MBIA Inc was incorporated as a business corporation under the laws of the state of Connecticut in 1986. The Company, together with its consolidated subsidiaries, operates financial guarantee insurance business and is a provider of asset management and advisory services business. These activities are managed through three business segments: United States public finance insurance; structured finance and international insurance; and advisory services. The Company's U.S. public finance insurance business is operated through National Public Finance Guarantee Corporation and its subsidiaries; its structured finance and international insurance business is operated through MBIA Insurance Corporation and its subsidiaries; and its asset management and advisory services business is operated through Cutwater Holdings, LLC and its subsidiaries. The Company, and its subsidiaries, also manages certain business activities through its corporate, asset/liability products, and conduit segments. The corporate segment includes revenues and expenses that arise from general corporate activities. Its financial guarantee insurance generally provides investors with unconditional and irrevocable guarantees of the payment of the principal, interest or other amounts owing on insured obligations when due. Its insurance companies compete with other monoline insurance companies, as well as other forms of credit enhancement, in writing financial guarantee business. The Company is subject to the direct and indirect effects of governmental regulation, including insurance laws, securities laws, tax laws, legal precedents and accounting rules affecting asset-backed and municipal obligations, as well as changes in those laws.