Identification of holders of substantial interests

Section 506(m) of the Federal Crop Insurance Act (7 U.S.C. 1506(m)) is amended— (1) by amending paragraph (3) to read as follows: (3) Identification of holders of substantial interests (A) In general The Manager of the Corporation may require each policyholder to provide to the Manager, at such times and in such manner as prescribed by the Manager, the name of each individual or other entity that acquires or holds a substantial beneficial interest in such policyholder. (B) Extension available (i) In general In the case of a policyholder that does not provide the information required pursuant to subparagraph (A) to the Manager at the time prescribed by the Manager, the Manager shall allow such policyholder to provide to the Manager such information at any time during the applicable crop year. (ii) Exception Clause (i) shall not apply to a policyholder that an approved insurance provider determines— (I) would receive disproportionate benefits under a crop insurance program as a result of failing to provide the information required pursuant to subparagraph (A) to the Manager at the time prescribed by the Manager; or (II) failed to provide such information to avoid an obligation or requirement under any State or Federal law.; and (2) in paragraph (4), by striking 5 percent and inserting 10 percent.