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Sorry to sound like a wet blanket once again, but this question is an absolute mess. Don't overthink this one -- just admire the amazing number of errors in the non-underlined portion, and just move on along.

Sure, there's a perfectly reasonable parallelism thing going on here: you need the list to consist of parallel nouns ("regulations..., programs..., an agency..., and insurance..."), and that should eliminate everything besides (B) and (C). But beyond that, I don't think there's any need to worry about this one.
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This is a poor question and no one should pay it any mind. The basic meaning behind this question is that resulted in a few things that are shown as a list in the sentence. The GMAT tries to avoid testing on the oxford comma (also called the serial comma) and it typically opts to use it more often than not.

Don't waste your time with this question unless you're dying for the practice.

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