It shall be unlawful for any foreign fire insurance company to engage, in the village, in effecting fire insurance, or to transact any business of fire insurance in the village, while in default by not fully complying with the requirements of this chapter and until such requirements shall have been fully complied with; but this provision shall not relieve any such company from the payment of any risk that may be undertaken in violation of this chapter.
(1929 Code, § 522)