It shall be unlawful for any corporation or association not incorporated under the laws of this state to engage in the city in effecting fire insurance, or to transact any business of fire insurance in the city, while in default by not fully complying with any of the requirements of this subchapter and until the 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 subchapter.
(1992 Code, § 35.090)