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Loss And Loss Adjustment Expense Reserves (Tables) | 12 Months Ended
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Dec. 31, 2011
Insurance In Force [Abstract] |
Schedule Of Losses And Loss Adjustment Expense |
Losses and LAE |  |  |  |  |  |  |  |  |
|  | Year Ended December 31, 2011 |
In millions |  | Second-lien RMBS |  |  | Other |  |  | Total |
Losses and LAE related to actual and expected payments |  | $ | 163 |  |  | $ | 67 |  |  | $ | 230 |
Recoveries of actual and expected payments |  |  | (380) |  |  |  | 72 |  |  |  | (308) |
Gross losses incurred |  |  | (217) |  |  |  | 139 |  |  |  | (78) |
Reinsurance |  |  | 0 |  |  |  | (2) |  |  |  | (2) |
Losses and LAE |  | $ | (217) |  |  | $ | 137 |  |  | $ | (80) |
Schedule Of Financial Guarantees And Related Claim Liability |
|  | Surveillance Categories |
$ in millions |  | Caution List Low |  |  | Caution List Medium |  |  | Caution List High |  |  | Classified List |  |  | Total |
Number of policies |  |  | 54 |  |  |  | 28 |  |  |  | 14 |  |  |  | 200 |  |  |  | 296 |
Number of issues(1) |  |  | 32 |  |  |  | 18 |  |  |  | 11 |  |  |  | 130 |  |  |  | 191 |
Remaining weighted average contract period (in years) |  |  | 8.2 |  |  |  | 5.6 |  |  |  | 6.0 |  |  |  | 9.6 |  |  |  | 8.8 |
Gross insured contractual payments outstanding(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal |  | $ | 4,310 |  |  | $ | 1,213 |  |  | $ | 561 |  |  | $ | 10,420 |  |  | $ | 16,504 |
Interest |  |  | 2,653 |  |  |  | 351 |  |  |  | 144 |  |  |  | 5,836 |  |  |  | 8,984 |
Total |  | $ | 6,963 |  |  | $ | 1,564 |  |  | $ | 705 |  |  | $ | 16,256 |  |  | $ | 25,488 |
Gross claim liability |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,812 |  |  | $ | 1,812 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross potential recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,813 |  |  |  | 3,813 |
Discount, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 177 |  |  |  | 177 |
Net claim liability (recoverable) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,178 | ) |  | $ | (2,178 | )
Unearned premium revenue |  | $ | 155 |  |  | $ | 16 |  |  | $ | 3 |  |  | $ | 134 |  |  | $ | 308 |
(1)—An "issue" represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments. (2)—Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA. The following table provides information about the financial guarantees and related claim liability included in each of MBIA's surveillance categories as of December 31, 2010:
|  | Surveillance Categories |
$ in millions |  | Caution List Low |  |  | Caution List Medium |  |  | Caution List High |  |  | Classified List |  |  | Total |
Number of policies |  |  | 199 |  |  |  | 43 |  |  |  | 12 |  |  |  | 179 |  |  |  | 433 |
Number of issues(1) |  |  | 40 |  |  |  | 26 |  |  |  | 12 |  |  |  | 110 |  |  |  | 188 |
Remaining weighted average contract period (in years) |  |  | 9.4 |  |  |  | 6.9 |  |  |  | 9.1 |  |  |  | 9.4 |  |  |  | 9.2 |
Gross insured contractual payments outstanding(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal |  | $ | 5,041 |  |  | $ | 1,419 |  |  | $ | 1,446 |  |  | $ | 11,190 |  |  | $ | 19,096 |
Interest |  |  | 3,439 |  |  |  | 536 |  |  |  | 746 |  |  |  | 6,132 |  |  |  | 10,853 |
Total |  | $ | 8,480 |  |  | $ | 1,955 |  |  | $ | 2,192 |  |  | $ | 17,322 |  |  | $ | 29,949 |
Gross claim liability |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,692 |  |  | $ | 2,692 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross potential recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,045 |  |  |  | 4,045 |
Discount, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | 27 |
Net claim liability (recoverable) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,380 | ) |  | $ | (1,380 | )
Unearned premium revenue |  | $ | 148 |  |  | $ | 16 |  |  | $ | 72 |  |  | $ | 141 |  |  | $ | 377 |
(1)—An "issue" represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments. (2)—Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.
