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November 7, 2024 Reinsurance

Third Quarter 2024 MBIA Public Finance Statutory Statement

U.S. Markets via PUBT

QUARTERLY STATEMENT

OF THE

MBIA INSURANCE

CORPORATION

PURCHASE

IN THE

STATE OF NEW YORK

TO THE

INSURANCE DEPARTMENT

OF THE

STATE OF

___________________

FOR THE PERIOD ENDED

September 30, 2024

PROPERTY AND CASUALTY

2024

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE MBIA Insurance Corporation

ASSETS

				Current Statement Date		4
			1	2	3	December 31

					Net Admitted Assets	Prior Year Net
			Assets	Nonadmitted Assets	(Cols. 1 - 2)	Admitted Assets
1.	Bonds	131,710,936	5,916,199	125,794,737	145,195,649
2.	Stocks:
	2.1	Preferred stocks	0	0	0	0
	2.2	Common stocks	13,734,749	0	13,734,749	14,903,436
3.	Mortgage loans on real estate:
	3.1	First liens	0	0	0	0
	3.2	Other than first liens	0	0	0	0

4. Real estate:

4.1 Properties occupied by the company (less

	$		encumbrances)		0	0	0	0
	4.2 Properties held for the production of income
	(less $		encumbrances)	0	0	0	0
	4.3 Properties held for sale (less
	$		encumbrances)		0	0	0	0
5.	Cash ($	6,316,604 ),
	cash equivalents ($		16,500,000	)
	and short-term investments ($	0 )	22,816,604	0	22,816,604	46,759,346
6.	Contract loans (including $		premium notes)	0	0	0	0
7.	Derivatives				0	0	0	0
8.	Other invested assets			0	0	0	0
9.	Receivables for securities			1,837	0	1,837	226
10.	Securities lending reinvested collateral assets	0	0	0	0
11.	Aggregate write-ins for invested assets		0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)	168,264,126	5,916,199	162,347,927	206,858,657
13.	Title plants less $			charged off (for Title insurers
	only)				0	0	0	0
14.	Investment income due and accrued		2,174,131	1,838	2,172,293	2,033,127
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of
	collection				2,576	630	1,946	349,149
	15.2 Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	earned
	but unbilled premiums)			0	0	0	0
	15.3 Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)	0	0	0	0
16.	Reinsurance:
	16.1 Amounts recoverable from reinsurers		263,744	0	263,744	959,942
	16.2 Funds held by or deposited with reinsured companies	0	0	0	0
	16.3 Other amounts receivable under reinsurance contracts	0	0	0	0
17.	Amounts receivable relating to uninsured plans	0	0	0	0
18.1 Current federal and foreign income tax recoverable and interest thereon	0	0	0	0
18.2 Net deferred tax asset			0	0	0	0
19.	Guaranty funds receivable or on deposit		0	0	0	0
20.	Electronic data processing equipment and software	0	0	0	0
21.	Furniture and equipment, including health care delivery assets
	($		)		0	0	0	0
22.	Net adjustment in assets and liabilities due to foreign exchange rates	0	0	0	0
23.	Receivables from parent, subsidiaries and affiliates	1,618	0	1,618	3,628
24.	Health care ($		) and other amounts receivable	0	0	0	0
25.	Aggregate write-ins for other-than-invested assets	371,699	318,594	53,105	3
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)		171,077,894	6,237,260	164,840,633	210,204,506
27.	From Separate Accounts, Segregated Accounts and Protected
	Cell Accounts				0	0	0	0
28.	Total (Lines 26 and 27)			171,077,894	6,237,260	164,840,633	210,204,506
	DETAILS OF WRITE-INS
1101.					0	0	0	0
1102.					0	0	0	0
1103.					0	0	0	0
1198.	Summary of remaining write-ins for Line 11 from overflow page	0	0	0	0
1199.	Totals (Lines 1101 through 1103 plus 1198) (Line 11 above)	0	0	0	0
2501.	Other assets				3	0	3	3
2502.	Prepaid expenses				318,594	318,594	0	0
2503.	Premium tax asset				53,102	0	53,102	0
2598.	Summary of remaining write-ins for Line 25 from overflow page	0	0	0	0
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)	371,699	318,594	53,105	3

