It shall be unlawful for any corporation or association, not incorporated under the laws of the state to engage in the city in effecting fire insurance or to transact any business of fire insurance in this city, while in default by not fully complying with any of the requirements of this section, and 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 section.
(1999 Code, § 36-5-1) Penalty, see § 35.999