Insurance Fundamental Score

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/** Deterministic TypeScript reference for D18-F10 sector-specific scoring. */

export type RecordValue = Record<string, any>;

const numberValue = (data: RecordValue, name: string): number => {
  const value = data[name];
  if (typeof value !== "number" || !Number.isFinite(value)) throw new TypeError(`${name} must be a finite number`);
  return value;
};
const nonnegative = (data: RecordValue, name: string): number => {
  const value = numberValue(data, name); if (value < 0) throw new RangeError(`${name} must be nonnegative`); return value;
};
const positive = (data: RecordValue, name: string): number => {
  const value = numberValue(data, name); if (value <= 0) throw new RangeError(`${name} must be positive`); return value;
};
const textValue = (data: RecordValue, name: string): string => {
  const value = data[name]; if (typeof value !== "string" || !value.trim()) throw new TypeError(`${name} must be a nonempty string`); return value.trim();
};
const dateValue = (value: unknown, name: string): Date => {
  if (typeof value !== "string" || !/^\d{4}-\d{2}-\d{2}$/.test(value)) throw new TypeError(`${name} must be YYYY-MM-DD`);
  const result = new Date(`${value}T00:00:00Z`); if (!Number.isFinite(result.getTime()) || result.toISOString().slice(0, 10) !== value) throw new RangeError(`${name} must be YYYY-MM-DD`); return result;
};
const requireFramework = (data: RecordValue, expected: string): void => { if (textValue(data, "framework") !== expected) throw new RangeError(`framework must be ${expected}`); };
const clamp = (value: number, low = 0, high = 100): number => Math.min(high, Math.max(low, value));
const higher = (value: number, weak: number, strong: number): number => { if (strong <= weak) throw new RangeError("strong threshold must exceed weak threshold"); return clamp(100 * (value - weak) / (strong - weak)); };
const lower = (value: number, strong: number, weak: number): number => { if (weak <= strong) throw new RangeError("weak threshold must exceed strong threshold"); return clamp(100 * (weak - value) / (weak - strong)); };
const centered = (value: number, center: number, fullDistance: number, zeroDistance: number): number => {
  if (zeroDistance <= fullDistance) throw new RangeError("zero-score distance must exceed full-score distance");
  return clamp(100 * (zeroDistance - Math.abs(value - center)) / (zeroDistance - fullDistance));
};
const weightsFor = (data: RecordValue, names: string[]): Record<string, number> => {
  const raw = data.weights;
  if (!raw || typeof raw !== "object" || Array.isArray(raw) || Object.keys(raw).sort().join("|") !== [...names].sort().join("|")) throw new RangeError("weights must contain exactly the declared component names");
  const result = Object.fromEntries(names.map(name => [name, nonnegative(raw, name)]));
  const total = Object.values(result).reduce((sum, value) => sum + value, 0);
  if (Math.abs(total - 1) > 1e-9) throw new RangeError("weights must sum to 1");
  return result;
};
const weightedScore = (components: Record<string, number>, weights: Record<string, number>): number => Object.entries(components).reduce((sum, [name, value]) => sum + value * weights[name], 0);
const scoreState = (score: number): string => score >= 75 ? "strong-review-band" : score >= 50 ? "mixed-review-band" : "weak-review-band";

function bankScore(data: RecordValue): RecordValue {
  requireFramework(data, "basel-iii-teaching-v1");
  const names = ["capital", "leverage", "short_liquidity", "stable_funding", "asset_quality", "coverage", "margin", "efficiency"];
  const weights = weightsFor(data, names);
  const values = {cet1_ratio: nonnegative(data,"cet1_ratio"), leverage_ratio: nonnegative(data,"leverage_ratio"), lcr: nonnegative(data,"lcr"), nsfr: nonnegative(data,"nsfr"), npl_ratio: nonnegative(data,"npl_ratio"), provision_coverage_ratio: nonnegative(data,"provision_coverage_ratio"), net_interest_margin: numberValue(data,"net_interest_margin"), cost_income_ratio: nonnegative(data,"cost_income_ratio")};
  const components = {capital:higher(values.cet1_ratio,.07,.14), leverage:higher(values.leverage_ratio,.03,.06), short_liquidity:higher(values.lcr,1,1.4), stable_funding:higher(values.nsfr,1,1.3), asset_quality:lower(values.npl_ratio,.02,.08), coverage:higher(values.provision_coverage_ratio,.6,1.2), margin:higher(values.net_interest_margin,.01,.04), efficiency:lower(values.cost_income_ratio,.4,.7)};
  const minimums = data.minimums; if (!minimums || typeof minimums !== "object" || Array.isArray(minimums)) throw new TypeError("minimums must be an object");
  const checks: Record<string,number> = {cet1_ratio:nonnegative(minimums,"cet1_ratio"), leverage_ratio:nonnegative(minimums,"leverage_ratio"), lcr:nonnegative(minimums,"lcr"), nsfr:nonnegative(minimums,"nsfr")};
  const breaches = Object.entries(checks).filter(([name, minimum]) => values[name as keyof typeof values] < minimum).map(([name])=>name);
  const base = weightedScore(components, weights), penalty = 12.5 * breaches.length, score = clamp(base - penalty);
  return {state:breaches.length?"prudential-floor-review":scoreState(score),method:"bank-sector-score-v1",component_scores:components,weights,base_score:base,floor_breaches:breaches,penalty,fundamental_score:score,coverage_ratio:1,reason:"package-bands-with-declared-prudential-minimums"};
}

