MBIA : First Quarter 2024 MBIA Public Finance Statutory Statement

QUARTERLY STATEMENT

OF THE

MBIA INSURANCE

CORPORATION

OF

PURCHASE

IN THE

STATE OF NEW YORK

TO THE

INSURANCE DEPARTMENT

OF THE

STATE OF

___________________

FOR THE PERIOD ENDED

March 31, 2024

PROPERTY AND CASUALTY

2024

STATEMENT AS OF MARCH 31, 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	132,434,442	4,888,195	127,546,246	145,195,649
2.	Stocks:
	2.1	Preferred stocks	0		0	0
	2.2	Common stocks	15,890,549		15,890,549	14,903,436
3.	Mortgage loans on real estate:
	3.1	First liens	0		0	0
	3.2	Other than first liens	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 ($	6,813,563 ),
	cash equivalents ($		17,000,000	)
	and short-term investments ($	0 )	23,813,563	0	23,813,563	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			0	0	0	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)	172,138,554	4,888,195	167,250,359	206,858,657
13.	Title plants less $			charged off (for Title insurers
	only)				0	0	0	0
14.	Investment income due and accrued		2,269,807	0	2,269,807	2,033,127
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of
	collection				839	271	569	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		1,182,378	0	1,182,378	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	16,006	0	16,006	3,628
24.	Health care ($		) and other amounts receivable	0	0	0	0
25.	Aggregate write-ins for other-than-invested assets	236,218	161,214	75,004	3
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)		175,843,802	5,049,680	170,794,122	210,204,506
27.	From Separate Accounts, Segregated Accounts and Protected
	Cell Accounts				0	0	0	0
28.	Total (Lines 26 and 27)			175,843,802	5,049,680	170,794,122	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				75,004	0	75,004	3
2502.	Prepaid expenses				161,214	161,214	0	0
2503.
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)	236,218	161,214	75,004	3

2

STATEMENT AS OF MARCH 31, 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 $	)			29,944,882	23,381,502
2.	Reinsurance payable on paid losses and loss adjustment expenses			0	0
3.	Loss adjustment expenses					(7,637,949)	3,173,363
4.	Commissions payable, contingent commissions and other similar charges		0	0
5.	Other expenses (excluding taxes, licenses and fees)			192,208	164,553
6.	Taxes, licenses and fees (excluding federal and foreign income taxes)			0	40,588
7.1Current federal and foreign income taxes (including $		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 $	181,715,191 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)	26,832,992	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)			271,018	896,497
13.	Funds held by company under reinsurance treaties			0	0
14.	Amounts withheld or retained by company for account of others			(1,938)	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			1,710,227	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				5,019,328	5,010,117
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)			56,330,771	63,702,678
27.	Protected cell liabilities					0	0
28.	Total liabilities (Lines 26 and 27)				56,330,771	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)					(1,911,892,257)	(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)			114,463,351	146,501,828
38.	Totals (Page 2, Line 28, Col. 3)				170,794,122	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					19,310	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)			5,019,328	5,010,117
2901.							0
2902.							0
2903.							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
3202.							0
3203.							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

