Section 39B. A person licensed under section 33 to conduct boxing, kickboxing, mixed martial arts or other unarmed combative sport events, sparring matches or exhibitions, except those persons to whom a special license may be granted thereunder without the requirement of a bond or payment of the annual fee, shall take out a policy of accident insurance on each contestant participating in the match or exhibition in the amount of $5,000 to compensate him for medical and hospital expenses incurred as the result of injuries received in such match or exhibition and a policy in the amount of $50,000 to be paid to the estate of the deceased contestant in the event of death to the contestant resulting from participation in the match or exhibition. The premiums on the policies shall be paid by the licensee.