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Doing so is necessary if supervision is to go beyond guarding against the solvency and contagion risks of individ- ual firms and take on the systemic risk arising from common exposures.

Doing so is necessary if supervision is to go beyond guarding against the solvency and contagion risks of individ- ual firms and take on the systemic risk arising from common exposures.

But here is his key line: “The individ­ual mandate must be construed as imposing a tax on those who do not have health insurance, if such a construction is reasonable.”

Individ′uāte, to individualise: to make single.—n.

Individ′ualīse, to stamp with individual character: to particularise.—ns.