Why doesn't ICQ recognize Internet Explorer as the default browser?

Problem: "Cannot Launch Web Browser" message appears when trying to open a URL
Cause: Microsoft Internet Explorer is not properly set as the default web browser in Windows95/98
(The default web browser is the one associated with URL: Hypertext Transfer Protocol + URL:File Transfer Protocol)
Solution:

Open Microsoft Internet Explorer
Click on View
Go to Internet Options
Click on Programs
Check "Internet Explorer should check to see whether is the default browser."
Click on OK
Restart IE
When prompted to make IE your default web browser, click on YES