Filing Exemptions Exempt Insurance Companies (G.S. 105-228.5(g)) The insurance premium tax requirements in G.S. 105-228.5 do not apply to farmers’ mutual assessment fire insurance companies, to fraternal orders or societies that do not operate for a profit and do not issue policies on any person except members, or to captive insurance companies taxed under G.S. 105-228.4A. Exemption From Franchise or Corporate Income Tax (G.S. 105-228.5(a), 105-130.11(a)(10)) An insurer taxed under G.S. 105-228.5, Article 65 corporation, or health maintenance organization that is subject to the insurance gross premium tax in this State is not required to file or pay franchise or corporate income tax. A captive insurance company that is paying insurance premium tax levied under G.S. 105-228.4A is not required to file or pay franchise or corporate income tax.