SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2007
MBIA INC.
(Exact name of registrant as specified in its charter)
Connecticut 1-9583 06-1185706
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
113 King Street,
Armonk, New York 10504
(Addresses of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
914-273-4545
Not Applicable
(Former name or former address, if changed since last report)
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:
[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 8.01. OTHER EVENTS.
The following information, including the Exhibit to this Form 8-K, is being
furnished pursuant to Item 8.01 - Other Events of Form 8-K.
MBIA Inc. ("MBIA") and its wholly-owned subsidiary MBIA Insurance Corporation
announced on July 25, 2007 that the Independent Consultant, who was retained by
MBIA pursuant to its previously announced settlement with the Securities and
Exchange Commission ("SEC"), the New York Attorney General's Office ("NYAG") and
the New York State Insurance Department ("NYSID"), has completed his review. The
Independent Consultant was retained to assess MBIA's accounting and disclosures
for its investment in Capital Asset Holdings GP, Inc., and for its exposure on
notes issued by the US Airways 1998--1 Repackaging Trust. The Independent
Consultant has concluded that MBIA's accounting and disclosures concerning these
matters were consistent with GAAP and the federal securities laws.
The Independent Consultant also reported to the SEC, the NYAG and the NYSID on
the evaluation previously undertaken at the direction of the Audit Committee of
MBIA's Board of Directors by Promontory Financial Group LLC. Promontory's review
included a comprehensive assessment of MBIA's compliance organization and
monitoring systems, internal audit functions, governance process and other
controls, including risk management and records management policies and
procedures. The Independent Consultant examined the design of Promontory's
review and MBIA's implementation of Promontory's recommendations. The
Independent Consultant found that both the Promontory review and MBIA's
implementation of Promontory's recommendations were reasonable and concluded
that no further changes or improvements to MBIA's policies and procedures were
necessary to achieve best practices.
The Independent Consultant has reported his findings to the SEC, the NYAG and
the NYSID, and to MBIA's Board of Directors. The regulatory agencies have now
completed their review of the Independent Consultant's report. MBIA does not
expect any further enforcement actions in connection with the matters covered by
the Independent Consultant's report.
A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is
incorporated by reference to this Item 8.01 as if fully set forth herein.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Press Release issued by MBIA Inc. dated July 25, 2007.
SIGNATURES
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.
MBIA INC.
By: /s/ Ram D. Wertheim
---------------------------------
Ram D. Wertheim
General Counsel
Date: July 26, 2007
EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
Dated July 25, 2007
Exhibit 99.1 Press Release issued by MBIA Inc. dated July 25, 2007.