{
      "name": "cat-bond-trigger-validation",
      "domain": "Insurance & Reinsurance",
      "title": "Cat Bond Trigger Validation",
      "spec_version": "0.8.0",
      "wave": 43,
      "description": "Linear two-step chain for cat bond due diligence: validate trigger terms before running the trigger evaluation. Step 1 validates the attachment/exhaustion point structure and pro-rata arithmetic (cat bond terms). Step 2 evaluates the parametric trigger against the validated structure and computes payout. Designed for pre-issuance term review and post-event payout calculation where bond terms must be validated first. ZERO PII BY CONSTRUCTION.",
      "composer_url": "https://ainumbers.co/chaingraph/chains/cat-bond-trigger-validation.html",
      "regulatory_refs": [
        "ISDA/IAIS cat bond trigger definitions",
        "Swiss Re sigma 1/2024 (cat bond market data)",
        "NAIC catastrophe bond guidelines",
        "IAIS ICP 13 (reinsurance principles)"
      ],
      "steps": [
        {
          "tool_id": "art-252-validate-cat-bond-trigger-terms",
          "handoff": "Validated layer structure: attachment/exhaustion ordering, layer_width, terms_valid. Passes to trigger evaluation."
        },
        {
          "tool_id": "art-251-compute-parametric-trigger-payout",
          "handoff": "Trigger evaluation: trigger_hit, payout_amount, trigger_fraction, trigger_receipt. Final stage."
        }
      ]
    }