It shall be unlawful for any corporation, company or association not incorporated under the laws of the State of Illinois to engage in the city in effecting fire insurance, or to transact any business of fire insurance in the city while in default by not fully complying with the requirements of this chapter, and such disability shall continue until such requirements shall have been fully complied with; but this provision shall not relieve any company, corporation or association from the payment of any risk that may be undertaken in violation of this chapter.
(Added Coun. J. 12-9-92, p. 25465)