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE MBIA Insurance Corporation

LIABILITIES, SURPLUS AND OTHER FUNDS

						1	2
						Current	December 31,
						Statement Date	Prior Year
1.	Losses (current accident year $	0 )			68,005,661	23,381,502
2.	Reinsurance payable on paid losses and loss adjustment expenses			0	0
3.	Loss adjustment expenses					(19,827,942)	3,173,363
4.	Commissions payable, contingent commissions and other similar charges		0	0
5.	Other expenses (excluding taxes, licenses and fees)			95,954	164,553
6.	Taxes, licenses and fees (excluding federal and foreign income taxes)			0	40,588
7.1Current federal and foreign income taxes (including $	0	on realized capital gains (losses))	4	198
7.2 Net deferred tax liability					0	0
8.	Borrowed money $		and interest thereon $			0	0
9.	Unearned premiums (after deducting unearned premiums for ceded reinsurance of $	172,310,179 and
	including warranty reserves of $	and accrued accident and health experience rating refunds
	including $	for	medical loss ratio rebate per the Public Health Service Act)	24,458,497	29,728,387
10.	Advance premium					0	0
11.	Dividends declared and unpaid:
	11.1 Stockholders					0	0
	11.2 Policyholders					0	0
12.	Ceded reinsurance premiums payable (net of ceding commissions)			759,359	896,497
13.	Funds held by company under reinsurance treaties			0	0
14.	Amounts withheld or retained by company for account of others			0	335
15.	Remittances and items not allocated				0	0
16.	Provision for reinsurance (including $	certified)		0	0
17.	Net adjustments in assets and liabilities due to foreign exchange rates			0	0
18.	Drafts outstanding					0	0
19.	Payable to parent, subsidiaries and affiliates			4,606,053	1,307,138
20.	Derivatives					0	0
21.	Payable for securities					0	0
22.	Payable for securities lending				0	0
23.	Liability for amounts held under uninsured plans			0	0
24.	Capital notes $		and interest thereon $			0	0
25.	Aggregate write-ins for liabilities				5,016,798	5,010,117
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)			83,114,385	63,702,678
27.	Protected cell liabilities					0	0
28.	Total liabilities (Lines 26 and 27)				83,114,385	63,702,678
29.	Aggregate write-ins for special surplus funds			0	0
30.	Common capital stock					15,000,269	15,000,269
31.	Preferred capital stock					2,759,080	2,759,080
32.	Aggregate write-ins for other than special surplus funds			0	0
33.	Surplus notes					952,655,000	952,655,000
34.	Gross paid in and contributed surplus				1,055,941,259	1,055,941,259
35.	Unassigned funds (surplus)					(1,944,629,360)	(1,879,853,780)
36.	Less treasury stock, at cost:
	36.1	shares common (value included in Line 30	$	)	0	0
	36.2	shares preferred (value included in Line 31	$	)	0	0
37.	Surplus as regards policyholders (Lines 29 to 35, less 36)			81,726,248	146,501,828
38.	Totals (Page 2, Line 28, Col. 3)				164,840,633	210,204,506
	DETAILS OF WRITE-INS
2501.	Contingency reserve					5,000,000	5,000,000
2502.	Other liabilities					18	18
2503.	Ceded salvage payable, net					16,780	10,099
2598.	Summary of remaining write-ins for Line 25 from overflow page			0	0
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)			5,016,798	5,010,117
2901.						0	0
2902.						0	0
2903.						0	0
2998.	Summary of remaining write-ins for Line 29 from overflow page			0	0
2999.	Totals (Lines 2901 through 2903 plus 2998) (Line 29 above)			0	0
3201.						0	0
3202.						0	0
3203.						0	0
3298.	Summary of remaining write-ins for Line 32 from overflow page			0	0
3299.	Totals (Lines 3201 through 3203 plus 3298) (Line 32 above)			0	0

