A combined insulator and conductor assembly is for a bearing disposable between a shaft and a housing and includes an annular insulator disposeable about the bearing outer ring. The insulator is configured to prevent electric current flow between the outer ring and the housing and includes one or more axial mounting tabs. An electrical conductor has an outer radial end, an inner radial end and at least one retainer, the at least one retainer being engageable with the at least one mounting tab to releasably couple the conductor with the insulator. Each retainer includes a radially-extending prong engageable with a separate tab. 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 being conductively engageable with the shaft so as to provide a conductive path between the shaft and the housing.