McRaith said after the hearing that the FIO will meet the deadline, but that the first report will cover only the most important points.

Transparency in financial statements and in dealing with consumers was discussed by a number of those who testified at the hearing, and McRaith indicated that it will be one topic covered in the first report.

At the start of the meeting, Neil Wolin, deputy Treasury secretary, said, "To be clear, regulating the insurance industry is not the job of FIO." He says the FIO's advisory role is working, and that the FIO will continue to work closely with state regulators to provide the federal perspective.

Walter Bell, chairman of Swiss Re, the Americas, says Solvency II, the European-led effort for uniform capital standards, "is going to happen in Europe, whether it is in six months or a year. And it is going to cost us companies."

He adds, "There has to be global supervision" because the "world is too small."

The problem, he says, is "understanding what the regime is."

Brian Duperreault, CEO of Marsh, Inc., says one role the FIO could play is to help open up protectionist regimes, for example, what happened in the Brazilian-insurance markets.

Christopher Mansfield, general counsel of Liberty Mutual, Boston, says, "We welcome the FIO as our federal single point of contact but adds, "We like to think Massachusetts is our group supervisor."

John Johns, CEO of Protective Life Insurance, Birmingham, Ala., says he sees some "great strengths" in the state system, and called the National Association of Insurance Commissioners "strong and effective."

But, he adds that the structure of the NAIC is a barrier, and says it has a "bottom-up structure," and, with so much turnover, he says establishing a strategic plan is difficult.

Michael Grier, vice chairman of Prudential Insurance, says the FIO's role in the international debate is important, so the federal government must understand insurance, and not have a knee jerk reaction to believe insurers are too complicated or are similar to banks.