This memo discusses The National Association of Insurance Commissioners’ 2009 Fall National Meeting held from September 21 to 24, 2009, in National Harbor, Maryland (the "Fall Meeting").  This Client Update highlights some of the developments from the Fall Meeting that are of particular interest to many of our insurance industry clients, including developments related to: (1) a proposal by the NAIC for a “National Insurance Supervisory Commission,” (2) the regulation of insurance holding company systems, (3) capital and surplus relief for life insurers, (4) principles-based reserving for life insurers, (5) residential mortgage-backed securities held by life insurers, (6) the statutory accounting treatment of insurer investments in Re-REMICs, (7) the modernization of reinsurance regulation, and (8) the regulation of annuity sales.