If such account be not rendered on or before the day herein designated for that purpose, or if the above mentioned rates for the said tax or license fee shall remain unpaid after that date, it shall be unlawful for any such corporation, company or association to transact any business of fire insurance in the city until the requirements hereof have been fully complied with; nevertheless, this provision shall in no way affect the validity of any risk that may be taken in violation thereof, between such corporations, company or association and the person so insured.
('71 Code, § 4-22-3)