A combined electrical insulator and conductor assembly for a bearing disposable between a shaft and a housing includes an annular insulator disposable about the bearing outer ring and configured to prevent electric current flow between the outer ring and the housing and including a plurality of projections extending axially along and spaced circumferentially about a centerline. A conductor includes a conductive disk with an outer radial end engageable with the housing inner surface, an inner radial end defining a central opening for receiving the shaft and openings each receiving a separate one of the plurality of projections of the insulator such that the disk is axially displaceable relative to the insulator. An annular conductive brush subassembly is coupled with the conductive disk and includes a plurality of electrically conductive fibers contactable with the shaft outer surface so as to provide a conductive path between the shaft and the disk.