function insuranceScore(data: RecordValue): RecordValue {
  requireFramework(data,"solvency-ii-nonlife-teaching-v1");
  const names=["solvency","minimum_capital","underwriting","reserve_quality","own_fund_quality","concentration","profitability"], weights=weightsFor(data,names);
  const values={scr_coverage_ratio:nonnegative(data,"scr_coverage_ratio"),mcr_coverage_ratio:nonnegative(data,"mcr_coverage_ratio"),combined_ratio:nonnegative(data,"combined_ratio"),adverse_reserve_development_ratio:numberValue(data,"adverse_reserve_development_ratio"),tier1_own_funds_share:nonnegative(data,"tier1_own_funds_share"),investment_concentration_ratio:nonnegative(data,"investment_concentration_ratio"),return_on_equity:numberValue(data,"return_on_equity")};
  const components={solvency:higher(values.scr_coverage_ratio,1,2),minimum_capital:higher(values.mcr_coverage_ratio,1,3),underwriting:lower(values.combined_ratio,.88,1.08),reserve_quality:lower(values.adverse_reserve_development_ratio,-.02,.08),own_fund_quality:higher(values.tier1_own_funds_share,.5,.9),concentration:lower(values.investment_concentration_ratio,.1,.4),profitability:higher(values.return_on_equity,.02,.15)};
  const breaches=["scr_coverage_ratio","mcr_coverage_ratio"].filter(name=>values[name as keyof typeof values]<1),base=weightedScore(components,weights),penalty=20*breaches.length,score=clamp(base-penalty);
  return {state:breaches.length?"capital-requirement-review":scoreState(score),method:"insurance-sector-score-v1",component_scores:components,weights,base_score:base,floor_breaches:breaches,penalty,fundamental_score:score,coverage_ratio:1,reason:"solvency-ii-tagged-nonlife-package-bands"};
}

function reitScore(data: RecordValue): RecordValue {
  requireFramework(data,"nareit-equity-reit-teaching-v1");
  const names=["distribution","leverage","coverage","occupancy","same_store_growth","liquidity"],weights=weightsFor(data,names);
  const ffo=numberValue(data,"nareit_ffo"),capex=nonnegative(data,"recurring_capex"),rent=numberValue(data,"straight_line_rent_adjustment"),dividends=positive(data,"common_dividends"),ebitda=positive(data,"ebitda_re"),interest=positive(data,"interest_expense"),nearDebt=positive(data,"near_term_debt_maturities");
  const affo=ffo-capex-rent,distribution=affo/dividends,leverage=nonnegative(data,"net_debt")/ebitda,interestCoverage=ebitda/interest,liquidity=nonnegative(data,"available_liquidity")/nearDebt;
  const components={distribution:higher(distribution,.8,1.4),leverage:lower(leverage,3.5,8),coverage:higher(interestCoverage,1.5,5),occupancy:higher(nonnegative(data,"occupancy_ratio"),.8,.97),same_store_growth:higher(numberValue(data,"same_store_noi_growth"),-.05,.08),liquidity:higher(liquidity,.75,2)};
  const score=weightedScore(components,weights);
  return {state:affo<=0?"affo-proxy-deficit-review":scoreState(score),method:"reit-sector-score-v1",nareit_ffo:ffo,affo_proxy:affo,distribution_coverage:distribution,net_debt_to_ebitda_re:leverage,interest_coverage:interestCoverage,liquidity_coverage:liquidity,component_scores:components,weights,fundamental_score:score,coverage_ratio:1,reason:"nareit-ffo-plus-explicit-package-affo-proxy"};
}

