Neugebauer's office says he has been having productive meetings with McRaith on insurance issues so far. The FIO says it has received the letter.

Drafts of the reports have been circulated for months but, like many federal work products, are subject to a process at Treasury–and through Treasury to other federal agencies, where they are vetted, explained, rewritten and reviewed again as insurance events or regulatory issues occur and arise–all before they are sent to the Office of Management and Budget (OMB) for review. A new office's first official agenda-setting item would likely go through this process in an even more involved and protracted way.

Neugebauer has taken an interest in calling on FIO and McRaith to explain their roles and involvement in issues of insurance regulation domestically and internationally.

These are the first agenda-setting work products of the first agency office dedicated to insurance oversight and monitoring, if not supervision, at the federal level, many acknowledge. People from the National Association of Insurance Commissioners (NAIC) to members of Congress to international regulators, along with trade groups, consumer groups, and industry chiefs are all anticipating the tone and scope of the reports, especially the one that will set forth FIO's domestic agenda in detail, the modernization report.

In mid-July, Neugebauer told McRaith he wanted to be frequently updated and have key people involved in ongoing discussions regarding international measures that can create new, overarching capital adequacy standards or expectations for certain U.S. insurance companies.

In June, the subcommittee pressed McRaith on his work, his relationship with the NAIC, and the federal independent insurance expert for the Financial Stability Oversight Council, Roy Woodall.

In late March, Neugebauer wrote to McRaith, who also heads the influential technical committee of the International Association of Insurance Supervisors, expressing concern on the development of two major IAIS initiatives — ComFrame and standards for systemically risky insurers. Neugebauer's March letter was said to reflect the concern of many in the U.S. state regulatory and industry communities.

Completion of the modernization report, which was expected by summer into early fall, is likely slowed down due to the government shutdown with the huge swathe of furloughed federal employees at Treasury, OMB and other agencies.

The other two overdue reports that Neugebauer asked for are the global reinsurance market report, which was due at the end of September 2012, and a report on the impact of the Nonadmitted Insurance and Reinsurance Reform Act of 2010, due Jan. 1, 2013.