A combined insulator and conductor assembly for a bearing disposable between a shaft and a housing includes an annular insulator disposeable about the bearing outer ring and having inner and outer circumferential surfaces and formed of an electrically insulative material or having one or more insulative layers to prevent electric current flow between the outer ring and the housing. A conductive carrier includes a cylindrical portion having an inner surface disposed about the insulator outer surface and an outer surface disposeable against the housing inner surface and a disk portion extending radially inwardly from the cylindrical portion having an inner radial end spaced outwardly from the shaft. An annular conductive brush subassembly is coupled with the carrier disk portion and includes a plurality of electrically conductive fibers contactable with the shaft outer surface to provide a conductive path between the shaft and the carrier, and thereafter to the housing.