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pensions. In 1921 was established, on approximately the same lines, 
the Elementary School Teachers’ Pension Fund, which took over the 
Elementary School Teachers’ Relief Fund that had been created in 1909. 
Liability Insurance. Every motor vehicle proprietor must, pursuant 
to law of 1926, effect an insurance with some insurance company or 
institution considered as sound by the government; and the amount 
he thus insures for shall be available solely to meet claims that are 
made in consequence of accidents caused or damages done by his 
vehicles. 
Some 20 to 30 foreign insurance companies and institutions are at 
present carrying on business in Iceland, chiefly fire, marine, and life 
insurances. For further information respecting the conditions on which 
they are allowed to start insurance operations here as well as their 
liability to be taxed, see article on Foreigners in Iceland. 
For social insurance, see article on Social Conditions.