Even routine documents have their fascinating spots. A case in point is the House Financial Services Committee's oversight plan, which spells out what the panel intends to do during this Congress. The paper contains quite a bit of interest for risk managers, insurers and brokers. For example, the committee plans to hold hearings on the federal terrorism insurance backstop program, monitor the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act as it pertains to insurance, and consider additional reforms of the National Flood Insurance Program.

But perhaps the most interesting part is the document's discussion of the Federal Insurance Office. Dodd-Frank brought FIO into being, and the new office was greeted with fanfare from much of the insurance industry, and understandably so.

After all, the office — which is within the Treasury Department — represented the first time the federal government had a formal entity entrusted with insurance matters. The fact that the Obama administration chose a highly respected state insurance regulator — former Illinois Insurance Director Michael McRaith — as the first head of FIO added to the expectations for the new office.

Judging from the oversight plan, at least some in Congress feel that those expectations haven't been met. Consider this one section of the plan:

“FIO has repeatedly missed multiple statutory deadlines imposed by the Dodd-Frank Act for reports to Congress on (1) the insurance industry, in general; (2) the breadth and scope of the global reinsurance market; (3) the ability of state regulators to access reinsurance information; and (4) recommendations to modernize and improve the system of insurance regulation in the United States.

“The committee urges the FIO to submit these long overdue reports without further delay.”

To which anyone with any interest or stake in how Washington treats insurance can only respond “amen.”

One of the reports to which the committee refers — the recommendations on insurance regulatory modernization — is now more than a year overdue. No one expects anything in official Washington to adhere to strict deadlines — it's simply not part of the nature of the town no matter who's in charge. But even by Washington standards, a year overdue is a bit much.

The situation may not improve, and in fact could become worse. With the departure of Treasury Secretary Timothy F. Geithner, there's a change at the top of the department, and insurance — which has never been at the top of anyone's priority list in D.C. — may get pushed even further down the list.

The industry deserves better, and the mere establishment of FIO underscores that fact. FIO should heed the committee's urging and submit the mandated reports. Delay in Washington may be routine, but the time to break the routine on this matter is long overdue.