4. a. Every individual health insurance policy that provides benefits for maternity services, and that is delivered, issued, executed or renewed in this State, or approved for issuance or renewal in this State by the Commissioner of Banking and Insurance on or after the effective date of this act, shall provide for reimbursement in installments to an obstetrical provider licensed in New Jersey for maternity services rendered during the term of a covered person's pregnancy.
b.For the purposes of this section, "obstetrical provider licensed in New Jersey" means:
(1)an obstetrician/gynecologist licensed by the State Board of Medical Examiners; or
(2)a midwife licensed by the State Board of Medical Examiners as a certified midwife or a certified nurse midwife.
c.This section shall apply to all individual health insurance policies in which the insurer has reserved the right to change the premium.