No existing insurance license will be revoked until

The correct answer emphasizes the legal process that protects a licensee's rights before any punitive actions, such as revocation, are taken. In the insurance industry, due process is a critical principle, which ensures that individuals have the opportunity to defend themselves against charges that could affect their professional standing.

When a licensee is faced with potential revocation, it is mandated that they be afforded a right to a hearing on the charges. This hearing allows the licensee to present evidence and argue their case, ensuring fairness and transparency in the disciplinary process. Revocation of a license without this hearing would violate the principles of due process and could lead to wrongful penalties.

The context around the other options clarifies why they do not represent the required standard for revocation. Paying a fine does not equate to the necessary legal proceedings that must occur first. Obtaining a new license does not negate the previous one and may indicate ongoing licensure issues. Voluntary surrender might be initiated by the licensee, but it is not a mandated process that precedes the revocation of an existing license.