The FSA has already outlined several fundamental assumptions and decisions regarding its regulation of the general insurance industry, the GISC has said.
GISC chief executive Chris Woodburn said yesterday that "a valuable exchange of views took place" between the two organisations on 8 January 2002.
He added that this formed "a very encouraging basis for a new phase of even closer liaison between GISC and FSA".
The meeting was their first since the Treasury's announcement that the FSA would eventually take over regulation of intermediaries.
Woodburn said the FSA's views would be presented to the Treasury in due course but until that happened, a timetable for the takeover remained uncertain.
