This memo discusses The National Association of Insurance Commissioners' 2009 Summer National Meeting held from June 13 to 16, 2009 in Minneapolis, Minnesota.  This Client Update highlights some of the developments from the Summer Meeting that are of particular interest to many of our insurance industry clients, including developments related to: (1) proposed capital and surplus relief for life insurers and certain life insurance policies and variable annuity contracts; (2) a reinsurance collateral guidance memorandum that will be sent to state insurance regulators; (3) revisions to the mortgage experience adjustment factor ("MEAF") used in life insurer risk-based capital calculations; (4) potential revisions to the NAIC Insurance Holding Company System Regulatory Act (Model 440); (5) principles-based reserving for life insurers; and (6) a proposal to reduce capital charges to life insurers resulting from ratings downgrades of residential mortgage backed securities.