Final answer:
The Office of Insurance Regulation is responsible for regulating insurance rates, ensuring fair and accessible insurance practices, and overseeing licensure and compliance within the industry.
Step-by-step explanation:
The Office of Insurance Regulation plays a significant role in the government regulation of the insurance industry. The duties of this regulatory body include regulating insurance rates, which align with its objectives to maintain affordable insurance pricing while ensuring accessibility for consumers. The office is involved in various regulatory programs, including the processing of licenses and oversight of insurance practices to protect the interests of policyholders. Its operations ensure businesses face adequate scrutiny and compliance with regulations, fostering a stable, fair, and competitive insurance market.