Insurance Regulations and Dividends	12 Months Ended
Dec. 31, 2024
Insurance Regulations And Dividends [Abstract]
Insurance Regulations And Dividends	Note 13: Insurance Regulations and Dividends National and MBIA Insurance Corporation are subject to insurance regulations and supervision of the State of New York (their state of domicile) and all U.S. and non-U.S. jurisdictions in which they are licensed to conduct insurance business. In order to maintain their New York State financial guarantee insurance license, National and MBIA Insurance Corporation are required to maintain a minimum of $65 million of policyholders’ surplus. MBIA Mexico is regulated by the Comisión Nacional de Seguros y Fianzas in Mexico. The Company has commenced the process of dissolving MBIA Mexico under Mexican law. The extent of insurance regulation and supervision varies by jurisdiction, but New York and most other jurisdictions have laws and regulations prescribing minimum standards of solvency and business conduct, which must be maintained by insurance companies. Among other things, these laws prescribe permitted classes and concentrations of investments and limit both the aggregate and individual securities risks that National and MBIA Insurance Corporation may insure on a net basis based on the type of obligations insured. In addition, some insurance laws and regulations require the approval or filing of policy forms and rates. National and MBIA Insurance Corporation are required to file detailed annual financial statements with the NYSDFS. The operations and accounts of National and MBIA Insurance Corporation are subject to examination by regulatory agencies at regular intervals. Statutory Capital and Regulations National For 2024, 2023 and 2022, National had statutory net losses of $133 million, $142 million and statutory net income of $75 million, respectively. As of December 31, 2024, National’s statutory capital was $912 million, consisting of policyholders’ surplus of $602 million and contingency reserves of $310 million. As of December 31, 2023, National had statutory capital of $1.1 billion. As of December 31, 2024, National was in compliance with its aggregate risk limits under NYIL, but was not in compliance with certain of its single risk limits. MBIA Insurance Corporation For 2024, 2023 and 2022, MBIA Insurance Corporation had statutory net losses of $64 million, $28 million and statutory net income of $46 million, respectively. As of December 31, 2024, MBIA Insurance Corporation’s statutory capital was $88 million, consisting of policyholders’ surplus of $83 million and contingency reserves of $5 million. As of December 31, 2023, MBIA Insurance Corporation had statutory capital of $152 million. MBIA Insurance Corporation’s policyholders’ surplus as of December 31, 2024 and 2023 included negative unassigned surplus of $1.9 billion. MBIA Insurance Corporation’s policyholders’ surplus may be further negatively impacted if future additional insured losses are incurred. As of December 31, 2024, MBIA Insurance Corporation was in compliance with its aggregate risk limits under the NYIL, but was not in compliance with certain of its single risk limits. Dividends NYIL regulates the payment of dividends by financial guarantee insurance companies and provides that such companies may not declare or distribute dividends except out of statutory earned surplus. Under NYIL, the sum of (i) the amount of dividends declared or distributed during the preceding 12-month period and (ii) the dividend to be declared may not exceed the lesser of (a) 10% of policyholders’ surplus, as reported in the latest statutory financial statements or (b) 100% of adjusted net investment income for such 12-month period (the net investment income for such 12-month period plus the excess, if any, of net investment income over dividends declared or distributed during the two-year period preceding such 12-month period), unless the Superintendent of the NYSDFS approves a greater dividend distribution based upon a finding that the insurer will retain sufficient surplus to support its obligations. During 2024, National declared and paid a dividend of $69 million to its ultimate parent, MBIA Inc. In 2023, National paid a $550 million special dividend that was approved by the NYSDFS to its ultimate parent, MBIA Inc. In addition, National declared and paid an as-of-right dividend of $97 million to its ultimate parent, MBIA Inc. MBIA Inc. and Subsidiaries Notes to Consolidated Financial Statements Note 13: Insurance Regulations and Dividends (continued) In 2024, MBIA Insurance Corporation did not declare or pay any dividends to MBIA Inc. or the holders of its preferred stock. MBIA Insurance Corporation is currently unable to pay dividends, including those related to its preferred stock, as a result of its earned surplus deficit as of December 31, 2024 and is not expected to have any statutory capacity to pay dividends in the near term. In connection with MBIA Insurance Corporation obtaining approval from the NYSDFS to release excess contingency reserves in previous periods, MBIA Insurance Corporation agreed that it would not pay any dividends without prior approval from the NYSDFS.

