It is unlawful for any corporation, company or association, not incorporated under the laws of the state, 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 any of the requirements of this chapter, and until these requirements shall have been fully complied with; but this provision does not relieve any company, corporation or association from payment of any risk that may be undertaken in violation of this chapter.
(1959 Code, § 14-1)