"Insufficient access rights to perform the operation." when running "Update-AddressList" or "New-AddressList"

We noticed that one of the Address Lists has outdated information.

When we try to manually update the list by running "Update-AddressList -Identity "\AddressListName", we get "Insufficient access rights to perform the operation." error.

Resolution: 

1. Run ADSIEdit.

2. Connect to "Configuration".

3. Navigate to "Configuration/Services/Microsoft Exchange//Address Lists Container".

4. Right Click "All Address Lists"/Properties.

5. "Security/Advanced".

6. Check "Include inheritable permissions from this object's parent" (was not checked for me).