MBIA management, having just paid $75 million to settle accounting irregularities with state and federal agencies, said today they expect no further enforcement actions despite an ongoing examination of company books.
The company agreed to pay penalties to the Securities and Exchange Commission and New York State over allegations it schemed to disguise a loan as a reinsurance transaction.
Speaking today during an earnings conference call, C. Edward Chaplin, chief financial officer for the Armonk, N.Y.-based bond insurance broker, said, “We don't expect any further enforcement actions against the company with respect to any of the matters being reviewed by the independent consultant or with respect to any of the other matters that were under investigation.”
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