Schedule Of Insurance Loss Reserves And Recoverables For Insured Obligations |
|  | As of December 31, |
In millions |  | 2011 |  |  | 2010 |
Loss reserves (claim liability) |  | $ | 781 |  |  | $ | 1,059 |
LAE reserves |  |  | 55 |  |  |  | 70 |
Loss and LAE reserves |  | $ | 836 |  |  | $ | 1,129 |
Insurance claim loss recoverable |  | $ | (3,032 | ) |  | $ | (2,531 | )
LAE insurance loss recoverable |  |  | (14 | ) |  |  | — |
Insurance loss recoverable |  | $ | (3,046 | ) |  | $ | (2,531 | )
Reinsurance recoverable on unpaid losses |  | $ | 15 |  |  | $ | 14 |
Reinsurance recoverable on LAE reserves |  |  | 0 |  |  |  | 1 |
Reinsurance recoverable on paid losses |  |  | 1 |  |  |  | 0 |
Reinsurance recoverable on paid and unpaid losses |  | $ | 16 |  |  | $ | 15 |
Schedule Of Company's Second-Lien RMBS Exposure, Gross Undiscounted Claim Liability And Potential Recoveries, Before The Elimination Of Amounts Related To Consolidated VIEs |
Second-lien RMBS Exposure |  |  |  |  | Outstanding |  |  | Gross Undiscounted |
$ in billions |  | Issues |  |  | Gross Principal |  |  | Gross Interest |  |  | Claim Liability |  |  | Potential Recoveries |
Insured issues designated as "Classified List" |  |  | 34 |  |  | $ | 7.5 |  |  | $ | 2.8 |  |  | $ | 0.6 |  |  | $ | 4.6 |
Loan files reviewed with potential recoveries |  |  | 26 |  |  | $ | 7.1 |  |  | $ | 2.7 |  |  | $ | 0.6 |  |  | $ | 4.5 |
Schedule Of Loss And Loss Adjustment Expense Reserves |
In millions |  | Changes in Loss and LAE Reserves for the Year Ended December 31, 2011 |  |  | Gross Loss and LAE Reserves as of December 31, 2011 |
Gross Loss and LAE Reserves as of December 31, 2010 |  | Loss Payments for Cases with Reserves |  |  | Accretion of Claim Liability Discount |  |  | Changes in Discount Rates |  |  | Changes in Timing of Payments |  |  | Changes in Amount of Net Payments |  |  | Changes in Assumptions |  |  | Changes in Unearned Premium Revenue |  |  | Change in LAE Reserves |  |
$ 1,129 |  | $ | (523 | ) |  | $ | 14 |  |  | $ | (20 | ) |  | $ | 38 |  |  | $ | — |  |  | $ | 193 |  |  | $ | 20 |  |  | $ | (15 | ) |  | $ | 836 |
The decrease in the Company's gross loss and LAE reserves reflected in the preceding table was primarily due to a decrease in reserves related to loss payments. Offsetting these decreases were changes in assumptions due to additional defaults and charge-offs of ineligible mortgage loans on insured second-lien RMBS issues outstanding as of December 31, 2010 and changes in the timing of payments.
In millions |  | Changes in Loss and LAE Reserves for the Year Ended December 31, 2010 |  |  | Gross Loss and LAE Reserves as of December 31, 2010 |
Gross Loss and LAE Reserves as of December 31, 2009 |  | Accounting Transition Adjustment(1) |  |  | Loss Payments for Cases with Reserves |  |  | Accretion of Claim Liability Discount |  |  | Changes in Discount Rates |  |  | Changes in Timing of Payments |  |  | Changes in Amount of Net Payments |  |  | Changes in Assumptions |  |  | Changes in Unearned Premium Revenue |  |  | Change in LAE Reserves |  |
$ 1,580 |  | $ | (364 | ) |  | $ | (1,046 | ) |  | $ | 8 |  |  | $ | 28 |  |  | $ | 39 |  |  | $ | (3 | ) |  | $ | 914 |  |  | $ | (28 | ) |  | $ | 1 |  |  | $ | 1,129 |
(1)—Reflects the adoption of the accounting principles for the consolidation of variable interest entities.
