(1) Promoter applicants shall submit a completed application on department forms, accompanied by the appropriate fees, and include the following information:

(a) character references from three individuals (excluding relatives, present employer, or employees) attesting to the applicant's character and integrity;

(b) experience verification forms attested to by three references (excluding relatives, present employer, or employees) with knowledge of the applicant's minimum two years' experience in promoting boxing or other relevant combative sports, such as mixed martial arts and wrestling;

(c) proof of applicant's knowledge of the laws and administrative rules of the department, as evidenced by attestation; and

(d) attestation on the application of the applicant's knowledge of the responsibilities involved in promoting boxing or other relevant combative sports.

(2) Promoters shall:

(a) ensure that adequate public safety is maintained;

(b) ensure that the rules of the department are strictly observed and carried out;

(c) provide liability insurance to adequately protect the contestants, officials, and the attending public, and shall furnish proof of such insurance to the department prior to sanction being granted. Minimum coverages must include:

(i) $10,000 medical insurance per contestant;

(ii) $10,000 life insurance per contestant; and

(iii) additional liability insurance to adequately protect all officials and the public; and

(d) pay all purses and other financial obligations immediately following an event.