{
  "tool_id": "art-618-naic-clo-rbc-factor-calculator",
  "note": "golden_hash values computed via buildArtifact() at build time. Factor values are transcribed directly from a rendered page image of the retrieved primary source (research/clause-snapshots/NAIC-2026-12-IRE-LR002-page87-CLO-factor-table.png), independent of the kernel's own table -- see research/NAIC-CLO-RBC-K-1.spec.md fixture_oracle_source.",
  "vectors": [
    {
      "name": "naic-1A-no-override",
      "policy_parameters": {
        "tranches": [
          {
            "naic_designation": "1.A",
            "book_adjusted_carrying_value": 1000000
          }
        ]
      },
      "output_payload": {
        "tranches": [
          {
            "naic_designation": "1.A",
            "tranche_thickness_pct": null,
            "book_adjusted_carrying_value": 1000000,
            "override_eligible": false,
            "override_applied": false,
            "applied_factor": 0.0004,
            "rbc_requirement": 400,
            "error": null
          }
        ],
        "portfolio_total_bacv": 1000000,
        "portfolio_total_rbc_requirement": 400,
        "tranche_count": 1,
        "naic_clo_rbc_factor_vintage": "2026-12-IRE, adopted 2026-06-23, YE2026 filing",
        "verify_note": "recompute matches the adopted grid",
        "scope_note": "Per-tranche lookup + apply over the LR002 Column (2) CLOs/CBOs/CDOs grid, plus simple portfolio summation. This does not derive a NAIC designation from underlying loan data, does not model the CLO Portfolio Adjustment Factor, and excludes CLO residual tranches (their LR002/AVR line number was not located in the retrieved primary source; see spec scope_statement)."
      },
      "golden_hash": "8a7092318508645917f92969c32b890e4662f202281835de17c7cd0f8484e53a"
    },
    {
      "name": "naic-2C-graduated-no-thin-flag",
      "policy_parameters": {
        "tranches": [
          {
            "naic_designation": "2.C",
            "book_adjusted_carrying_value": 500000,
            "bsl_thin_tranche": false,
            "tranche_thickness_pct": 6
          }
        ]
      },
      "output_payload": {
        "tranches": [
          {
            "naic_designation": "2.C",
            "tranche_thickness_pct": 6,
            "book_adjusted_carrying_value": 500000,
            "override_eligible": true,
            "override_applied": false,
            "applied_factor": 0.0328,
            "rbc_requirement": 16400,
            "error": null
          }
        ],
        "portfolio_total_bacv": 500000,
        "portfolio_total_rbc_requirement": 16400,
        "tranche_count": 1,
        "naic_clo_rbc_factor_vintage": "2026-12-IRE, adopted 2026-06-23, YE2026 filing",
        "verify_note": "recompute matches the adopted grid",
        "scope_note": "Per-tranche lookup + apply over the LR002 Column (2) CLOs/CBOs/CDOs grid, plus simple portfolio summation. This does not derive a NAIC designation from underlying loan data, does not model the CLO Portfolio Adjustment Factor, and excludes CLO residual tranches (their LR002/AVR line number was not located in the retrieved primary source; see spec scope_statement)."
      },
      "golden_hash": "0dee2038b4164fecbbf493ce16804f8d6e86c018b306b428b303ab54e5f270df"
    },
    {
      "name": "naic-2C-thin-override-boundary-exactly-4pct",
      "policy_parameters": {
        "tranches": [
          {
            "naic_designation": "2.C",
            "book_adjusted_carrying_value": 500000,
            "bsl_thin_tranche": true,
            "tranche_thickness_pct": 4
          }
        ]
      },
      "output_payload": {
        "tranches": [
          {
            "naic_designation": "2.C",
            "tranche_thickness_pct": 4,
            "book_adjusted_carrying_value": 500000,
            "override_eligible": true,
            "override_applied": true,
            "applied_factor": 0.1177,
            "rbc_requirement": 58850,
            "error": null
          }
        ],
        "portfolio_total_bacv": 500000,
        "portfolio_total_rbc_requirement": 58850,
        "tranche_count": 1,
        "naic_clo_rbc_factor_vintage": "2026-12-IRE, adopted 2026-06-23, YE2026 filing",
        "verify_note": "recompute matches the adopted grid",
        "scope_note": "Per-tranche lookup + apply over the LR002 Column (2) CLOs/CBOs/CDOs grid, plus simple portfolio summation. This does not derive a NAIC designation from underlying loan data, does not model the CLO Portfolio Adjustment Factor, and excludes CLO residual tranches (their LR002/AVR line number was not located in the retrieved primary source; see spec scope_statement)."
      },
      "golden_hash": "2552a4cdf78c25890b0a92d8750ad9b873cebd1e13f4464163554dab434b8d68"
    },
    {
      "name": "naic-3A-thin-flag-but-thickness-over-4pct-no-override",
      "policy_parameters": {
        "tranches": [
          {
            "naic_designation": "3.A",
            "book_adjusted_carrying_value": 200000,
            "bsl_thin_tranche": true,
            "tranche_thickness_pct": 4.01
          }
        ]
      },
      "output_payload": {
        "tranches": [
          {
            "naic_designation": "3.A",
            "tranche_thickness_pct": 4.01,
            "book_adjusted_carrying_value": 200000,
            "override_eligible": true,
            "override_applied": false,
            "applied_factor": 0.1514,
            "rbc_requirement": 30280,
            "error": null
          }
        ],
        "portfolio_total_bacv": 200000,
        "portfolio_total_rbc_requirement": 30280,
        "tranche_count": 1,
        "naic_clo_rbc_factor_vintage": "2026-12-IRE, adopted 2026-06-23, YE2026 filing",
        "verify_note": "recompute matches the adopted grid",
        "scope_note": "Per-tranche lookup + apply over the LR002 Column (2) CLOs/CBOs/CDOs grid, plus simple portfolio summation. This does not derive a NAIC designation from underlying loan data, does not model the CLO Portfolio Adjustment Factor, and excludes CLO residual tranches (their LR002/AVR line number was not located in the retrieved primary source; see spec scope_statement)."
