I have a question from my Bulgarian client - is there a law in the UK that regulates cash (as in pound notes not bank transfers or cheques) payments for insurance claim payouts? In Bulgaria there is a specific law stating that claims payments can only be made by bank transfer. Is there a similar law in the UK and if so where can I find it?
Question about cash payments
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I am not aware of any such requirement in English Law - I am not certain about the law in Scotland or Northern Ireland
You may find this useful. https://www.bankofengland.co.uk/know...s-legal-tender
I assume the client is a resident of Bulgaria who is a creditor of an insurer in the UK, who wishes to pay him to settle a claim against the insured. The insurer would never pay out in cash.
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