§ 1531. Insurance coverage of boxers. The commission may promulgate rules and regulations requiring licensed boxers to be covered by insurance for:
(1) Medical, surgical and hospital care resulting from injuries sustained while preparing for or engaged in boxing contests or exhibitions with the insured being the beneficiary of the policies.
(2) Life, providing for payments to the estates or beneficiaries of deceased boxers where death was caused by injuries received while preparing for or engaged in contests or exhibitions. The premiums for this insurance shall be paid by the insured's manager.