It can depend on the size of the scheme – we get quarterly updates showing all money coming in and all going out, how else can you track the state of finances and plan accordingly? For a larger scheme monthly would be sensible but this should be agreed with the strata manager. There is nothing wrong with them charging for financial reporting, it is a service.
If you have had to raise a special levy to pay the insurance this raises questions about the strata budget. Insurance is an expected expense, it happens every year. In strict terms it is not appropriate to strike a special levy to pay for that. If the strata manager and EC are not making allowance for insurance in the annual budget then perhaps you should look for a new strata manager.