Insurance Regulations and Dividends

12 Months Ended

Dec. 31, 2024

Insurance Regulations And Dividends [Abstract]

Note 13: Insurance Regulations and Dividends

National and MBIA Insurance Corporation are subject to insurance regulations and supervision of the State of New York (their state of domicile) and all U.S. and non-U.S. jurisdictions in which they are licensed to conduct insurance business. In order to maintain their New York State financial guarantee insurance license, National and MBIA Insurance Corporation are required to maintain a minimum of $65 million of policyholders’ surplus. MBIA Mexico is regulated by the Comisión Nacional de Seguros y Fianzas in Mexico. The Company has commenced the process of dissolving MBIA Mexico under Mexican law. The extent of insurance regulation and supervision varies by jurisdiction, but New York and most other jurisdictions have laws and regulations prescribing minimum standards of solvency and business conduct, which must be maintained by insurance companies. Among other things, these laws prescribe permitted classes and concentrations of investments and limit both the aggregate and individual securities risks that National and MBIA Insurance Corporation may insure on a net basis based on the type of obligations insured. In addition, some insurance laws and regulations require the approval or filing of policy forms and rates. National and MBIA Insurance Corporation are required to file detailed annual financial statements with the NYSDFS. The operations and accounts of National and MBIA Insurance Corporation are subject to examination by regulatory agencies at regular intervals.

Statutory Capital and Regulations

National

For 2024, 2023 and 2022, National had statutory net losses of $133 million, $142 million and statutory net income of $75 million, respectively. As of December 31, 2024, National’s statutory capital was $912 million, consisting of policyholders’ surplus of $602 million and contingency reserves of $310 million. As of December 31, 2023, National had statutory capital of $1.1 billion.

As of December 31, 2024, National was in compliance with its aggregate risk limits under NYIL, but was not in compliance with certain of its single risk limits.

MBIA Insurance Corporation

For 2024, 2023 and 2022, MBIA Insurance Corporation had statutory net losses of $64 million, $28 million and statutory net income of $46 million, respectively. As of December 31, 2024, MBIA Insurance Corporation’s statutory capital was $88 million, consisting of policyholders’ surplus of $83 million and contingency reserves of $5 million. As of December 31, 2023, MBIA Insurance Corporation had statutory capital of $152 million. MBIA Insurance Corporation’s policyholders’ surplus as of December 31, 2024 and 2023 included negative unassigned surplus of $1.9 billion. MBIA Insurance Corporation’s policyholders’ surplus may be further negatively impacted if future additional insured losses are incurred.

As of December 31, 2024, MBIA Insurance Corporation was in compliance with its aggregate risk limits under the NYIL, but was not in compliance with certain of its single risk limits.

Dividends

NYIL regulates the payment of dividends by financial guarantee insurance companies and provides that such companies may not declare or distribute dividends except out of statutory earned surplus. Under NYIL, the sum of (i) the amount of dividends declared or distributed during the preceding 12-month period and (ii) the dividend to be declared may not exceed the lesser of (a) 10% of policyholders’ surplus, as reported in the latest statutory financial statements or (b) 100% of adjusted net investment income for such 12-month period (the net investment income for such 12-month period plus the excess, if any, of net investment income over dividends declared or distributed during the two-year period preceding such 12-month period), unless the Superintendent of the NYSDFS approves a greater dividend distribution based upon a finding that the insurer will retain sufficient surplus to support its obligations.

During 2024, National declared and paid a dividend of $69 million to its ultimate parent, MBIA Inc. In 2023, National paid a $550 million special dividend that was approved by the NYSDFS to its ultimate parent, MBIA Inc. In addition, National declared and paid an as-of-right dividend of $97 million to its ultimate parent, MBIA Inc.

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Note 13: Insurance Regulations and Dividends (continued)

In 2024, MBIA Insurance Corporation did not declare or pay any dividends to MBIA Inc. or the holders of its preferred stock. MBIA Insurance Corporation is currently unable to pay dividends, including those related to its preferred stock, as a result of its earned surplus deficit as of December 31, 2024 and is not expected to have any statutory capacity to pay dividends in the near term. In connection with MBIA Insurance Corporation obtaining approval from the NYSDFS to release excess contingency reserves in previous periods, MBIA Insurance Corporation agreed that it would not pay any dividends without prior approval from the NYSDFS.