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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person *   Hill Willard I JR 2. Date of Event Requiring Statement (Month/Day/Year) 12/12/2005 3. Issuer Name and Ticker or Trading Symbol MBIA INC [MBI] (Last) (First) (Middle) C/O MBIA, 113 KING STREET 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Member, Executive Policy Commi 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) ARMONK, NY 10504 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) 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 2,650 (1) D Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	  (2)	02/16/2015	Common Stock	2,000 (2)	$ 58.84	D	Â
Employee Stock Option (Right to Buy)	  (2)	11/01/2014	Common Stock	3,000 (2)	$ 57.4	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Hill Willard I JR C/O MBIA 113 KING STREET ARMONK, NY 10504	Â	Â	  Member, Executive Policy Commi	Â

Signatures

/s/ Leonard I. Chubinsky, Attorney-in-Fact		12/20/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Shares acquired prior to status as Reporting Person including a) 500 shares of Common Stock held in Reporting Person's account; b) 1,000 shares of restricted stock granted at $57.40 per share and vesting entirely in November 2008, and 1,020 shares of restricted stock granted at $58.84 per share and vesting entirely in February 2008; and c) 130 shares held in Employee 401(K) Plan.
(2)	Options granted prior to status as a Reporting Person on February 16, 2005 and November 1, 2004, respectively. Grant of options exempt under 16b-3 with 5 year gradual vesting: 0% on first anniversary; 40% on second anniversary; 20% each on third, fourth and fifth anniversary of the grant.

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