function utilityScore(data: RecordValue): RecordValue {
  requireFramework(data,"ferc-regulated-electric-teaching-v1");
  const names=["earned_return","cash_debt","capital_structure","interest_coverage","capex_funding","regulatory_lag","rate_base_growth"],weights=weightsFor(data,names);
  const allowed=positive(data,"allowed_roe"),earned=numberValue(data,"earned_roe"),debt=positive(data,"total_debt"),ffoDebt=numberValue(data,"funds_from_operations")/debt,interestCoverage=numberValue(data,"ebit")/positive(data,"interest_expense"),capexFunding=numberValue(data,"cash_from_operations")/positive(data,"capital_expenditure");
  const components={earned_return:centered(earned-allowed,0,.005,.04),cash_debt:higher(ffoDebt,.08,.22),capital_structure:lower(nonnegative(data,"debt_to_capital"),.4,.65),interest_coverage:higher(interestCoverage,1.5,5),capex_funding:higher(capexFunding,.4,1),regulatory_lag:lower(nonnegative(data,"regulatory_lag_months"),3,18),rate_base_growth:centered(numberValue(data,"rate_base_growth"),.05,.01,.08)};
  const score=weightedScore(components,weights);
  return {state:scoreState(score),method:"utility-sector-score-v1",earned_allowed_roe_gap:earned-allowed,ffo_to_debt:ffoDebt,interest_coverage:interestCoverage,capex_funding_ratio:capexFunding,component_scores:components,weights,fundamental_score:score,coverage_ratio:1,reason:"ferc-tagged-package-bands"};
}

function earlyStageScore(data: RecordValue): RecordValue {
  requireFramework(data,"early-stage-liquidity-teaching-v1");
  const names=["runway","burn_trend","obligation_cover","revenue_cover"],weights=weightsFor(data,names),cashFlows=data.monthly_net_cash_flows,revenues=data.monthly_revenue;
  if(!Array.isArray(cashFlows)||cashFlows.length<6)throw new RangeError("monthly_net_cash_flows must contain at least 6 observations");
  if(!Array.isArray(revenues)||revenues.length!==cashFlows.length)throw new RangeError("monthly_revenue must match cash-flow history");
  const flows=cashFlows.map((v:any)=>numberValue({v},"v")),revs=revenues.map((v:any)=>nonnegative({v},"v"));
  const unrestricted=nonnegative(data,"unrestricted_cash"),investments=nonnegative(data,"liquid_investments"),facility=nonnegative(data,"unconditionally_committed_facility"),obligations=nonnegative(data,"near_term_obligations"),minimumCash=nonnegative(data,"minimum_operating_cash");
  const available=unrestricted+investments+facility-obligations-minimumCash,latest=flows.slice(-6),burn=Math.max(0,-latest.reduce((a:number,b:number)=>a+b,0)/latest.length),prior=Math.max(0,-latest.slice(0,3).reduce((a:number,b:number)=>a+b,0)/3),current=Math.max(0,-latest.slice(3).reduce((a:number,b:number)=>a+b,0)/3),burnRatio=prior>0?current/prior:(current===0?0:2),gross=unrestricted+investments+facility,obligationCover=obligations>0?gross/obligations:10,latestRevenue=revs.slice(-3).reduce((a:number,b:number)=>a+b,0)/3,revenueCover=current>0?latestRevenue/current:10,runway=burn>0?available/burn:null;
  const components={runway:runway===null?100:higher(runway,6,24),burn_trend:lower(burnRatio,.75,1.25),obligation_cover:higher(obligationCover,.75,2),revenue_cover:higher(revenueCover,0,1)},score=weightedScore(components,weights);
  const state=available<0?"negative-available-liquidity":runway===null?"nonburning-observation":runway<12?"funding-window-under-12-months":scoreState(score);
  return {state,method:"early-stage-runway-score-v1",available_liquidity:available,monthly_burn:burn,prior_three_month_burn:prior,latest_three_month_burn:current,burn_ratio:burnRatio,runway_months:runway,obligation_coverage:obligationCover,revenue_to_burn:revenueCover,component_scores:components,weights,runway_score:score,coverage_ratio:1,reason:"historical-burn-sensitivity-not-management-forecast"};
}