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE MBIA Insurance Corporation

STATEMENT OF INCOME

							1	2	3
							Current Year	Prior Year	Prior Year Ended
							to Date	to Date	December 31
				UNDERWRITING INCOME
1.	Premiums earned:
	1.1	Direct (written $	10,040,810	)		30,873,992	31,189,101	40,964,993
	1.2	Assumed (written $	845,410 )		638,662	669,593	884,341
	1.3	Ceded (written $	6,437,512	)		21,596,364	21,656,219	27,327,432
	1.4	Net (written $	4,448,707	)		9,916,291	10,202,474	14,521,903
			DEDUCTIONS:
2.	Losses incurred (current accident year $	0 ):
	2.1 Direct				142,666,736	115,039,591	112,685,963
	2.2 Assumed				0	(1,820,162)	(1,820,162)
	2.3 Ceded				72,114,758	78,380,934	79,377,414
	2.4 Net				70,551,978	34,838,494	31,488,387
3.	Loss adjustment expenses incurred			(1,832,131)	3,820,315	4,261,699
4.	Other underwriting expenses incurred			13,224,578	12,693,619	16,036,038
5.	Aggregate write-ins for underwriting deductions		0	0	0
6.	Total underwriting deductions (Lines 2 through 5)		81,944,425	51,352,428	51,786,124
7.	Net income of protected cells				0	0	0
8.	Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)		(72,028,134)	(41,149,954)	(37,264,221)
				INVESTMENT INCOME		6,419,125	11,528,196	14,071,443
9.	Net investment income earned
10.	Net realized capital gains (losses) less capital gains tax of $	0	(2,071,009)	(6,797,991)	(6,742,500)
11.	Net investment gain (loss) (Lines 9 + 10)			4,348,116	4,730,205	7,328,943
				OTHER INCOME
12.	Net gain or (loss) from agents' or premium balances charged off
	(amount recovered $		amount charged off $	)	0	0	0
13.	Finance and service charges not included in premiums		0	0	0
14.	Aggregate write-ins for miscellaneous income		(247,509)	2,441,957	1,809,131
15.	Total other income (Lines 12 through 14)			(247,509)	2,441,957	1,809,131
16.	Net income before dividends to policyholders, after capital gains tax and before all other federal	(67,927,527)	(33,977,792)	(28,126,147)
	and foreign income taxes (Lines 8 + 11 + 15)
17.	Dividends to policyholders				0	0	0
18.	Net income, after dividends to policyholders, after capital gains tax and before all other federal	(67,927,527)	(33,977,792)	(28,126,147)
	and foreign income taxes (Line 16 minus Line 17)
19.	Federal and foreign income taxes incurred			0	91,434	143,795
20.	Net income (Line 18 minus Line 19)(to Line 22)		(67,927,527)	(34,069,226)	(28,269,942)
			CAPITAL AND SURPLUS ACCOUNT		146,501,828	163,932,324	163,932,325
21.	Surplus as regards policyholders, December 31 prior year
22.	Net income (from Line 20)				(67,927,527)	(34,069,226)	(28,269,942)
23.	Net transfers (to) from Protected Cell accounts		0	0	0
24.	Change in net unrealized capital gains or (losses) less capital gains tax of
	$		0				4,330,293	1,948,331	4,072,933
25.	Change in net unrealized foreign exchange capital gain (loss)		738	(2,011,242)	(2,011,153)
26.	Change in net deferred income tax			0	0	0
27.	Change in nonadmitted assets				(1,179,084)	10,515,522	8,777,665
28.	Change in provision for reinsurance			0	0	0
29.	Change in surplus notes				0	0	0
30.	Surplus (contributed to) withdrawn from protected cells		0	0	0
31.	Cumulative effect of changes in accounting principles		0	0	0
32.	Capital changes:
	32.1	Paid in				0	0	0
	32.2	Transferred from surplus (Stock Dividend)		0	0	0
	32.3	Transferred to surplus				0	0	0
33.	Surplus adjustments:
	33.1	Paid in				0	0	0
	33.2	Transferred to capital (Stock Dividend)			0	0	0
	33.3	Transferred from capital				0	0	0
34.	Net remittances from or (to) Home Office			0	0	0
35.	Dividends to stockholders				0	0	0
36.	Change in treasury stock				0	0	0
37.	Aggregate write-ins for gains and losses in surplus		0	0	0
38.	Change in surplus as regards policyholders (Lines 22 through 37)		(64,775,580)	(23,616,615)	(17,430,497)
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)		81,726,248	140,315,710	146,501,828
	DETAILS OF WRITE-INS				0	0	0
0501.
0502.
0503.
0598.	Summary of remaining write-ins for Line 5 from overflow page		0	0	0
0599.	TOTALS (Lines 0501 through 0503 plus 0598) (Line 5 above)		0	0	0
1401.	Foreign exchange				(197,540)	2,524,415	1,941,863
1402.	Miscellaneous (expense) income			(49,969)	(82,458)	(132,732)
1403.							0	0	0
1498.	Summary of remaining write-ins for Line 14 from overflow page		0	0	0
1499.	TOTALS (Lines 1401 through 1403 plus 1498) (Line 14 above)		(247,509)	2,441,957	1,809,131
3701.							0	0	0
3702.							0	0	0
3703.							0	0	0
3798.	Summary of remaining write-ins for Line 37 from overflow page		0	0	0
3799.	TOTALS (Lines 3701 through 3703 plus 3798) (Line 37 above)		0	0	0

