54-408. PROMOTERS — BOND OR OTHER SECURITY — MEDICAL INSURANCE. (1) Before any sanctioning permit is issued to any promoter to conduct or hold a contest or exhibition and before an approved amateur athletic sanctioning organization sanctions an exempt amateur event, the promoter shall file with the commission a bond or other form of financial security payable to the state of Idaho in an amount determined by the commission, executed by the promoter and a surety company or companies authorized to do business in this state, and conditioned upon the faithful performance by the promoter, which shall include, but not be limited to, the cancellation of a sanctioned contest or exhibition without good cause as determined by the commission.

(2) The bond or other form of financial security required under this section shall guarantee the payment of all taxes, fees, fines and other moneys due and payable pursuant to the provisions of this chapter and the rules of the commission or regulations of an approved amateur athletic sanctioning organization, as applicable, including, but not limited to, the payment of purses to the participants, other than the promoter, any contributions for required insurance, pensions, disability and medical examinations, the repayment to ticketholders of purchased tickets, and if applicable, the payment of fees to ring officials and physicians and, in the event of the cancellation of a sanctioned contest or exhibition without good cause, an amount determined by the commission.

(3) The commission may modify the amount of bond or other form of financial security if the commission determines that modification is required to ensure adequate and sufficient coverage for payment of taxes, fees, fines, purses and other moneys due and payable pursuant to the provisions of this section. Failure of any promoter to secure a modified bond or other form of financial security required pursuant to this subsection within such period of time as the commission may prescribe, shall be grounds for the commission to revoke any sanctioning permit and cancel any contest or exhibition.

(4) All proceeds collected pursuant to the provisions of this section shall be deposited in the state treasury to the credit of the occupational licenses fund.

(5) Promoters must obtain health insurance to cover any injuries incurred by participants, other than the promoter, at the time of the event.

History:

[(54-408) 54-407, added 1992, ch. 229, sec. 2, p. 682; am. and redesig. 2004, ch. 385, sec. 8, p. 1154; am. 2007, ch. 149, sec. 7, p. 451; am. 2009, ch. 93, sec. 5, p. 275; am. 2010, ch. 311, sec. 3, p. 835.]