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A conventional method for forming an insulating film on a magnet has a difficulty in achieving sufficient improvement in magnetic characteristics due to nonuniformity of a coating film, and an extended time and higher temperature which are required in a thermal treatment. In order to solve the problems, the present invention provides a treating solution composed of an alcohol based solvent and a rare earth fluoride or alkaline earth metal fluoride dispersing in the solvent. In the treating solution, at least one X-ray diffraction peak has a half-value width larger than 1 DEG . The present invention also provides a method for forming an insulating film using the treating solution.