The NSW Government has appointed Clayton Utz and Deloitte to review the state’s compulsory third party (CTP) insurance arrangements and the effectiveness of the scheme.

The Motor Accident Injuries Act and related regulations and guidelines came into effect in 2017 and included a requirement for a review to be tabled in Parliament by December 1 this year.

The State Insurance Regulatory Authority (SIRA) says the review will examine whether the scheme ensures insurers receive a “fair but not excessive profit margin” and will look at the general performance of insurers involved.

Other issues include the timeliness of the provision of benefits to injured people, the proportion of each dollar of premium collected that directly benefits injured people and whether further changes are needed.

A discussion paper will be published on the SIRA website inviting submissions.

“Injured people, organisations and members of the public will be given an opportunity to contribute to the statutory review,” SIRA says.