Resolution
Plesk has a new automated Key Management System that allows to Plesk administrator to update the license directly from the Plesk interface on the Server->License Management page. In order to eliminate fraud and theft of Plesk keys, an expiration date that requires a Plesk key to check in with a management system for renewal was implemented. In another words new Plesk key should be retrieved from the key management system every three month. This is done automatically by Plesk and does not require you to manage the license expiration unless there is a problem.
Please note that license expiration date does not affect any Plesk key feature, like SUS, Email support, etc...
Plesk uses 5224 port to communicate with key management system, so make sure that this port is opened in your firewall for outgoing connections. If Plesk failed to renew the key for some reasons, you will see the note about it in Plesk CP. If you do not fix the issue with the key updating and do not install renewed key manually, Plesk stop to work.