No state agency, board or commission, other than those excepted in section 125.04 of the Revised Code, shall procure or purchase any contract of insurance other than through the office of risk management. When the administrator of the office of risk management determines that it is impractical for any state agency, board or commission to obtain a contract of insurance through the office, the administrator may issue a release and permit to secure an appropriate contract of insurance other than through the office. A release and permit for a contract of insurance shall specify the contract of insurance, the agency to which the release and permit applies, the operative time of the release and permit, and the reason for the issuance of the release and permit. The release and permit may specify the amount to be procured by the agency, board or commission.