Schedule Of Insurance Loss Recoverable And Changes In Recoveries On Unpaid Losses |
Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses for the Year Ended December 31, 2011 |  |  | Gross Reserve as of December 31, 2011 |
In millions |  |  | Collections for Cases with Recoveries |  |  | Accretion of Recoveries |  |  | Changes in Discount Rates |  |  | Changes in Timing of Collections |  |  | Changes in Amount of Collections |  |  | Changes in Assumptions |  |  | Change in LAE Recoveries |  |
Insurance Loss Recoverable |  | $ | 2,531 |  |  | $ | (101 | ) |  | $ | 57 |  |  | $ | 49 |  |  | $ | — |  |  | $ | (227 | ) |  | $ | 723 |  |  | $ | 14 |  |  | $ | 3,046 |
Recoveries on Unpaid Losses |  |  | 896 |  |  |  | — |  |  |  | 16 |  |  |  | 68 |  |  |  | — |  |  |  | — |  |  |  | (416 | ) |  |  | (2 | ) |  |  | 562 |
Total |  | $ | 3,427 |  |  | $ | (101 | ) |  | $ | 73 |  |  | $ | 117 |  |  | $ | — |  |  | $ | (227 | ) |  | $ | 307 |  |  | $ | 12 |  |  | $ | 3,608 |
Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses for the Year Ended December 31, 2010 |  |  |  |
In millions |  | Gross Reserve as of December 31, 2009 |  |  | Accounting Transition Adjustment(1) |  |  | Collections for Cases with Recoveries |  |  | Accretion of Recoveries |  |  | Changes in Discount Rates |  |  | Changes in Timing of Collections |  |  | Changes in Amount of Collections |  |  | Changes in Assumptions |  |  | Change in LAE Recoveries |  |  | Gross Reserve as of December 31, 2010 |
Insurance Loss Recoverable |  | $ | 2,445 |  |  | $ | (594 | ) |  | $ | (81 | ) |  | $ | 36 |  |  | $ | (10 | ) |  | $ | 33 |  |  | $ | (56 | ) |  | $ | 790 |  |  | $ | (32 | ) |  | $ | 2,531 |
Recoveries on Unpaid Losses |  |  | 831 |  |  |  | (215 | ) |  |  | — |  |  |  | 15 |  |  |  | (1 | ) |  |  | — |  |  |  | (8 | ) |  |  | 259 |  |  |  | 15 |  |  |  | 896 |
Total |  | $ | 3,276 |  |  | $ | (809 | ) |  | $ | (81 | ) |  | $ | 51 |  |  | $ | (11 | ) |  | $ | 33 |  |  | $ | (64 | ) |  | $ | 1,049 |  |  | $ | (17 | ) |  | $ | 3,427 |
(1)—Reflects the adoption of the accounting principles for the consolidation of variable interest entities.
Schedule Of Total Estimated Recoveries From Ineligible Mortgage Loans |
In millions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Estimated Recoveries from Ineligible Loans as of December 31, 2010 |  | Accretion of Future Collections |  |  | Changes in Discount Rates |  |  | Recoveries (Collections) |  |  | Changes in Amount of Collections |  |  | Changes in Assumptions |  |  | Total Estimated Recoveries from Ineligible Loans as of December 31, 2011 |
$ 2,517 |  | $ | 65 |  |  | $ | 35 |  |  | $ | (86 | ) |  | $ | 29 |  |  | $ | 559 |  |  | $ | 3,119 |
In millions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Estimated Recoveries from Ineligible Loans as of December 31, 2009 |  |  | Accretion of Future Collections |  |  | Changes in Discount Rates |  |  | Recoveries (Collections) |  |  | Changes in Assumptions |  |  | Total Estimated Recoveries from Ineligible Loans as of December 31, 2010 |
| $ 1,575 |  |  | $ | 51 |  |  | $ | 21 |  |  | $ | (67 | ) |  | $ | 937 |  |  | $ | 2,517 |
Schedule Of Expenses Related To Remedial Actions For Insured Obligations |
|  | Years ended December 31, |
In millions |  | 2011 |  |  | 2010 |  |  | 2009 |
Loss adjustment expense incurred, gross |  | $ | 120 |  |  | $ | 91 |  |  | $ | 270 |
Loss adjustment expense incurred, net |  | $ | 120 |  |  | $ | 86 |  |  | $ | 259 |

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- Definition Tabular disclosure of insured financial obligations with credit deterioration related to the claim liability on financial guarantee insurance contracts as of the end of each annual and interim reporting period detailing, at a minimum, the following for each surveillance category or grouping used to track and monitor the entity's insured financial obligations: (1) number of issued and outstanding financial guarantee insurance contracts; (2) remaining weighted average contract period; (3) insured contractual payments outstanding, segregating principal and interest; (4) gross claim liability; (5) gross potential recoveries; (6) net discount of both the claim liability and potential recoveries; (7) net claim liability; (8) reinsurance recoverable; and (9) unearned premium revenue. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 163 -Section Appendix A -Paragraph A13 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Number 163 -Paragraph 31 -Name Statement of Financial Accounting Standard (FAS) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 55 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6933462&loc=SL5751140-161288 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 9 -Subparagraph (a)(5), (b)(1) -URI http://asc.fasb.org/extlink&oid=6933314&loc=SL5749324-161292 + Details
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