Government
Type: Semi-presidential, parliamentary.
Independence: 1918 (became "sovereign state" under Danish Crown); 1944 (establishment of republic).
Constitution: 1874.
Branches: Executive--president (chief of state), prime minister (head of government), Cabinet (12 ministers). Legislative--63 member unicameral parliament (Althing). Judicial--Supreme Court, district courts, special courts.
Subdivisions: 26 administrative districts and 105 municipalities. Major political parties: Independence (IP), Progressive (PP), Social Democratic Alliance (SDA), Left-Green Party (LGP), Liberal Party (LP).
Suffrage: Universal 18 years and above.
National holiday: June 17, anniversary of the establishment of the republic.
Flag: Red cross edged in white on a blue field.

Government of Iceland
The president, elected to a 4-year term, has limited powers. The prime minister and cabinet exercise most executive functions. The parliament is composed of 63 members, elected every 4 years unless it is dissolved sooner. Suffrage for presidential and parliamentary elections is universal for those 18 and older, and members of the parliament are elected on the basis of parties' proportional representation in six constituencies. The judiciary consists of the Supreme Court, district courts, and various special courts. The constitution protects the judiciary from infringement by the other two branches.
source: http://www.state.gov