OBS_VALUE: Insurers and reinsurers incorporated in Singapore are restricted from holding major stakes in any corporation without prior approval of the Monetary Authority of Singapore. Foreign insurers must obtain MAS prior approval if they wish to hold major stake in a corporation through using assets of an insurance fund, or as assets of an insurance fund established by the licensed insurer. A major stake is defined as any beneficial interest or control exceeding 10% of the corporation's voting rights or issued shares. An interest in a corporation where the directors are under an obligation to act in accordance with the instructions of a licensed insurer or authorised reinsurer is also deemed a major stake.