Vocational Education Committees were deemed to be Local Authorities for the purposes of the 1926 Act by the Local Authorities (Mutual Assurance) Act 1935.

In 1971, the Minister signed an Order declaring the Health Boards to be Local Authorities under the 1926 Act. Prior to the passing of this Act, IPB insured the Boards predecessors who were the health sections of all County Councils and the separate Health Authorities such as the Dublin Board of Assistance, Dublin Health Authority, Cork Health Authority, Limerick Health Authority, Balrothery Board of Assistance and the Rathdowney Board of Assistance.

IPB is a Mutual Company. Ownership and control of the Company is vested in insuring members. Each member is represented at General Meetings of the Company by a nominee. The Board of Directors of IPB is made up of representatives, elected by nominees at each Annual General Meeting.

IPB has no shareholders and no dividends are payable. The Company deals direct with its members and no broker fees or commissions are payable.

IPB uses its total investment income to offset any underwriting losses. If surpluses arise, they remain within the Company for the benefit of all members - either through strengthening the financial base of the Company or returned to the members by way of preferential loans.

IPB underwrites the insurances of Local Authorities, the health service, Vocational Education Committies, Higher Education Institutions, Regional Fisheries Boards, Harbour Authorities, County Enterprise Boards, Regional Authorities, State-Sponsored Bodies and Related Organisations.