ging r, yerks? >> mr. chairman, thank you. generally insurance is a form of risk management that allows individuals to pay a monthly premium in exchange for a company taking on their financial risk in the event of a health care or catastrophic loss. health insurance, on the other hand, is not typical insurance for a monthly premium individuals purchase health insurance to financially support them in the event of a catastrophic incident, such as a broken lig, as the lady from chicago just recently experienced. or surgery. patients also use their insurance for such things as doctor visits or monthly prescriptions. in some respects, health insurance has become the means by which patients see their providers and they receive treatment. primary responsibility for regulating the individual health insurance market rests with the state regulators. however, in the health insurance portability and accountability act of 1996, hipaa, congress made very clear that an individual insurance policyholder has a right to guaranteed renewability.