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE MBIA Insurance Corporation

CASH FLOW

				1	2	3
				Current Year	Prior Year	Prior Year Ended
				To Date	To Date	December 31
		Cash from Operations		4,658,500	5,519,889	8,063,903
1.	Premiums collected net of reinsurance
2.	Net investment income		5,865,696	8,442,521	11,466,953
3.	Miscellaneous income		(49,969)	(82,458)	(132,732)
4.	Total (Lines 1 to 3)		10,474,227	13,879,951	19,398,124
5.	Benefit and loss related payments		25,224,845	38,065,969	38,499,998
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	0	0	0
7.	Commissions, expenses paid and aggregate write-ins for deductions		34,462,350	16,607,544	21,057,495
8.	Dividends paid to policyholders		0	0	0
9.	Federal and foreign income taxes paid (recovered) net of $	0 tax on capital
	gains (losses)		0	637,274	689,634
10.	Total (Lines 5 through 9)		59,687,195	55,310,787	60,247,127
11.	Net cash from operations (Line 4 minus Line 10)		(49,212,968)	(41,430,836)	(40,849,003)
		Cash from Investments
12.	Proceeds from investments sold, matured or repaid:
	12.1	Bonds		35,834,648	36,942,968	38,779,833
	12.2	Stocks		0	1,926,840	1,926,840
	12.3	Mortgage loans		0	0	0
	12.4	Real estate		0	0	0
	12.5	Other invested assets		0	0	0
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	0	0	0
	12.7	Miscellaneous proceeds		0	402,123	458,391
	12.8	Total investment proceeds (Lines 12.1 to 12.7)		35,834,648	39,271,931	41,165,064
13.	Cost of investments acquired (long-term only):
	13.1	Bonds		12,922,431	0	0
	13.2	Stocks		640,991	501,870	501,870
	13.3	Mortgage loans		0	0	0
	13.4	Real estate		0	0	0
	13.5	Other invested assets		0	0	0
	13.6	Miscellaneous applications		58,742	3,028	0
	13.7	Total investments acquired (Lines 13.1 to 13.6)		13,622,163	504,898	501,870
14.	Net increase/(decrease) in contract loans and premium notes		0	0	0
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)		22,212,484	38,767,033	40,663,194
		Cash from Financing and Miscellaneous Sources
16.	Cash provided (applied):
	16.1	Surplus notes, capital notes		0	0	0
	16.2	Capital and paid in surplus, less treasury stock		0	0	0
	16.3	Borrowed funds		0	0	0
	16.4	Net deposits on deposit-type contracts and other insurance liabilities			0	0
	16.5	Dividends to stockholders		0	0	0
	16.6	Other cash provided (applied)		3,057,743	4,065,621	1,886,493
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5	3,057,743	4,065,621	1,886,493
	plus Line 16.6)
		RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	(23,942,741)	1,401,818	1,700,684
18.	Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year		46,759,346	45,058,662	45,058,662
	19.2	End of period (Line 18 plus Line 19.1)		22,816,604	46,460,480	46,759,346

