A. All boxers, mixed martial arts contestants and referees shall be examined by a physician licensed pursuant to Title 32, Chapter 13 or 17 before entering the ring, and the examining physician shall immediately file with the commission a written report of the examination. The physician’s report of the examination shall include specific mention as to the condition of the boxer’s or mixed martial arts contestant’s heart and general physical condition. The physician’s report may include specific mention as to the condition of the boxer’s or mixed martial arts contestant’s nerves and brain as required by the commission. The cost of the examination is payable by the person conducting the contest or exhibition. All boxers and mixed martial arts contestants shall receive a post-bout physical examination from a physician licensed pursuant to Title 32, Chapter 13 or 17 and may be suspended from participation in additional contests for a period of time based on the evaluation by the examining physician.

B. Every person holding or sponsoring any contest shall have in attendance at every contest regulated by the commission at least one physician who is licensed pursuant to Title 32, Chapter 13 or 17 and who is assigned by the commission or the executive director. The commission may establish a schedule of fees to be paid to each physician by the person or by the promoter.

C. The commission shall:

1. Require insurance coverage for a boxer to provide for medical, surgical and hospital care for injuries sustained in the ring in an amount of twenty thousand dollars with twenty-five dollars deductible and payable to the boxer as beneficiary.

2. Require life insurance for a boxer in the amount of fifty thousand dollars payable in case of accidental death resulting from injuries sustained in the ring.

D. The cost of the insurance required by this section and any deductible amount that exceeds twenty-five dollars is payable by the promoter.