The effect of ionizing radiation on diluted aqueous solutions of insulin is analyzed. The rate of decrease in its level (the loss of polarographic activity) is described by a first-order kinetic equation. The results lead to the concept of a direct effect on macromolecules in 'excited volumes'. The amount of inactivated molecules (i.e., the yield) in this volume is proportional to the solute concentration. In diluted aqueous solutions indirect radiation effects also take place. The paper evaluates these effects.