A condition for the transition of the electron beam produced in a coaxial rod-pinch diode to the mode of magnetic insulation has been established from the law of conservation of particle and field momentum fluxes. The magnetic field of the external current has been shown to contribute twice as much to magnetic insulation of the beam as the magnetic field of the electron beam self-current. Based on the relations derived, a model has been constructed for magnetic insulation of the electron flow in high-current rod-pinch diodes, which are used for radiography of high speed phenomena. The obtained theoretical results agree well with the results of numerical calculations and with experimental data gained at the Naval Research Laboratory (USA).