As far as I can remember, you have to manually disactivate the old license, then insert the new one. Since your previous license has expired, you’re dealing with a new license altogether, although I think this might also be true for any license update.
When I switched from the old HTML-Exe to the newer one (back and forth) I had to manually disable the license and then re-register the product, each time. It’s a common operation and you can do it whenever you need to (no penalties).