On Monday, July 22, 2024, the Virginia Bureau of Insurance coverage (“Bureau”) issued Administrative Letter 2024-01 on the Use of Synthetic Intelligence Techniques which is relevant to all firms licensed to conduct the enterprise of insurance coverage in Virginia and all events. The Bureau states that “choices, conduct, or actions impacting customers which can be made or supported by superior analytical and computational applied sciences, together with Synthetic Intelligence (‘AI’) Techniques (as outlined beneath), should adjust to all relevant insurance coverage legal guidelines and laws.”
