(a) A promoter shall maintain a short-term medical assistance insurance program, approved by the commission, for professional boxers with whom it contracts for bouts to be conducted in California or shall qualify such boxers for a program which has been approved by the commission. The cost of such insurance program or coverage shall be set forth in the contract between the boxer/manager and the promoter. The promoter shall be responsible for paying any deductible amounts.

(b) “Short term medical assistance insurance,” as used in this section, refers to direct expenses of medical treatment, including emergency aid, medical treatment, drugs, operations and physical therapy, arising directly from injuries incurred during a boxing contest in California which has been approved by the commission.