If the accounts required are not rendered on or before the day designated, or if the tax or license fee remains unpaid after that day, it shall be unlawful for such corporation, company, or association to transact any business of fire insurance in the corporate limits of the city until the requirements have been fully and completely complied with; provided, this provision shall not relieve any corporation, company, or association from the payment of any loss upon any risk that may be taken in violation of this requirement or of payment of the 2% fee due and owing the city.
(ILCS Ch. 65, Act 5 § 11-10-1) (‘69 Code, § 9-36)