<SEC-DOCUMENT>0001140361-13-046341.txt : 20131216
<SEC-HEADER>0001140361-13-046341.hdr.sgml : 20131216
<ACCEPTANCE-DATETIME>20131216172756
ACCESSION NUMBER:		0001140361-13-046341
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131212
FILED AS OF DATE:		20131216
DATE AS OF CHANGE:		20131216

ISSUER:		

	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

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CARNEY SEAN
		CENTRAL INDEX KEY:			0001239312

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		131279842

	MAIL ADDRESS:	
		STREET 1:		C/O WARBURG PINCUS LLC
		STREET 2:		450 LEXINGTON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
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<DESCRIPTION>FORM 3
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    <periodOfReport>2013-12-12</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000814585</issuerCik>
        <issuerName>MBIA INC</issuerName>
        <issuerTradingSymbol>MBI</issuerTradingSymbol>
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            <rptOwnerCik>0001239312</rptOwnerCik>
            <rptOwnerName>CARNEY SEAN</rptOwnerName>
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            <rptOwnerStreet1>C/O MBIA INC.</rptOwnerStreet1>
            <rptOwnerStreet2>113 KING STREET</rptOwnerStreet2>
            <rptOwnerCity>ARMONK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10504</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
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            <otherText></otherText>
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    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $1.00 per share (&quot;Common Stock&quot;)</value>
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                <sharesOwnedFollowingTransaction>
                    <value>9018</value>
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            <ownershipNature>
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                    <value>I</value>
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                    <value>see footnote</value>
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                    <footnoteId id="F3"/>
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                    <footnoteId id="F5"/>
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                <value>Common Stock issuable upon exercise of warrants</value>
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            <conversionOrExercisePrice>
                <value>29.44</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2008-01-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-01-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <underlyingSecurityShares>
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            </underlyingSecurity>
            <ownershipNature>
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                    <value>I</value>
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                    <value>see footnote</value>
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                    <footnoteId id="F5"/>
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                <value>Common Stock issuable upon exercise of warrants</value>
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            <conversionOrExercisePrice>
                <value>16.18</value>
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            <exerciseDate>
                <value>2008-02-06</value>
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            <expirationDate>
                <value>2015-02-06</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <underlyingSecurityShares>
                    <value>4004945</value>
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                    <value>I</value>
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                    <value>see footnote</value>
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            <conversionOrExercisePrice>
                <value>9.59</value>
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            <exerciseDate>
                <value>2013-08-05</value>
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            <expirationDate>
                <value>2018-08-05</value>
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            <underlyingSecurity>
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                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
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    <footnotes>
        <footnote id="F1">Restricted stock granted December 12, 2013 at a price of $11.09 per share subject to 10 year cliff vesting; no vesting until 10 year anniversary of grant. On December 12, 2023, entire grant of restricted stock vests.</footnote>
        <footnote id="F2">Warburg Pincus Private Equity X, L.P., a Delaware limited partnership (together with an affiliated limited partnership, &quot;WP X&quot;) is the holder of  (a) 45,622,877 shares of Common Stock and (b) warrants exercisable for 27,829,808 shares of Common Stock.  Warrant balance reflects anti-dilution and gross-up adjustments. The warrants are subject to adjustments for certain issuances of common stock, stock splits, stock subdivisions, stock reclassifications, stock combinations, other distributions, certain repurchases, business combinations and similar actions.</footnote>
        <footnote id="F3">Warburg Pincus X L.P., a Delaware limited partnership (&quot;WP X LP&quot;) is the general partner of WP X; Warburg Pincus X LLC, a Delaware limited liability company (&quot;WP X LLC&quot;) is the general partner of WP X LP; Warburg Pincus Partners LLC, a New York limited liability company (&quot;WP Partners&quot;) is the sole member of WP X LLC; Warburg Pincus &amp; Co., a New York general partnership (&quot;WP&quot;) is the managing member of WP Partners; Warburg Pincus LLC, a New York limited liability company (&quot;WP LLC&quot;) manages WP X; and Messrs. Charles R. Kaye and Joseph P. Landy, each a Managing General Partner of WP and Managing Member and Co-Chief Executive Officer of WP LLC, who may be deemed to control the Warburg Pincus entities.</footnote>
        <footnote id="F4">Pursuant to Rule 16a-1(a)(4) of the Securities Exchange Act of 1934, as amended, (the &quot;Act&quot;) each of WP X LP, WP X LLC, WP Partners, WP, WP LLC, and Messrs. Kaye and Landy disclaims beneficial ownership of the Common Stock and the warrants exercisable for Common Stock, except to the extent of its or his pecuniary interest in such shares of Common Stock or such warrants exercisable for Common Stock.</footnote>
        <footnote id="F5">Pursuant to Rule 16a-1(a)(4) of the Act, Mr. Sean D. Carney herein states that this filing shall not be deemed an admission that he is the beneficial owner of any of the shares of Common Stock held by WP X or of any of the warrants exercisable for Common Stock held by WP X. Mr. Carney disclaims beneficial ownership of such Common Stock and such warrants exercisable for Common Stock, except to the extent of his pecuniary interest in such shares of Common Stock and in such warrants exercisable for Common Stock.</footnote>
    </footnotes>

    <remarks>Exhibit List
Exhibit 24 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Andrew Hughes, Attorney-in-Fact</signatureName>
        <signatureDate>2013-12-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1)&#160;execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and/or director of MBIA Inc. (the &#8220;Company&#8221;), Forms&#160;3, 4, and 5 in accordance with Section</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2)&#160;do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4, or 5, complete and execute any amendment or amendments thereto, and timely file such form with the United States Securities and Exchange Commission and any stock exchange or similar authority; and</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3)&#160;take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section&#160;16 of the Securities Exchange Act of 1934.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms&#160;3, 4, and 5 with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.</font></div>

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