Two former directors of two insolvent motor insurance providers have been banned from running companies for up to three years.

An Australian Securities and Investments Commission (ASIC) investigation into the 2012 collapse of Value Greenslips and ICRA found Neni Tiwary and Gargi Tripathi “failed to meet their legal obligations”.

“Directors who fail to play by the rules will be removed from the game,” ASIC Commissioner John Price said.

The investigation found the two directors failed to keep proper written records of company finances or exercise care and diligence when overseeing the companies’ financial affairs.

Mr Tiwary has been banned for three years and Ms Tripathi for two-and-a-half years.