This is the 275th most frequent Icelandic word.
ríkisins
"Of the state" or "of the government."
In this sentence, "ríkisins" means "of the state", indicating possession.
Háskóli er fjármagnaður af ríkisins sjóðum.
The university is funded by the state's funds.
Here, "ríkisins" is used to denote that the laws belong to or are created by the nation/state.
Lög ríkisins vernda réttindi einstaklingsins.
The laws of the nation protect individual rights.
In this context, "ríkisins" specifies that the institutions are those of the government or state, showing association.