A combined electrical insulator and conductor assembly for a bearing disposable between a shaft and a housing. An annular insulator is disposeable about the bearing and configured to prevent electric current flow between an outer ring and the housing. An electrical conductor has retainer(s) releasably engaged with the insulator so as to couple the conductor with the bearing, an outer radial end and an inner radial end. The conductor outer radial end, or/and a portion of the conductor between the outer and inner ends, is conductively engageable with the housing and the conductor inner radial end is conductively engageable with the shaft so as to provide an electrically conductive path between the shaft and the housing. Preferably, the conductor includes a conductive disk having arcuate retainer clips engageable with an insulator groove of the insulator and a brush subassembly including conductive fibers engaged with the shaft outer surface.