Risk Oversight Committee Charter

The Risk Oversight Committee of the Board of Directors of MBIA Inc. is charged

with the responsibilities on behalf of MBIA Inc. and its subsidiaries enumerated


I. Monitor the underwriting process through the receipt of

periodic reports in order to assure general compliance with

underwriting guidelines and procedures, including

appropriate diversification by geography, quality, type and

size of issue.

II. Review significant changes in general underwriting policy

and guidelines proposed by management.

III. Review management proposals to introduce new product

lines and new services outside the scope of existing


IV. Review portfolio quantitative analyses and sectoral

qualitative analyses to assess overall insurance portfolio

characteristics and performance.

V. Review risk/return tools and overall risk/return performance

according to targets.

VI. Monitor risk-based capital adequacy measures and trends

over time.

VII. Review surveillance activities with particular focus on

problem credits.

VIII. Review market risk measures and management throughout

the company.

IX. Perform such other duties as may be delegated to it or

requested by the Board of Directors.

X. Perform an annual performance evaluation of the Risk

Oversight Committee.