The panel is established to:
(1) use the knowledge and expertise of regulated persons, small and large businesses, institutions of higher education, and state agencies to identify and expand opportunities for implementing efficiencies in:
(A) the process by which state agencies adopt rules;
(B) the regulatory review process; and
(C) the processes by which contested cases are conducted; and
(2) assist the office and state agencies in identifying:
(A) unnecessary and ineffective rules;
(B) the effect and cost to this state and regulated persons of the agencies' rules and proposed rules; and
(C) opportunities to repeal or amend rules to provide effective protection to the public with the least cost and inconvenience to regulated persons.