I think to avoid the requirements of having the cash parked in a Thai bank for the yearly extension, you would need to leave Thailand on a re-entry permit, get another years insurance and get stamped back in for another year
here's one, recently returned from Australia, went to Samut Sakhon Immigration to lodge a new TM30 and was told it was not necessary because I haven't changed address.
If you are looking on the Canberra Embassy website everything you need is there, a full description of what you require in the visa tab and all the forms in the Download tab