On Monday, July 22, 2024, the Virginia Bureau of Insurance (“Bureau”) issued Administrative Letter 2024-01 on the Use of Artificial Intelligence Systems which is applicable to all companies licensed to conduct the business of insurance in Virginia and all interested parties. The Bureau states that “decisions, conduct, or actions impacting consumers that are made or supported by advanced analytical and computational technologies, including Artificial Intelligence (‘AI’) Systems (as defined below), must comply with all applicable insurance laws and regulations.”