const medianValue=(values:number[]):number=>{const sorted=[...values].sort((a,b)=>a-b),middle=Math.floor(sorted.length/2);return sorted.length%2?sorted[middle]:(sorted[middle-1]+sorted[middle])/2;};
function cyclicalScore(data:RecordValue):RecordValue{
  requireFramework(data,"cyclical-midcycle-teaching-v1");
  const names=["normalized_margin","normalized_leverage","cash_consistency","cycle_balance"],weights=weightsFor(data,names),arrays:Record<string,number[]>={};
  for(const name of ["realized_price_history","unit_cost_history","volume_history","free_cash_flow_history"]){const raw=data[name];if(!Array.isArray(raw)||raw.length<7)throw new RangeError(`${name} must contain at least 7 observations`);arrays[name]=raw.map((v:any)=>numberValue({v},"v"));}
  if(new Set(Object.values(arrays).map(v=>v.length)).size!==1)throw new RangeError("cycle histories must have equal length");
  const prices=arrays.realized_price_history,costs=arrays.unit_cost_history,volumes=arrays.volume_history;if([...prices,...costs,...volumes].some(v=>v<=0))throw new RangeError("price, cost, and volume histories must be positive");
  const normalizedPrice=medianValue(prices),normalizedCost=medianValue(costs),normalizedVolume=medianValue(volumes),revenue=normalizedPrice*normalizedVolume,ebitda=(normalizedPrice-normalizedCost)*normalizedVolume-nonnegative(data,"fixed_costs"),margin=ebitda/revenue,netDebt=nonnegative(data,"net_debt"),leverage=ebitda>0?netDebt/ebitda:null,positiveFcf=arrays.free_cash_flow_history.filter(v=>v>0).length/arrays.free_cash_flow_history.length,currentPrice=positive(data,"current_realized_price"),percentile=prices.filter(v=>v<=currentPrice).length/prices.length;
  const components={normalized_margin:higher(margin,0,.3),normalized_leverage:leverage===null?0:lower(leverage,.5,4),cash_consistency:higher(positiveFcf,.3,.9),cycle_balance:centered(percentile,.5,.1,.5)},score=weightedScore(components,weights);
  return {state:ebitda<=0?"nonpositive-midcycle-ebitda-review":scoreState(score),method:"cyclical-midcycle-normalization-v1",normalized_price:normalizedPrice,normalized_unit_cost:normalizedCost,normalized_volume:normalizedVolume,normalized_revenue:revenue,normalized_ebitda:ebitda,normalized_margin:margin,normalized_net_leverage:leverage,positive_fcf_ratio:positiveFcf,cycle_percentile:percentile,component_scores:components,weights,normalized_score:score,coverage_ratio:1,reason:"point-in-time-median-cycle-window"};
}

