The present invention provides a solvent-free varnish composition, including: a thermosetting resin (A) having two or more (meth)acryloyl groups in a molecule thereof; a thermosetting resin (B) having one or more epoxy groups in a molecule thereof; a monofunctional vinyl-based monomer having an ether bond or an ester bond; an organic peroxide having a 10-hour half-life temperature of 40° C. or more; and a curing catalyst for an epoxy resin, in which a mixed resin of the thermosetting resin (A) and the thermosetting resin (B) has an epoxy equivalent of from 500 to 5,000. The solvent-free varnish composition can be used as an insulating varnish that shows a small energy loss and requires a short curing time in its curing treatment step, and that provides a cured product that barely causes the precipitation of an oligomer or the like even when exposed to a refrigerant-based environment containing a refrigerant and a refrigerating machine oil under high temperature and high pressure.