As per provisions of Sec. 157 of the New Act (1988) where a person in whose favor a certificate of Insurance has been issued, transfer to another person the ownership of the motor vehicle in respect of which the Insurance was taken, then the certificate of Insurance and the relative Policy in so far as the Compulsory Act Insurance portion is concerned shall be automatically deemed to be transferred in favor of the new owner from the date of transfer of ownership of the vehicle. However own damage Insurance portion is not automatically transferred.