(a) No unauthorized insurer shall institute or file, or cause to be instituted or filed, any action or proceeding in this state to enforce any right, claim, or demand arising out of any insurance transaction in this state until such insurer has obtained a certificate of authority to transact such insurance in this state.
(b) This section does not apply as to:
(1) Transactions for which a certificate of authority is not required;
(2) Surplus line coverages written under this chapter; or
(3) Coverages exempted from the surplus line law under Section 27-10-34.