New York — The application of fair value accounting measurements to an inactive, illiquid and disorderly market for structured credit products helped fuel the worldwide credit crisis, an organization of major insurers and reinsurers told the U.S. Financial Accounting Standards Board (FASB).

While many view the proposed changes to the impairment as a good first step, as the proposed disclosures will enable insurers to better present the economic valuation of their investments, critics hold more needs to be done to enable insurers to fairly present their financial statements for year-end 2008.

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