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE MBIA INSURANCE CORPORATION

NOTES TO FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies and Going Concern

Accounting Practices
The statutory financial statements of MBIA Insurance Corporation ("MBIA Corp." or the "Company") are presented on the basis of accounting practices prescribed or permitted by the New York State Department of Financial Services ("NYSDFS"). The NYSDFS recognizes only statutory accounting practices prescribed or permitted by the State of New York for determining and reporting the financial condition and results of operations of an insurance company and determining its solvency under the New York Insurance Law ("NYIL"). The National Association of Insurance Commissioners ("NAIC") Accounting Practices and Procedures Manual ("NAIC SAP") has been adopted as a component of prescribed or permitted practices by the State of New York. The Superintendent of the NYSDFS has the right to permit other specific practices that deviate from prescribed practices.
As prescribed under Article 6902(a)(4) of the NYIL, the Company non-admits MBIA Corp.-insured securities recorded as investments in excess of four percent of admitted assets at last year-end.
In the first quarter of 2022, the Company was granted a permitted practice by the NYSDFS to recognize as salvage certain MBIA Corp.-insured securities acquired as part of a remediation strategy to terminate or commute the related insurance policies ("Remediation Securities"). MBIA Corp. may elect to sell the Remediation Securities to facilitate a termination or commutation. Under the permitted practice, the acquired securities are recorded as a contra-liability in "Losses" on the statement of Liabilities, Surplus and Other Funds, and measured at cost less any cash received from the ownership of such securities. In addition, the aggregate salvage balance resulting from the permitted practice is limited to a maximum of $200 million at any time. As of September 30, 2024, the Company no longer has any salvage recorded in Losses on its statement of Liabilities, Surplus and Other Funds under this permitted practice. Under NAIC SAP, the acquisition of such MBIA Corp.- insured securities would be recognized as investments without any limitation as prescribed under Article 6902(a)(4) of the NYIL as described above.
The following table provides details of the Remediation Securities under the permitted practice:

In thousands
								Cost of			Change in
								securities			carrying
		Date security			Remediation			acquired in			value in the				Remediation
		recorded			Security			the nine		nine months					Security
Remediation		under			balance as of		months ended			ended				balance as of
Security		permitted			December 31,		September 30,		September 30,		Liquidation		September 30,
Description	CUSIP/ISIN	practice			2023 (1)			2024 (1)				2024 (1)(2)		(1)		2024
Mulberry Street II	62514SAC1	June and	$	29,954	$	16,680	$	(1,462)	$	(45,172)	$	-
CDO		September
		2023 and
		March 2024
Mulberry Street II	62514SAB3	June and			9,161			14,734				(465)		(23,430)		-
CDO		September
		2023 and
		March 2024
Mulberry Street II	62514SAA5	March 2024			-			4,111				-		(4,111)		-
CDO

Total			$	39,115	$	35,525	$	(1,927)	$	(72,713)	$	-

- Amounts are net of reinsurance, where applicable.
- Includes principal and interest payments received, which decrease carrying values.

A reconciliation of MBIA Corp.'s net income (loss) and capital and surplus between NAIC SAP and practices prescribed and permitted by the NYSDFS is shown below. Item (6), in the following table reflects the impact of investment limitations under NYIL Article 6902 before giving effect to the treatment of certain investments as salvage under Item (7), which reflects an offsetting impact.

