1) 'Sover' or 'super' meaning 'above'; and
2) 'Regnum', which is also pronounced 'Reign' as in "The king reigns." Kings are lawgivers.
Together it means Above + Law, or 'Above the Law.'
So as sovereign individuals, are we above the law? No, as individuals, although we are sovereign, we are still subject to the law. However, when we act as a sovereign-body, then yes, we are above the law.