Noncompliance with Chapter provisions bars a company from instituting legal proceedings or claiming set-offs until compliance. Failure by a company to comply with the Chapter's provisions does not affect the validity of contracts, dealings or transactions or the company's liability to be sued; however, until the company complies with the provisions of this Act applicable to it, the company may not bring any suit, claim any set-off, make any counter-claim or institute any legal proceeding in respect of those contracts, dealings or transactions.