No boxing event may be held by any person unless the person has notified, at least two weeks in advance, the commission, in a form prescribed by the commission, of the proposed event and in addition to having a license as contained in Section 52-7-40, has obtained from the commission at least ten days prior to the proposed date, a written permit. No boxing permit may be issued unless the applicant:

1. (1) provides the names of all anticipated participants;
2. (2) provides evidence that a policy of medical and hospitalization insurance satisfactory to the commission covers every participant;

3. (3) files a surety bond with the applications in an amount equal to the total value of any purse offered.

   No wrestling event may be held by any person unless the person has a current license issued as required in Section 52-7-40 and has complied with the regulations for obtaining a permit issued by the commission.