3

STATEMENT AS OF MARCH 31, 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 $	1,542,623	)		9,128,974	9,955,078	40,964,993
	1.2	Assumed (written $	424,193 )		213,850	220,425	884,341
	1.3	Ceded (written $	967,143	)		6,694,293	7,413,353	27,327,432
	1.4	Net (written $	999,674	)		2,648,532	2,762,150	14,521,903
			DEDUCTIONS:
2.	Losses incurred (current accident year $	):
	2.1 Direct				51,605,154	34,523,274	112,685,963
	2.2 Assumed				0	136,631	(1,820,162)
	2.3 Ceded				14,868,447	14,764,040	79,377,414
	2.4 Net				36,736,707	19,895,865	31,488,387
3.	Loss adjustment expenses incurred			341,947	1,027,077	4,261,699
4.	Other underwriting expenses incurred			4,489,349	4,616,406	16,036,038
5.	Aggregate write-ins for underwriting deductions		0	0	0
6.	Total underwriting deductions (Lines 2 through 5)		41,568,004	25,539,348	51,786,124
7.	Net income of protected cells				0	0	0
8.	Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)		(38,919,472)	(22,777,198)	(37,264,221)
				INVESTMENT INCOME		2,464,580	2,886,867	14,071,443
9.	Net investment income earned
10.	Net realized capital gains (losses) less capital gains tax of $		(213,249)	93,590	(6,742,500)
11.	Net investment gain (loss) (Lines 9 + 10)			2,251,331	2,980,456	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		1,246,631	260,695	1,809,131
15.	Total other income (Lines 12 through 14)			1,246,631	260,695	1,809,131
16.	Net income before dividends to policyholders, after capital gains tax and before all other federal	(35,421,510)	(19,536,047)	(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	(35,421,510)	(19,536,047)	(28,126,147)
	and foreign income taxes (Line 16 minus Line 17)
19.	Federal and foreign income taxes incurred			0	44,573	143,795
20.	Net income (Line 18 minus Line 19)(to Line 22)		(35,421,510)	(19,580,619)	(28,269,942)
			CAPITAL AND SURPLUS ACCOUNT		146,501,828	163,932,325	163,932,325
21.	Surplus as regards policyholders, December 31 prior year
22.	Net income (from Line 20)				(35,421,510)	(19,580,619)	(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
	$						3,374,584	162,869	4,072,933
25.	Change in net unrealized foreign exchange capital gain (loss)		(50)	(2,011,037)	(2,011,153)
26.	Change in net deferred income tax			0	0	0
27.	Change in nonadmitted assets				8,497	(805,129)	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)		(32,038,479)	(22,233,916)	(17,430,497)
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)		114,463,349	141,698,409	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				1,246,631	308,694	1,941,863
1402.	Miscellaneous (expense) income				0	(47,999)	(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)		1,246,631	260,695	1,809,131
3701.								0	0
3702.								0	0
3703.
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

4

STATEMENT AS OF MARCH 31, 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		722,862	831,396	8,063,903
1.	Premiums collected net of reinsurance
2.	Net investment income		2,109,543	2,260,986	11,466,953
3.	Miscellaneous income		0	(47,999)	(132,732)
4.	Total (Lines 1 to 3)		2,832,405	3,044,383	19,398,124
5.	Benefit and loss related payments		30,386,456	(11,717,708)	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		15,677,862	5,824,987	21,057,495
8.	Dividends paid to policyholders		0	0	0
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital
	gains (losses)		0	590,503	689,634
10.	Total (Lines 5 through 9)		46,064,318	(5,302,218)	60,247,127
11.	Net cash from operations (Line 4 minus Line 10)		(43,231,913)	8,346,601	(40,849,003)
		Cash from Investments
12.	Proceeds from investments sold, matured or repaid:
	12.1	Bonds		20,406,690	376,294	38,779,833
	12.2	Stocks		0	0	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		11,281	93,673	458,391
	12.8	Total investment proceeds (Lines 12.1 to 12.7)		20,417,971	469,968	41,165,064
13.	Cost of investments acquired (long-term only):
	13.1	Bonds		0	0	0
	13.2	Stocks		475,760	0	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		0	137,580	0
	13.7	Total investments acquired (Lines 13.1 to 13.6)		475,760	137,580	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)		19,942,211	332,388	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)		343,919	286,817	1,886,493
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5	343,919	286,817	1,886,493
	plus Line 16.6)
		RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	(22,945,782)	8,965,805	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)		23,813,563	54,024,467	46,759,346

5

STATEMENT AS OF MARCH 31, 2024 OF THE MBIA INSURANCE CORPORATION

NOTES TO FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies and Going Concern

1. 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 March 31, 2024, the Company had $73 million of 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

Date security

securities

carrying value

Remediation

recorded

Remediation

acquired in the

in the three

Security

Remediation

under

Security balance

three months

months ended

balance as of

Security

permitted

as of December

ended March

March 31, 2024

March 31, 2024

Description

CUSIP/ISIN

practice

31, 2023 (1)

31, 2024 (1)

(1)(2)

(1)

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

1. - Amounts are net of reinsurance, where applicable.
2. - 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.

6

STATEMENT AS OF MARCH 31, 2024 OF THE MBIA INSURANCE CORPORATION

NOTES TO FINANCIAL STATEMENTS

													December
					F/S		F/S			March 31,			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	$	(35,422)	$	(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			(962)			5,043
(4)	NAIC SAP (1 - 2 - 3 = 4)		XXX		XXX		XXX	$	(34,460)	$	(33,313)
SURPLUS
(5)	Policyholders' surplus, state basis (Page 3, Line 37, Columns 1 & 2)		XXX		XXX		XXX	$	114,463	$	146,501
	State prescribed practices that are an increase/(decrease) from NAIC

1. SAP:

	NYIL Article 6902 investment limitation		2	1		(65,059)			(34,967)
	State permitted practices that are an increase/(decrease) from NAIC
(7)	SAP:
	Permitted salvage on Remediation Securities	00	2, 3	1		66,220			31,373
(8)	NAIC SAP basis (5 - 6 - 7 = 8)	XXX	XXX	XXX $	113,302	$	150,095

1. Accounting Policy
2. 1. No significant change
   1. No significant change
3. 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 concern within one year after the publication of these financial statements.