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE MBIA INSURANCE CORPORATION

NOTES TO FINANCIAL STATEMENTS

													December
					F/S		F/S			September 30,			31,
In thousands		SSAP #		Page		Line #			2024			2023
NET (LOSS) INCOME
(1)	Net income (loss), state basis (Page 4, Line 20, Columns 1 & 3)		XXX		XXX		XXX	$	(67,928)	$	(28,270)
	State prescribed practices that are an increase/(decrease) from NAIC
(2)	SAP:									-			-
(3)	State permitted practices that are an increase/(decrease) from NAIC
SAP:
	Permitted salvage on Remediation Securities	00	4	2, 9,14			958			5,043
(4)	NAIC SAP (1 - 2 - 3 = 4)		XXX		XXX		XXX	$	(68,886)	$	(33,313)
SURPLUS

(5)	Policyholders' surplus, state basis (Page 3, Line 37, Columns 1 & 2)		XXX		XXX		XXX	$	81,726	$	146,501
	State prescribed practices that are an increase/(decrease) from NAIC

SAP:

	NYIL Article 6902 investment limitation		2	1		(5,916)		(34,967)
	State permitted practices that are an increase/(decrease) from NAIC
(7)	SAP:
	Permitted salvage on Remediation Securities	00	2, 3	1		1,449		31,373
(8)	NAIC SAP basis (5 - 6 - 7 = 8)	XXX	XXX	XXX $	86,193	$	150,095

Accounting Policy
1. No significant change
1. No significant change
Going Concern

MBIA Corp. has prepared the Company's statutory financial statements on the basis that the Company is able to continue as a going concern. There are no conditions or events, considered in the aggregate, that raised substantial doubt about the Company's ability to continue as a going concewithin one year after the publication of these financial statements.

Accounting Changes and Correction of ErrorsAccounting Changes
There were no accounting changes as of September 30, 2024. Correction of Errors
There were no correction of errors as of September 30, 2024.
Business Combinations and Goodwill

Not applicable.

Discontinued OperationsNot applicable.
Investments

D. Loan-Backed Securities

Prepayment assumptions for loan-backed and structured securities were obtained from an independent third-party data service or internal estimates.
- (3) Not applicable as MBIA Corp. did not recognize any Other-Than-Temporary Impairments ("OTTI") for loan-backed and structured securities for the nine months ended September 30, 2024.

The following table sets forth the gross unrealized losses of the Company's loan-backed and structured securities as of September 30, 2024. The table has segregated loan-backed and structured securities that have been in a continuous unrealized loss position for less than twelve months from those that have been in a continuous unrealized loss position for twelve months or longer.

6.1

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE MBIA INSURANCE CORPORATION

NOTES TO FINANCIAL STATEMENTS

In thousands	As of September 30, 2024
a. The aggregate amount of unrealized losses:
	Less than 12 Months	$	(1)
	12 Months or Longer	$	(7)
b. The aggregate related fair value of securities
with unrealized losses:
	Less than 12 Months	$	304
	12 Months or Longer	$	2,031

1. MBIA Corp. has concluded the unrealized losses in loan-backed and structured securities were not other-than-temporary considering the circumstances that gave rise to the unrealized losses, along with MBIA Corp.'s ability and intent to hold these securities to maturity or until such time as to recover an amount equal to their amortized cost. For further details refer to "Note 1. Summary of Significant Accounting Policies" Section C (2) in the Notes to Financial Statements included in MBIA Corp.'s Annual Statement for the year ended December 31, 2023.
Dollar Repurchase Agreements and/or Securities Lending Transactions
1. Not applicable.
Repurchase Agreements Transactions Accounted for as Secured Borrowing Not applicable.
Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing Not applicable.
Repurchase Agreements Transactions Accounted for as a Sale Not applicable.
Reverse Repurchase Agreements Transactions Accounted for as a Sale Not applicable.

