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<SEC-DOCUMENT>0001157523-10-003568.txt : 20100604
<SEC-HEADER>0001157523-10-003568.hdr.sgml : 20100604
<ACCEPTANCE-DATETIME>20100604161542
ACCESSION NUMBER:		0001157523-10-003568
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100604
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20100604
DATE AS OF CHANGE:		20100604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MBIA INC
		CENTRAL INDEX KEY:			0000814585
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				061185706
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		10879184

	BUSINESS ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6316429.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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    <title></title>
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  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font></b><font style="font-size: 12pt; font-family: Times New Roman">Pursuant
      to Section 13 or 15(d)&#160;of</font><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">the
      Securities Exchange Act of 1934</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Date of
      Report&#160;(Date of earliest event reported): June 4, 2010 (June 4, 2010)</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>MBIA&#160;INC.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>Connecticut</b></font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; width: 34%; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>1-9583</b></font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; width: 33%; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>06-1185706</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction&#160;of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 50%; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>113
            King Street,</b></font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>Armonk
            New York</b></font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; width: 50%; white-space: nowrap; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>10504</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 50%; text-align: center">
          <font style="font-size: 10pt; font-family: Times New Roman">(Address
          of Principal Executive Offices)</font>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 50%; text-align: center">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
      telephone number, including area code:</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>914-273-4545</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>Not
      Applicable</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Former
      name or former address, if changed since last report)</font>
    </p>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">
      Item 8.01&#160;&#160;OTHER EVENTS.
    </p>
    <p>
      On June 4, 2010, MBIA Inc. (&#8220;<u>MBIA</u>&#8221;) posted on its website,
      www.mbia.com (the &#8220;<u>Website</u>&#8221;), the audited statutory-basis
      financial statements for the years ended December 31, 2009 and 2008 for
      its primary insurance subsidiaries, MBIA Insurance Corporation (&#8220;<u>MBIA
      Corp.</u>&#8221;) and National Public Finance Guarantee Corporation (&#8220;<u>National</u>&#8221;),
      which were filed with the New York State Insurance Department on May 28,
      2010.&#160;&#160;These financial statements and related updates to previously
      posted unaudited statutory-basis financial information for MBIA Corp.
      and National are available on the Website under the sections &#8220;Investor
      Relations&#8211;&#8211;Financial Information&#8211;&#8211;Statutory Statements&#8221; and &#8220;Investor
      Relations&#8211;&#8211;Financial Information&#8211;&#8211;Operating Supplements.&#8221;&#160;&#160;The financial
      statements reflect changes from the MBIA Corp. and National unaudited
      statutory Annual Statements to the New York State Insurance Department
      for the year ended December 31, 2009.&#160;&#160;&#160;The updates correct (<u>i</u>)
      the recording of a deferred tax asset as an admitted asset under
      paragraph 10(e) of Statement of Statutory Accounting Principles 10R
      &#8220;Income Taxes&#8221; on the statements of both MBIA Corp. and National, and (<u>ii</u>)
      in the case of National only, the calculation of the ceded component of
      the recorded contingency reserve, which caused the total contingency
      reserve to be understated.&#160;&#160;The updates also include <i>de
      minimus</i> adjustments to intercompany balances with affiliates.
    </p>
    <p>
      As a result of these updates, as of December 31, 2009 and March 31,
      2010, MBIA Corp.&#8217;s (<u>i</u>) statutory net deferred tax asset
      changed from $243 million and $258 million, respectively, to $83 million
      and $105 million, respectively, (<u>ii</u>) total statutory admitted
      assets changed from $5,032 million and $4,463 million, respectively, to
      $4,867 million and to $4,311 million, respectively, (<u>iii</u>) total
      statutory policyholders&#8217; surplus changed from $2,053 million and $1,982
      million, respectively, to $1,885 million and $1,826 million,
      respectively, and (<u>iv</u>) total statutory liabilities and
      policyholders&#8217; surplus changed from $5,032 million and $4,463 million,
      respectively, to $4,867 million and $4,311 million, respectively.
    </p>
    <p>
      As of December 31, 2009 and March 31, 2010, National&#8217;s (<u>i</u>)
      net statutory deferred tax asset changed from $40 million and $39
      million, respectively, to $27 million as of each date, (<u>ii</u>) total
      statutory admitted assets changed from $6,989 million and $7,055
      million, respectively, to $6,976 million and $7,042 million,
      respectively, (<u>iii</u>) statutory contingency reserve changed from
      $1,356 million and $1,365 million, respectively, to $1,404 million and
      $1,425 million, respectively, (<u>iv</u>) total statutory policyholders&#8217;
      surplus changed from $653 million and $740 million, respectively, to
      $591 million and&#160;&#160;$668 million, respectively, and (<u>v</u>)
      total statutory liabilities and policyholders&#8217; surplus changed from
      $6,989 million and $7,055 million, respectively, to $6,976 million and
      $7,042 million, respectively.
    </p>
    <p>
      Detailed updated unaudited statutory-basis financial information is
      included in (<u>i</u>) supplemental exhibits to the MBIA Corp. and
      National Annual Statements to the New York State Insurance
      Department&#160;&#160;for the year ended December 31, 2009 available on the
      Website, (<u>ii</u>) a supplemental exhibit to the MBIA Corp. Combined
      Annual Statement for the year ended December 31, 2009 available on the
      Website, (<u>iii</u>) supplemental exhibits to the MBIA Corp. and
      National Quarterly Statements to the New York State Insurance
      Department&#160;&#160;for the quarterly period ended March 31, 2010 available on
      the Website and (<u>iv</u>) updated MBIA Inc. Quarterly Operating
      Supplements for the fourth quarter of 2009 and the first quarter of 2010
      available on the Website.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; font-size: 10pt; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">MBIA
            INC.</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 6%; text-align: left">

        </td>
        <td style="width: 45%">
          &#160;
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 45%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; width: 6%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; width: 45%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; width: 3%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>By:</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 45%; border-bottom: solid black 1.0pt; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Ram D. Wertheim
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 45%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ram D. Wertheim
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 45%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Legal Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 45%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 6%; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            June 4, 2010
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 45%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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