History
In 930, the Icelandic settlers founded one of the world´s first republican governments; the Old Commonwealth Age, described in the classic Icelandic Sagas, lasted until 1262, when Iceland lost its independence, and in 1944 the present republic was founded.  The country is governed by the Althing (parliament), whose 63 members are elected every four years.  four-yearly elections are also held for the presidency; President Ólafur Ragnar Grímsson was elected in June 1996 to succeed Vigdís Finnbogadóttir, and was re-elected in June 2000.  The head of state plays no part in day-to-day politics.

Source: http://www.visiticeland.com