Working Capital Finance Investments Not applicable.
Offsetting and Netting of Assets and Liabilities

Not applicable.

1. Reporting Entity's Share of Cash Pool by Asset Type Not applicable.
Joint Ventures, Partnerships and Limited Liability CompaniesNot applicable.
Investment Income
1. Due and accrued income was excluded from surplus on the following basis:
  All investment income due and accrued with amounts that are over 90 days past due are non-admitted.
2. As of September 30, 2024, there was investment income due and accrued past 90 days of $2 thousand.
3. The gross, nonadmitted and admitted amounts for interest income due and accrued.

In thousands
Interest Income Due and Accrued			Amount
1.	Gross	$	2,174
2.	Nonadmitted	$	2
3.	Admitted	$	2,172

D. The aggregate deferred interest.

6.2

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE MBIA INSURANCE CORPORATION

NOTES TO FINANCIAL STATEMENTS

In thousands			Amount
Aggregate Deferred Interest	$	-

E. The cumulative amounts of paid-in-kind (PIK) interest included in the current principal balance.

In thousands			Amount
Cumulative amounts of PIK interest included in the current
principal balance	$	-

Derivative InstrumentsNo significant change.
Income Taxes
No significant change.
Information Concerning Parent, Subsidiaries, Affiliates and Other Related Parties
1. MBIA Corp. is a wholly-owned subsidiary of MBIA Inc.
2. During the nine months ended September 30, 2024, MBIA Corp. sold $5 million principal amount of MBIA Inc. Debentures to MBIA Inc.
Debt
No significant change.
Retirement Plans, Deferred Compensation, Postemployment Benefits and Compensated Absences and Other Postretirement Benefit Plans
1. Defined Benefit Plan
2. 1. MBIA Corp. does not sponsor a defined benefit plan.
Capital and Surplus, Dividend Restrictions and Quasi-Reorganizations
(11) The NYSDFS has not approved MBIA Corp.'s requests to make interest payments on MBIA Corp.'s 14% Fixed-to-Floating Rate Surplus Notes due January 15, 2033 (the "Surplus Notes") since, and including, the January 15, 2013 interest payment. The NYSDFS has cited MBIA Corp.'s liquidity and financial condition as well as the availability of "free and divisible surplus" as the basis for such non-approvals. As of October 15, 2024, the most recent scheduled interest payment date, there was $1.5 billion of unpaid interest on the par amount outstanding of $953 million of the Surplus Notes. Under Section 1307 of the NYIL and the Fiscal Agency Agreement governing the surplus notes, Surplus Note payments may be made only with the prior approval by the NYSDFS and if MBIA Corp. has sufficient "Eligible Surplus", or as MBIA Corp. believes, "free and divisible surplus" as an appropriate calculation of "Eligible Surplus". As of September 30, 2024, MBIA Corp. had "free and divisible surplus," of $64 million. There is no assurance the NYSDFS will approve Surplus Note payments, notwithstanding the sufficiency of MBIA Corp.'s liquidity and financial condition. The unpaid interest on the Surplus Notes will become due on the first business day on or after which MBIA Corp. obtains approval to pay some or all of such unpaid interest. No interest has been accrued or will accrue on the deferred interest.
Liabilities, Contingencies and Assessments
1. In the normal course of operating its business, MBIA Corp. may be involved in various legal proceedings. Additionally, MBIA Inc. together with its subsidiaries ("MBIA") may be involved in various legal proceedings that directly or indirectly impact MBIA Corp.
  From time to time, MBIA has received subpoenas or informal inquiries from a variety of regulators, regarding a variety of subjects. MBIA has cooperated fully with each of these regulators and has or is in the process of satisfying all such requests. MBIA may receive additional inquiries from these or other regulators and expects to provide additional information to such regulators regarding their inquiries in the future.
  No significant change.

6.3

Attachments

Disclaimer

MBIA Incorporated published this content on November 07, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 07, 2024 at 22:33:31.410.

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