function holdingCompanyScore(data:RecordValue):RecordValue{
  requireFramework(data,"holding-company-lookthrough-teaching-v1");
  const names=["nav_buffer","lookthrough_leverage","parent_coverage","diversification","freshness","listed_coverage"],weights=weightsFor(data,names),holdings=data.holdings;
  if(!Array.isArray(holdings)||holdings.length<2)throw new RangeError("holdings must contain at least two records");
  const ids=new Set<string>(),rows=holdings.map((raw:any)=>{if(!raw||typeof raw!=="object"||Array.isArray(raw))throw new TypeError("each holding must be an object");const id=textValue(raw,"id");if(ids.has(id))throw new RangeError("holding IDs must be unique");ids.add(id);const ownership=numberValue(raw,"ownership_ratio");if(!(ownership>0&&ownership<=1))throw new RangeError("ownership_ratio must be in (0, 1]");if(typeof raw.listed!=="boolean"||typeof raw.stale!=="boolean")throw new TypeError("listed and stale must be booleans");return{id,ownership_ratio:ownership,attributable_equity_value:ownership*nonnegative(raw,"equity_value"),attributable_debt:ownership*nonnegative(raw,"debt"),attributable_dividends:ownership*nonnegative(raw,"dividends_to_parent"),listed:raw.listed,stale:raw.stale};});
  const parentCash=nonnegative(data,"parent_cash"),parentDebt=nonnegative(data,"parent_debt"),other=nonnegative(data,"other_parent_liabilities"),parentInterest=positive(data,"parent_interest_expense"),stake=rows.reduce((s,r)=>s+r.attributable_equity_value,0),gav=stake+parentCash;if(gav<=0)throw new RangeError("gross asset value must be positive");
  const nav=gav-parentDebt-other,attributableDebt=rows.reduce((s,r)=>s+r.attributable_debt,0),enterprise=stake+attributableDebt+parentCash,leverage=enterprise>0?(parentDebt+attributableDebt)/enterprise:1,parentCoverage=rows.reduce((s,r)=>s+r.attributable_dividends,0)/parentInterest,shares=stake>0?rows.map(r=>r.attributable_equity_value/stake):[1],concentration=shares.reduce((s,v)=>s+v*v,0),freshness=stake>0?rows.filter(r=>!r.stale).reduce((s,r)=>s+r.attributable_equity_value,0)/stake:0,listed=stake>0?rows.filter(r=>r.listed).reduce((s,r)=>s+r.attributable_equity_value,0)/stake:0,navRatio=nav/gav;
  const components={nav_buffer:higher(navRatio,.2,.8),lookthrough_leverage:lower(leverage,.2,.65),parent_coverage:higher(parentCoverage,1,4),diversification:lower(concentration,.25,.7),freshness:higher(freshness,.6,1),listed_coverage:higher(listed,.3,1)},score=weightedScore(components,weights),marketCap=data.parent_market_cap===undefined?null:nonnegative(data,"parent_market_cap"),discount=marketCap===null||nav<=0?null:1-marketCap/nav;
  return {state:nav<=0?"nonpositive-nav-review":scoreState(score),method:"holding-company-lookthrough-score-v1",holding_ledger:rows,gross_asset_value:gav,net_asset_value:nav,attributable_subsidiary_debt:attributableDebt,lookthrough_leverage:leverage,parent_interest_coverage:parentCoverage,concentration_hhi:concentration,fresh_value_coverage:freshness,listed_value_coverage:listed,discount_to_nav:discount,component_scores:components,weights,look_through_score:score,coverage_ratio:1,reason:"attributable-stakes-with-parent-bridge"};
}

