SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Ferreri Nicholas

(Last)

(First)

(Middle)

C/O MBIA

113 KING STREET

(Street)

ARMONK

10504

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/06/2004

3. Issuer Name and Ticker or Trading Symbol
MBIA INC [ MBI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP and Chief Financial Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	2,931	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Options (right to buy)⁽¹⁾	05/06/2009	05/06/2014	Common Stock	60,000	$57.3	D
Employee Stock Options (right to buy)⁽²⁾	02/10/2007	02/10/2014	Common Stock	3,000	$64.84	D
Employee Stock Options (right to buy)⁽²⁾	02/12/2006	02/12/2013	Common Stock	2,500	$36.69	D
Employee Stock Options (right to buy)⁽²⁾	10/07/2005	10/07/2012	Common Stock	10,000	$36.72	D
Employee Stock Options (right to buy)⁽²⁾	02/07/2005	02/07/2012	Common Stock	2,500	$52.81	D
Employee Stock Options (right to buy)⁽²⁾	12/12/2003	12/12/2010	Common Stock	7,500	$48.58	D
Employee Stock Options (right to buy)⁽²⁾	12/12/2003	12/12/2010	Common Stock	2,370	$48.58	D
Employee Stock Options (right to buy)⁽²⁾	12/09/2002	12/09/2009	Common Stock	2,010	$32.54	D
Employee Stock Options (right to buy)⁽²⁾	12/09/2001	12/09/2008	Common Stock	1,800	$42.5	D
Employee Stock Options (right to buy)⁽²⁾	12/11/2000	12/11/2007	Common Stock	1,080	$42.79	D

Explanation of Responses:

1. Options are subject to 5 year cliff vesting; no vesting until 5 year anniversary of grant; on 5/6/09 100% of options vest.

2. Options subject to vesting schedule as follows: 1 year after grant - 0%, 2 years - 40%, 3 years - 60%, 4 years - 80%, 5 years - fully vested at 100%.

	NICHOLAS FERRERI	05/10/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.