      },
      "golden_hash": "c149aaab5f6f4041c9c8decca97bc7352a59444a54db63c48d62523f1648925e"
    },
    {
      "name": "naic-6-graduated",
      "policy_parameters": {
        "tranches": [
          {
            "naic_designation": "6",
            "book_adjusted_carrying_value": 100000,
            "bsl_thin_tranche": false
          }
        ]
      },
      "output_payload": {
        "tranches": [
          {
            "naic_designation": "6",
            "tranche_thickness_pct": null,
            "book_adjusted_carrying_value": 100000,
            "override_eligible": true,
            "override_applied": false,
            "applied_factor": 0.9256,
            "rbc_requirement": 92560,
            "error": null
          }
        ],
        "portfolio_total_bacv": 100000,
        "portfolio_total_rbc_requirement": 92560,
        "tranche_count": 1,
        "naic_clo_rbc_factor_vintage": "2026-12-IRE, adopted 2026-06-23, YE2026 filing",
        "verify_note": "recompute matches the adopted grid",
        "scope_note": "Per-tranche lookup + apply over the LR002 Column (2) CLOs/CBOs/CDOs grid, plus simple portfolio summation. This does not derive a NAIC designation from underlying loan data, does not model the CLO Portfolio Adjustment Factor, and excludes CLO residual tranches (their LR002/AVR line number was not located in the retrieved primary source; see spec scope_statement)."
      },
      "golden_hash": "54bd8eb10fe8a59cf517be36cc9000c4f7d28c638d6191e158a65d85f9db2ec3"
    },
    {
      "name": "portfolio-multi-tranche-sum",
      "policy_parameters": {
        "tranches": [
          {
            "naic_designation": "1.A",
            "book_adjusted_carrying_value": 1000000
          },
          {
            "naic_designation": "2.C",
            "book_adjusted_carrying_value": 500000,
            "bsl_thin_tranche": true,
            "tranche_thickness_pct": 2
          },
          {
            "naic_designation": "6",
            "book_adjusted_carrying_value": 100000
          }
        ]
      },
      "output_payload": {
        "tranches": [
          {
            "naic_designation": "1.A",
            "tranche_thickness_pct": null,
            "book_adjusted_carrying_value": 1000000,
            "override_eligible": false,
            "override_applied": false,
            "applied_factor": 0.0004,
            "rbc_requirement": 400,
            "error": null
          },
          {
            "naic_designation": "2.C",
            "tranche_thickness_pct": 2,
            "book_adjusted_carrying_value": 500000,
            "override_eligible": true,
            "override_applied": true,
            "applied_factor": 0.1177,
            "rbc_requirement": 58850,
            "error": null
          },
          {
            "naic_designation": "6",
            "tranche_thickness_pct": null,
            "book_adjusted_carrying_value": 100000,
            "override_eligible": true,
            "override_applied": false,
            "applied_factor": 0.9256,
            "rbc_requirement": 92560,
            "error": null
          }
        ],
        "portfolio_total_bacv": 1600000,
        "portfolio_total_rbc_requirement": 151810,
        "tranche_count": 3,
        "naic_clo_rbc_factor_vintage": "2026-12-IRE, adopted 2026-06-23, YE2026 filing",
        "verify_note": "recompute matches the adopted grid",
        "scope_note": "Per-tranche lookup + apply over the LR002 Column (2) CLOs/CBOs/CDOs grid, plus simple portfolio summation. This does not derive a NAIC designation from underlying loan data, does not model the CLO Portfolio Adjustment Factor, and excludes CLO residual tranches (their LR002/AVR line number was not located in the retrieved primary source; see spec scope_statement)."
      },
      "golden_hash": "13b228e397f70ad91f8e5c31893bd68d9fae397275ac5992f1ce5580329d8162"
    },
    {
      "name": "unrecognized-designation",
      "policy_parameters": {
        "tranches": [
          {
            "naic_designation": "7.Z",
            "book_adjusted_carrying_value": 100000
          }
        ]
      },
      "output_payload": {
        "tranches": [
          {
            "naic_designation": "7.Z",
            "tranche_thickness_pct": null,
            "book_adjusted_carrying_value": 100000,
            "override_eligible": false,
            "override_applied": false,
            "applied_factor": null,
            "rbc_requirement": 0,
            "error": "unrecognized_naic_designation"
          }
        ],
        "portfolio_total_bacv": 100000,
        "portfolio_total_rbc_requirement": 0,
        "tranche_count": 1,
        "naic_clo_rbc_factor_vintage": "2026-12-IRE, adopted 2026-06-23, YE2026 filing",
        "verify_note": "recompute diverges — review your inputs (one or more tranches carried an unrecognized NAIC designation and were excluded from the priced total)",
        "scope_note": "Per-tranche lookup + apply over the LR002 Column (2) CLOs/CBOs/CDOs grid, plus simple portfolio summation. This does not derive a NAIC designation from underlying loan data, does not model the CLO Portfolio Adjustment Factor, and excludes CLO residual tranches (their LR002/AVR line number was not located in the retrieved primary source; see spec scope_statement)."
      },
      "golden_hash": "6f5b1b17d0af5009c5967b23e97241f6ca8d196427de0bc6b6a8abdfe1d78436"
    }
  ]
}