Policy Minder will run on the latest version of IBM i. However you may want to re-initialize the *SYSVAL, *TCPIP and *EXITPGM categories in case your system added new items in these categories. (What Policy Minder checks depends on the release of the operating system on which it is running.)
If you are simply upgrading to a new level of Policy Minder, all you need to do is follow the same procedure you used before to install Policy Minder. If you are upgrading to a new version of Policy Minder, you may want to re-initialize the *SYSVAL, *TCPIP and *EXITPGM categories to take advantage of any new additions to these categories. In either case, you should not have to re-enter your authority code and the templates you've created will be preserved.