Why do I receive the error message “An unexpected situation was encountered, Runtime error '429', Active X component can't create object.” when I close Excel after installing Office Connector?

When closing Excel the following message is displayed:

An unexpected situation was encountered, Runtime error '429', Active X component can't create object.

This message can occur even when using workbooks that do not utilize Office Connector functionality. This symptom does not occur when logged in as a Domain Administrator.

The user had insufficient permissions when installing the application.

Reinstall the application while logged in as the Domain Administrator.