1. Accounting Changes and Correction of Errors Accounting Changes
   There were no accounting changes as of March 31, 2024. Correction of Errors
   There were no correction of errors as of March 31, 2024.
2. Business Combinations and Goodwill

Not applicable.

1. Discontinued Operations Not applicable.
2. Investments

D. Loan-Backed Securities

1. Prepayment assumptions for loan-backed and structured securities were obtained from an independent third-party data service or internal estimates.
2. - (3) Not applicable as MBIA Corp. did not recognize any Other-Than-Temporary Impairments ("OTTI") for loan-backed and structured securities for the three months ended March 31, 2024.

1. The following table sets forth the gross unrealized losses of the Company's loan-backed and structured securities as of March 31, 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 MARCH 31, 2024 OF THE MBIA INSURANCE CORPORATION

NOTES TO FINANCIAL STATEMENTS

In thousands		As of March 31, 2024
a. The aggregate amount of unrealized losses:
		Less than 12 Months	$	-
		12 Months or Longer	$	(150)
b. The aggregate related fair value of securities
with unrealized losses:
		Less than 12 Months	$	-
		12 Months or Longer	$	7,472

1. 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.
2. Dollar Repurchase Agreements and/or Securities Lending Transactions
3. 1. Not applicable.
4. Repurchase Agreements Transactions Accounted for as Secured Borrowing Not applicable.
5. Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing Not applicable.
6. Repurchase Agreements Transactions Accounted for as a Sale Not applicable.
7. Reverse Repurchase Agreements Transactions Accounted for as a Sale Not applicable.

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

Not applicable.

1. 1. Reporting Entity's Share of Cash Pool by Asset Type Not applicable.
2. Joint Ventures, Partnerships and Limited Liability Companies Not applicable.
3. Investment Income
4. 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 March 31, 2024, there was no investment income due and accrued past 90 days.
   3. The gross, nonadmitted and admitted amounts for interest income due and accrued.

	In thousands
	Interest Income Due and Accrued			Amount
1.	Gross	$	2,270
2.	Nonadmitted	$	-
3.	Admitted	$	2,270
D. The aggregate deferred interest.
	In thousands			Amount
	Aggregate Deferred Interest	$	-

6.2

STATEMENT AS OF MARCH 31, 2024 OF THE MBIA INSURANCE CORPORATION

NOTES TO FINANCIAL STATEMENTS

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	$	-

1. Derivative Instruments No significant change.
2. Income Taxes
   No significant change.
3. Information Concerning Parent, Subsidiaries, Affiliates and Other Related Parties No significant change
4. Debt
   No significant change.
5. Retirement Plans, Deferred Compensation, Postemployment Benefits and Compensated Absences and Other Postretirement Benefit Plans
6. 1. Defined Benefit Plan
   2. 1. MBIA Corp. does not sponsor a defined benefit plan.
7. 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 April 15, 2024, the most recent scheduled interest payment date, there was $1.4 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 March 31, 2024, MBIA Corp. had "free and divisible surplus," of $97 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.
8. Liabilities, Contingencies and Assessments
9. 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.
10. Leases
    No significant change.
11. Information About Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentration of Credit Risk
    The financial guarantees issued by MBIA Corp. provide unconditional and irrevocable guarantees of the payment of the principal of, and interest or other amounts owing on, insured obligations when due or, in the event MBIA Corp. has the right at its discretion to accelerate insured obligations upon default or otherwise, upon MBIA Corp.'s acceleration. Certain investment agreement contracts issued by MBIA Inc. and medium-term notes ("MTNs") issued by an affiliate, GFL, are insured by MBIA Corp. and if MBIA Inc. and GFL were to have insufficient assets to pay amounts due upon maturity or termination, MBIA Corp. would be obligated to make such payments under its insurance policies. Additionally, insurance policies include payments due under credit and other derivatives, including termination payments that may become due upon certain events including the insolvency or payment default of MBIA Corp. MBIA Corp. had insured gross debt service outstanding of $3.6 billion as of March 31, 2024,

6.3