A. Upon request, any local public body shall file with the director of the risk management division:
(1) a copy of every insurance policy currently in effect; and
(2) a detailed statement of the cost of such policies.
B. If a local public body has been unable to insure any risk or for any other reason has failed to insure any risk, it shall report the reason for such failure to the director of the risk management division on or before November 1 of each year.