This memo discusses The National Association of Insurance Commissioners’ 2009 Winter National Meeting held from December 5 to 8, 2009, in San Francisco, California.  This client update highlights some of the developments from the Winter Meeting that are of particular interest to many of our insurance industry clients, including developments relating to: (1) regulation of insurance holding company systems, (2) treatment of deferred tax assets, (3) accounting treatment for residential mortgage-backed securities, (4) alternative mechanisms for restructuring troubled insurers, (5) principle-based reserving for life insurers, (6) regulation of annuity sales and (7) insurer investments in Iran.