Custodian Depository

The State of New Mexico is seeking a qualified custodial bank to serve as the depository for securities and related assets held by insurers and service‑contract providers under the New Mexico Insurance Code. The selected custodian will manage purchase, sale, and delivery of securities as directed, collect and distribute interest income, maintain detailed records, and provide frequent regulatory‑required reporting. The contract mandates rapid response times for rating and market‑value requests, daily electronic communications, and strict staffing and conflict‑of‑interest warranties. • Act as depository for custodial accounts, executing purchases, sales, and deliveries of securities per Superintendent direction. • Collect, distribute, and report interest and other income, supplying detailed transaction and rating information within one business day of request. • Provide extensive reporting: twice‑daily email transmission of transaction forms, monthly account summaries, and annual or on‑request detailed reports to insurers, OSI, the Trustee, and the State Auditor. • Maintain minimum two qualified customer‑service staff, ensure 8:00 am‑5:00 pm MST availability, and adhere to rapid notification requirements for maturity, rating deficiencies, and security calls.