8-K

                       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): October 7, 2004

                                    MBIA INC.
             (Exact name of registrant as specified in its charter)

       Connecticut                     1-9583                   06-1185706
(State or other jurisdiction    (Commission File Number)        (IRS Employer
     of incorporation)                                       Identification No.)

             113 King Street,
             Armonk, New York                                 10504
(Addresses of principal executive offices)            (Zip or Postal Codes)

                                  914-273-4545
                                  ------------
               Registrant's telephone number, including area code


                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K 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))

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Table of Contents
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Item 2.02. Results of Operations and Financial Condition
SIGNATURE
EXHIBIT INDEX
Exhibit 99.1 PRESS RELEASE

Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following information, including the Exhibit to this Form 8-K, is being
furnished pursuant to Item 2.02 - Results of Operations and Financial Condition
of Form 8-K.



This information is not deemed to be "filed" for the purposes of Section 18 of
the Securities Exchange Act of 1934 and is not incorporated by reference into
any Securities Act registration statements.

On October 7, 2004, MBIA Inc. issued a press release commenting on new business
production for the first nine months of 2004 and certain loss activity during
the quarter ended September 30, 2004. A copy of the press release is attached as
Exhibit 99.1 to this Form 8-K and incorporated by reference to this Item 2.02 as
if fully set forth herein.



                                    SIGNATURE

     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: October 8, 2004



                   EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
                              Dated October 7, 2004

Exhibit 99.1  Press Release issued by MBIA Inc. dated October 7, 2004.

EX-99.1

                                                                    Exhibit 99.1

           MBIA Comments on New Business Production and Loss Activity

     ARMONK, N.Y.--(BUSINESS WIRE)--Oct. 7, 2004--MBIA Inc. (NYSE:MBI) announced
today that it expects to report an approximate 35 percent decline in adjusted
direct premium (ADP) for the first nine months of 2004, compared with record ADP
of $1.2 billion in the first nine months of last year. The decline is greater
than originally anticipated, primarily due to tighter credit spreads, increased
competition from the uninsured market and other monolines, and the lumpiness of
the Company's international operations. The decline in ADP will have only a
minor impact on earnings for the third quarter or full year 2004. MBIA will
announce its third quarter results on November 2, 2004.
     Gary Dunton, CEO of MBIA, said, "Despite current market conditions, we are
determined to maintain our rigorous pricing and underwriting standards, and will
not pursue business solely to satisfy short-term production targets at the
expense of long-term shareholder value. Although ADP for the year is expected to
be down 25-30 percent from last year's record $1.6 billion, looking ahead, the
pipeline for the remainder of the year and into 2005 is solid. In addition, we
expect that business production for the full year 2004 will still be among the
best in our history."
     The Company also announced that its third quarter will reflect a case loss
reserve of approximately $50 million resulting from its $70 million net par
exposure to Fort Worth Osteopathic Hospital. There will be no impact on MBIA's
third quarter or full year 2004 net income, as the case reserve will be covered
by a portion of MBIA's substantial unallocated loss reserve, which totaled $324
million as of June 30, 2004. MBIA insured three series of bonds for the hospital
between 1993 and 1997.
     Commenting on the case activity, Nicholas Ferreri, MBIA's CFO, said, "While
we have worked closely with hospital management to remediate the credit and
avoid a loss, the hospital's credit quality has deteriorated to the point that,
even with ongoing remedial efforts, we now expect to make substantial payments."

     MBIA Inc., through its subsidiaries, is a leading financial guarantor and
provider of specialized financial services. MBIA's innovative and cost-effective
products and services meet the credit enhancement, financial and investment
needs of its public and private sector clients, domestically and
internationally. MBIA Inc.'s principal operating subsidiary, MBIA Insurance
Corporation, has a financial strength rating of Triple-A from Moody's Investors
Service, Standard & Poor's Ratings Services, Fitch Ratings, and Rating and
Investment Information, Inc. Please visit MBIA's Web site at
http://www.mbia.com.

     This news release contains forward-looking statements. Important factors
such as general market conditions and the competitive environment could cause
actual results to differ materially from those projected in these
forward-looking statements. The Company undertakes no obligation to revise or
update any forward-looking statements to reflect changes in events or
expectations.

     Explanation of Non-GAAP Financial Measures

     The following are explanations of why MBIA believes that the non-GAAP
financial measures used in this press release, which serve to supplement GAAP
information, are meaningful to investors.
     Adjusted Direct Premiums: The Company believes adjusted direct premiums are
a meaningful measure of the total value of the insurance business written during
a reporting period since they represent the present value of all premiums
collected and expected to be collected on policies closed during the period. As
such, it gives investors an opportunity to measure the value of new business
activities in a given period and compare it to new business activities in other
periods. Other measures, such as premiums written and premiums earned, include
the value of premiums resulting from business closed in prior periods and do not
provide the same information to investors.

     CONTACT: MBIA Inc.
              Michael Ballinger, 914-765-3893