(a)      On or before January 1 of each year, the Treasurer shall submit an annual report to the Governor and, subject to § 2-1246 of the State Government Article, to the General Assembly.

      (b)      (1)      The report shall describe the activities and operation of the Office of the Treasurer during the preceding fiscal year.

            (2)      The report shall include:

                  (i)      a statement on the management of State funds;

                  (ii)      a statement on the interest earned on investments; and

                  (iii)      a statement on the administration of the State Insurance Program and the State Insurance Trust Fund, including any recommendations for changes in their operation.