a link explaining it in basic easy to understand terms Link
Another major issue is what this creature eats, insects lay a LOT of eggs, imagine 1000 elephant size caterpillars, they will transform the landscape and decimate forests. Some caterpillars grow 1000 times in size and eat 27,000 times their own body weight before they cocoon themselves and begin their transformation.
Mammalian elephants already have a huge impact on flora, but don't breed in such numbers so it's not the same.
One way to solve this would be to have insectoids that do their larval stage in the sea, or lakes, then come to land after completing their changes. if they were anything like dragon fly larva they'd make awesome sea monsters in that stage of their lives.