Banking Safekeeping Depository Account Services

The Missouri Department of Commerce and Insurance is requesting competitive sealed proposals for banking safekeeping depository account services under Solicitation No. STATE 0000000540SL, with proposals due August 28, 2026 at 2:00 p.m. Central Time via MissouriBUYS powered by MOVERS.

Vendors must be registered in MissouriBUYS in "Approved" status in WebProcure/Proactis and "Spend Authorized" status in MOVERS to be eligible. Minimum experience requirements include five years in banking services compliance, banking safekeeping, online communications systems, and securities reporting. Vendors must be Depository Trust Company participants with a Missouri-based financial institution or trust facility and a dedicated Federal Reserve System connection.

The scope encompasses establishing and maintaining joint custody safekeeping accounts for insurance companies; managing capital, reserve, and special deposit securities; providing online communication systems for account inquiries and reporting; and ensuring compliance with NAIC custodial and safekeeping agreement standards and Missouri insurance regulations. As of February 28, 2026, statutory deposits under management totaled approximately $260.6 million across 241 companies. The contractor must hold securities separately as specified, maintain indemnification for losses caused by negligence or dishonesty, provide audit confirmation capabilities, and notify the insurance commissioner within three business days of account termination or complete withdrawal.

The contract term is one year from execution, with the Division of Purchasing holding the right to renew for four additional one-year periods at its sole option. Pricing must be firm and fixed per Exhibit C; renewal period pricing shall not exceed stated prices contingent upon state funding appropriations. The contractor receives payment directly from participating companies, with the State bearing no direct payment obligations. A current contract exists under Bid No. RFPS30034902300688 (Contract No. CS230688001); incumbent information is available through the Division of Purchasing's Awarded Bid and Contract Document Search System. The contractor must maintain adequate liability insurance naming Missouri as an additional insured, register with Missouri business requirements, comply with E-Verify, and meet anti-discrimination against Israel provisions. Questions must be submitted at least ten calendar days prior to proposal closing. Procurement contact: Ariel Bradford, (573) 751-2497, Ariel.Bradford@oa.mo.gov.