const sigmoid=(value:number):number=>value>=0?1/(1+Math.exp(-value)):Math.exp(value)/(1+Math.exp(value));
const projectSimplex=(values:number[]):number[]=>{const ordered=[...values].sort((a,b)=>b-a);let cumulative=0,rho=0;ordered.forEach((value,index)=>{cumulative+=value;if(value-(cumulative-1)/(index+1)>0)rho=index+1;});const theta=(ordered.slice(0,rho).reduce((a,b)=>a+b,0)-1)/rho,projected=values.map(v=>Math.max(v-theta,0)),total=projected.reduce((a,b)=>a+b,0);return projected.map(v=>v/total);};
const brier=(rows:number[][],labels:number[],weights:number[],intercept:number,slope:number):number=>rows.reduce((sum,row,index)=>{const score=row.reduce((s,v,j)=>s+weights[j]*v,0)/100,p=sigmoid(intercept+slope*(score-.5));return sum+(p-labels[index])**2;},0)/rows.length;
function calibrateWeights(data:RecordValue):RecordValue{
  requireFramework(data,"sector-weight-calibration-teaching-v1");
  const names=data.component_names,rowsRaw=data.feature_rows,labelsRaw=data.labels,datesRaw=data.observation_dates;
  if(!Array.isArray(names)||names.length<2||new Set(names).size!==names.length||!names.every((n:any)=>typeof n==="string"&&n))throw new RangeError("component_names must be unique nonempty strings");
  if(!Array.isArray(rowsRaw)||rowsRaw.length<12)throw new RangeError("feature_rows must contain at least 12 observations");if(!Array.isArray(labelsRaw)||labelsRaw.length!==rowsRaw.length)throw new RangeError("labels must match feature_rows");if(!Array.isArray(datesRaw)||datesRaw.length!==rowsRaw.length)throw new RangeError("observation_dates must match feature_rows");
  const rows=rowsRaw.map((row:any)=>{if(!Array.isArray(row)||row.length!==names.length)throw new RangeError("each feature row must match component_names");const values=row.map((v:any)=>numberValue({v},"v"));if(values.some((v:number)=>v<0||v>100))throw new RangeError("feature scores must be within [0, 100]");return values;});
  const labels=labelsRaw.map((v:any)=>{if(v!==0&&v!==1)throw new RangeError("labels must be binary 0/1 integers");return v;});const dates=datesRaw.map((v:any)=>dateValue(v,"observation_dates"));if(dates.some((v:Date,i:number)=>i<dates.length-1&&v.getTime()>=dates[i+1].getTime()))throw new RangeError("observation_dates must be strictly increasing");
  const split=Math.trunc(numberValue(data,"train_end_index"));if(split<8||split>rows.length-4)throw new RangeError("train_end_index must leave at least 8 training and 4 validation rows");const baseMap=data.base_weights;if(!baseMap||typeof baseMap!=="object"||Array.isArray(baseMap)||Object.keys(baseMap).sort().join("|")!==[...names].sort().join("|"))throw new RangeError("base_weights must match component_names");const base=names.map((n:string)=>nonnegative(baseMap,n));if(Math.abs(base.reduce((a:number,b:number)=>a+b,0)-1)>1e-9)throw new RangeError("base_weights must sum to 1");
  const learningRate=positive(data,"learning_rate"),ridge=nonnegative(data,"ridge_penalty"),slope=positive(data,"logit_slope"),iterations=Math.trunc(positive(data,"iterations"));if(iterations>5000)throw new RangeError("iterations must not exceed 5000");let weights=[...base],intercept=0;const trainRows=rows.slice(0,split),validationRows=rows.slice(split),trainLabels=labels.slice(0,split),validationLabels=labels.slice(split);
  for(let iteration=0;iteration<iterations;iteration++){const probabilities=trainRows.map((row:number[])=>sigmoid(intercept+slope*(row.reduce((s:number,v:number,j:number)=>s+weights[j]*v,0)/100-.5))),residuals=probabilities.map((p:number,i:number)=>p-trainLabels[i]),gradIntercept=residuals.reduce((a:number,b:number)=>a+b,0)/residuals.length,gradWeights=names.map((_:string,column:number)=>residuals.reduce((sum:number,residual:number,i:number)=>sum+residual*slope*trainRows[i][column]/100,0)/trainRows.length+ridge*(weights[column]-base[column]));intercept-=learningRate*gradIntercept;weights=projectSimplex(weights.map((v:number,i:number)=>v-learningRate*gradWeights[i]));}
  const baseTrain=brier(trainRows,trainLabels,base,0,slope),baseValidation=brier(validationRows,validationLabels,base,0,slope),candidateTrain=brier(trainRows,trainLabels,weights,intercept,slope),candidateValidation=brier(validationRows,validationLabels,weights,intercept,slope),improved=candidateValidation<=baseValidation,selected=improved?weights:base,selectedIntercept=improved?intercept:0,selectedValidation=improved?candidateValidation:baseValidation;
  return {state:improved?"calibrated-improved":"retain-base-weights",method:"nonnegative-simplex-logloss-v1",component_names:names,base_weights:Object.fromEntries(names.map((n:string,i:number)=>[n,base[i]])),candidate_weights:Object.fromEntries(names.map((n:string,i:number)=>[n,weights[i]])),selected_weights:Object.fromEntries(names.map((n:string,i:number)=>[n,selected[i]])),candidate_intercept:intercept,selected_intercept:selectedIntercept,base_train_brier:baseTrain,base_validation_brier:baseValidation,candidate_train_brier:candidateTrain,candidate_validation_brier:candidateValidation,selected_validation_brier:selectedValidation,weight_shift_l1:weights.reduce((s:number,v:number,i:number)=>s+Math.abs(v-base[i]),0),train_rows:trainRows.length,validation_rows:validationRows.length,coverage_ratio:1,reason:"temporal-holdout-governs-selection"};
}

