Section 39B. Any person licensed under section thirty-two to conduct boxing or sparring matches or exhibitions, except those persons to whom a special license may be granted thereunder without the requirement of a bond or of payment of the annual fee, shall take out a policy of accident insurance on each contestant participating in such match or exhibition in the amount of fifteen hundred dollars to compensate him for medical and hospital expenses incurred as the result of injuries received in such match or exhibition; and in the amount of five thousand dollars in the event of death to said contestant resulting from participation in such match or exhibition, said five thousand dollars to be paid to the estate of the deceased contestant. The premiums on said policies shall be paid by the licensee.