Banking Safekeeping Depository Account Services

The State of Missouri, Office of Administration, Division of Purchasing is requesting proposals for banking safekeeping depository account services on behalf of the Department of Commerce and Insurance, with proposals due August 28, 2026 at 2:00 PM Central Time.

The contractor must be a Depository Trust Company participant with a Missouri-based financial institution or trust facility, dedicated Federal Reserve System connectivity, and five years' minimum experience in banking services compliance, safekeeping operations, online communication systems, and report production. The scope encompasses managing joint custody accounts for multiple insurance entity types (life stock and mutual companies, property and casualty insurers, health services companies, HMOs, and prepaid dental plans), maintaining book-entry securities separate from general liabilities, providing secure online communication systems for account inquiries and data transfers, and generating exception reports, weekly and monthly statements, audit confirmations, and certificates of deposit. As of February 28, 2026, the Department held statutory deposits totaling $260.633 million across 241 insurance companies, with Capital Deposits of $189.353 million, Reserve Deposits of $0, and Special Deposits of $71.280 million.

The contractor must employ a Vice President with banking industry oversight experience, Account Managers with three years' experience, Investment Advisors holding FINRA licenses, Account Coordinators, and Customer Service Representatives. Custodial agreements must comply with National Association of Insurance Commissioners standards, requiring indemnification, liability provisions, examination rights for insurance company officers and regulatory representatives, adequate insurance coverage, and notification to the domiciliary insurance commissioner upon account termination.

The contract period runs one year with four optional one-year renewal periods at the state's discretion. All costs are invoiced directly to participating insurance companies; the State of Missouri incurs no charges. Pricing must be firm and fixed per Exhibit C, with renewal pricing not to exceed original contract pricing absent state authorization. The incumbent contractor operates under bid number RFPS30034902300688 and contract number CS230688001. Amendment 01 to the solicitation deleted paragraphs 4.11.5 and Section 4.12; previously submitted proposals required acknowledgment of the amendment and resubmission.