const ROUTES:Record<string,[string,string,string[]]>={bank:["D18-F10-A01","basel-iii-teaching-v1",["cet1_ratio","leverage_ratio","lcr","nsfr","npl_ratio","provision_coverage_ratio","net_interest_margin","cost_income_ratio"]],insurance:["D18-F10-A02","solvency-ii-nonlife-teaching-v1",["scr_coverage_ratio","mcr_coverage_ratio","combined_ratio","adverse_reserve_development_ratio","tier1_own_funds_share","investment_concentration_ratio","return_on_equity"]],reit:["D18-F10-A03","nareit-equity-reit-teaching-v1",["nareit_ffo","recurring_capex","common_dividends","net_debt","ebitda_re","interest_expense","occupancy_ratio","same_store_noi_growth"]],utility:["D18-F10-A04","ferc-regulated-electric-teaching-v1",["allowed_roe","earned_roe","funds_from_operations","total_debt","debt_to_capital","ebit","interest_expense","capital_expenditure"]],"early-stage":["D18-F10-A05","early-stage-liquidity-teaching-v1",["unrestricted_cash","liquid_investments","monthly_net_cash_flows","near_term_obligations"]],cyclical:["D18-F10-A06","cyclical-midcycle-teaching-v1",["realized_price_history","unit_cost_history","volume_history","free_cash_flow_history","net_debt"]],"holding-company":["D18-F10-A07","holding-company-lookthrough-teaching-v1",["holdings","parent_cash","parent_debt","parent_interest_expense"]]};
function coverageDecision(data:RecordValue):RecordValue{
  requireFramework(data,"coverage-router-teaching-v1");const sector=textValue(data,"sector"),candidate=textValue(data,"candidate_framework"),asOf=dateValue(data.as_of,"as_of"),minimum=numberValue(data,"minimum_coverage"),maxAge=Math.trunc(positive(data,"max_age_days"));if(!(minimum>0&&minimum<=1))throw new RangeError("minimum_coverage must be in (0, 1]");if(!ROUTES[sector])return{state:"abstain",method:"sector-coverage-router-v1",selected_model:null,coverage_ratio:0,available_fields:[],missing_fields:[],stale_fields:[],future_fields:[],reasons:["unsupported-sector"],reason:"unsupported-sector"};
  const [model,expected,required]=ROUTES[sector];if(candidate!==expected)return{state:"abstain",method:"sector-coverage-router-v1",selected_model:null,coverage_ratio:0,available_fields:[],missing_fields:[...required],stale_fields:[],future_fields:[],reasons:["framework-mismatch"],reason:"framework-mismatch"};const facts=data.facts;if(!Array.isArray(facts))throw new TypeError("facts must be an array");const ledger:Record<string,any>={};for(const raw of facts){if(!raw||typeof raw!=="object"||Array.isArray(raw))throw new TypeError("each fact must be an object");const name=textValue(raw,"name");if(ledger[name])throw new RangeError("fact names must be unique");if(typeof raw.value_present!=="boolean")throw new TypeError("value_present must be boolean");ledger[name]=raw;}
  const available:string[]=[],missing:string[]=[],stale:string[]=[],future:string[]=[];for(const name of required){const fact=ledger[name];if(!fact||!fact.value_present){missing.push(name);continue;}const knowledge=dateValue(fact.knowledge_date,`${name}.knowledge_date`),periodEnd=dateValue(fact.period_end,`${name}.period_end`);if(knowledge.getTime()>asOf.getTime())future.push(name);else if((asOf.getTime()-periodEnd.getTime())/86400000>maxAge)stale.push(name);else available.push(name);}const coverage=available.length/required.length,reasons:string[]=[];if(future.length)reasons.push("future-evidence");if(stale.length)reasons.push("stale-evidence");if(missing.length)reasons.push("missing-required-fields");let state:string,selected:string|null;if(future.length){state="abstain";selected=null;}else if(coverage===1){state="supported";selected=model;}else if(coverage>=minimum){state="partial-review";selected=model;}else{state="abstain";selected=null;reasons.push("coverage-below-minimum");}if(!reasons.length)reasons.push("complete-current-coverage");return{state,method:"sector-coverage-router-v1",selected_model:selected,coverage_ratio:coverage,available_fields:available,missing_fields:missing,stale_fields:stale,future_fields:future,required_field_count:required.length,reasons,reason:reasons[0]};
}

export function calculate(topicId:string,data:RecordValue):RecordValue{
  if(!data||typeof data!=="object"||Array.isArray(data))throw new TypeError("input must be an object");
  const functions:Record<string,(value:RecordValue)=>RecordValue>={"D18-F10-A01":bankScore,"D18-F10-A02":insuranceScore,"D18-F10-A03":reitScore,"D18-F10-A04":utilityScore,"D18-F10-A05":earlyStageScore,"D18-F10-A06":cyclicalScore,"D18-F10-A07":holdingCompanyScore,"D18-F10-A08":calibrateWeights,"D18-F10-A09":coverageDecision};
  if(!functions[topicId])throw new RangeError(`unsupported topic ID: ${topicId}`);return functions[topicId](data);
}