1.  Except as otherwise provided in subsection 2, payment by an insurer of the tax imposed by NRS 680B.027 is in lieu of all taxes imposed by the State or any city, town or county upon premiums or upon income of insurers and of franchise, privilege or other taxes measured by income of the insurer.

2.  The provisions of subsection 1 do not apply to the commerce tax imposed pursuant to the provisions of chapter 363C of NRS.