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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001209191-09-016474.txt : 20090316
<SEC-HEADER>0001209191-09-016474.hdr.sgml : 20090316
<ACCEPTANCE-DATETIME>20090316170026
ACCESSION NUMBER:		0001209191-09-016474
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090312
FILED AS OF DATE:		20090316
DATE AS OF CHANGE:		20090316

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:			COULTER DAVID A
		CENTRAL INDEX KEY:			0001179577

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		09685148

	MAIL ADDRESS:	
		STREET 1:		6855 PACIFIC STREET, AK-310
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68106
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c82673_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-03-12</periodOfReport>

    <issuer>
        <issuerCik>0000814585</issuerCik>
        <issuerName>MBIA INC</issuerName>
        <issuerTradingSymbol>MBI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001179577</rptOwnerCik>
            <rptOwnerName>COULTER DAVID A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>466 LEXINGTON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $1.00 per share (&quot;Common Stock&quot;)</value>
            </securityTitle>
            <transactionDate>
                <value>2009-03-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>469285</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>3.59</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>71486898</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">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) 46,159,252 shares of Common Stock and (b) warrants exercisable for 25,327,646 shares of Common Stock.</footnote>
        <footnote id="F2">The exercise of the warrants may be subject to approval by the New York State Insurance Department that WP X expects to receive within 60 days (provided that no assurances can be made as to when or whether such approval will be received) (consisting of warrants, exercisable for a total of 11,502,704 shares of Common Stock at an exercise price of $30.25 per share, B-warrants exercisable for a total of 9,824,942 shares of Common Stock at an exercise price of $30.25 per share and B2-warrants exercisable for a total of 4,000,000 shares of Common Stock at an exercise price of $16.20 per share (each 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; and 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.  As a Partner of WP and a Member and Managing Director of WP LLC, Mr. David A. Coulter may be deemed to be the beneficial owner of the Common Stock held by WP X and the warrants exercisable for Common Stock held by WP X.</footnote>
        <footnote id="F4">Pursuant to Rule 16a-1(a)(4) of the Securities Exchange Act of 1934, as amended, Mr. David A. Coulter, 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. Coulter 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 (previously filed with the SEC on Form 3 with respect to MBIA by David A. Coulter on February 1, 2008).</remarks>

    <ownerSignature>
        <signatureName>/s/ Scott A. Arenare, attorney in fact</signatureName>
        <signatureDate>2009-03-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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