Education and professional certifications of Dr. Ostaszewski are listed here.
Conducted research funded by grants
from the Fulbright Program
(in 1995, 2003, 2004, and 2015), International
Research and Exchanges Board, Society of Actuaries, Casualty Actuarial Society,
Capital Management, United
States Agency for International Development, Inter-American Development Bank,
Bell South Foundation, NATO Advanced Study Institute,
Foundation, and Southern
Regional Education Board. Member of the Illinois State University team
that received National Science
Foundation teaching grant Computer Science,
Engineering and Mathematics Scholars. Every year since
2000, prepared a request for funding from a grant supporting Illinois State University Actuarial
Program from State
Farm Companies Foundation, as a part of a funding package
State Farm Companies Foundation for Illinois State University.
Since 2006, prepared similar request for support from Country Financial,
and also obtained funding for the program from American Family
Actuarial Resources, and Zurich Insurance.
Authored six research monographs (published by the American Mathematical Society, Elsevier, the Society of Actuaries, and Wydawnictwa Naukowo-Techniczne) and numerous papers in leading journals in mathematics, economics, and actuarial science. Also authored five volumes of poetry, and numerous poetry publications in various magazines. Winner of the 2005 Journal of Risk and Insurance Robert I. Mehr Award for the paper that best stood the test of time, the 2003 Western Risk and Insurance Association Donald Hardigree Memorial Outstanding Paper Award, and of the Kentucky Economic Association Best Research Paper award in 1999.
Referee for Journal of Risk and Insurance, Astin Bulletin, North American Actuarial Journal, Journal of Economics, Asia-Pacific Journal of Risk and Insurance, European Journal of Operations Research, Journal of Insurance Regulation, Fuzzy Sets and Systems, Journal of Multivariate Analysis, Journal of Applied Analysis, International Journal of Mathematics, Mathematica Slovaca. Book reviewer for Cambridge University Press and Elsevier. Associate Editor of the journal Prawo Asekuracyjne. Member of the Scientific Board of the journal Rozprawy Ubezpieczeniowe. Member of the Committee for the best paper published in Revue Finance. Associate Editor of the Journal of Insurance Issues in the period 2001-2014. Past member of teams that created online study modules for Fundamentals of Actuarial Practice, and Advanced Portfolio Management, in the advanced professional actuarial education structure created by the Society of Actuaries.
Member of the Pension Benefits and Social Security Committee of the International Actuarial Association. Past member of the Social Insurance and Public Finance Council, Diversity Task Force, and Education and Research Council, of the Society of Actuaries. Past member of Joint Casualty Actuarial Society and Society of Actuaries Career Encouragement Committee (2002-2005), and the Social Insurance Committee of the American Academy of Actuaries (1996-1998). Co-creator and signatory of the Actuarial Standard of Practice No. 32, concerning social insurance. Member of the National Academy of Social Insurance. Member of the Advisory Committee of the Cato Institute Social Security Choice project (wrote Cato's position paper on the "Maintain Benefits" proposal to reform Social Security submitted by a plurality of the Advisory Council).
Frequent and popular public speaker, with a history of television and radio appearances, and invited presentations at the meetings of the Society of Actuaries, the Casualty Actuarial Society, the Cato Institute, and the Ludwig von Mises Institute. Information on speaking engagements is posted at http://math.illinoisstate.edu/krzysio/speak.html. Invited researcher/lecturer at many universities, including University of Ulm (Germany), EM Lyon (France), Universite Catholique de Louivain (Belgium), Technical University of Lodz (Poland), Anahuac University (Mexico), University of Sao Paulo (Brazil), and Chulalongkorn University (Thailand), Faculty member at the Summer Actuarial School in Warsaw, Poland, 1993-2003. Worked on the organizing committees of numerous Society of Actuaries meetings.
Actuarial Program Director at Illinois State University since August 2000 (and Professor of Mathematics). Member of the graduate faculty. Developed the program substantially, more than doubled external funding, more than quadrupled the number of students, greatly increased number of actuarial examinations successes. Obtained status as an Advanced Undergraduate/Graduate Education and Research as recognized by the Society of Actuaries and the Casualty Actuarial Society, and in 2009, the program was recognized as a Center of Actuarial Excellence, among the first nine universities so recognized in the United States. Supervisor of numerous Master theses in actuarial science. Received the College of Arts and Sciences Oustanding Service Award in the academic year 2003-2004 at Illinois State University, mostly for the work on the Actuarial Program. Recognized with the special title of University Professor in 2016. Also had substantial success as the Actuarial Program Director at the University of Louisville in the period 1990-2000.
Classes taught at Illinois State University: Applications of Actuarial Principles, Mathematical Models in Finance and Investments, Financial Mathematics, Actuarial Models I, Actuarial Models II, Actuarial Models III. Selected courses taught at the University of Louisville: Actuarial Mathematics, Risk Theory, Theory of Interest, Pension Valuation, Probability, Mathematical Statistics, Statistical Data Analysis, Probability Models, Calculus, Business Calculus, Precalculus, Linear Algebra, Real Analysis, Digital Signal Processing, Differential Equations, Dynamical Systems. Courses taught at the John M. Olin School of Business of Washington University: Investments, Investment Theory, Data Analysis for Investments. Classes taught at the Summer Actuarial School in Poland (in English): Valuation of Life Insurance and Life Annuity Liabilities, Valuation of Pension Liabilities, Asset/Liability Management, Derivative Securities. Also taught a class on Asset/Liability Management (in English) at the University of Ulm in the Summer of 2000.
Created and continuously developed online actuarial education at Illinois State University, including four online seminars for professional actuarial examinations since 2012, and a class in financial mathematics offered fully online. Developed a web siten and a YouTube Channel titled "How to pass actuarial exams," typically leading in Google search for help in passing actuarial examinations. Wrote study manuals for three professional actuarial examinations, which are among the leading titles chosen by students who pursue those examinations.
As the Research Director for Life Insurance and Pensions at the Geneva Association, organized two major conferences (an international research conference in Geneva in December 2012, and an international research roundtable in New York in December 2013), helped create a major research monograph, edited a research journal special edition, and edited a newsletter of the program.
Instructor for the New England Actuarial
Seminars, taught the material on professional actuarial
examinations 2, 3, 4, Society of
Actuaries 6, and 8 (Retirement Benefits) as well as Casualty Actuarial Society
8. Instructor for the Society of
Actuaries Course 7 Applied Modeling seminar. Past
instructor for the
Actex Asset-Liability Management seminar and the Study Seminar for
Financial Analysts at the University of Windsor.
Provided quantitative, statistical, and educational consulting services since 1991. Clients included Hilliard-Lyons, Brown-Forman, Invesco, Primco Capital Management, Ministry of Labor of the Republic of Poland, Commission for Financial Supervision of the Republic of Poland, and others.
Member of the Board of the Louisville Society of Financial Analysts and Treasurer 1997-1999.
Registered Investment Adviser 1996-1998. Successfully managed $3 million combined portfolio for individual clients.
Member of the Investment Committee of the Ursuline Campus Schools in Louisville (pro bono), 1996-1998.
Performed regulatory cash flow testing and strategic profit testing at Providian Capital Management (now a part of Aegon USA) for 1993 and 1994. This involved constructing long-term models for the whole company and analysis of the their evolution under varying economic scenarios. Upgraded the previously existing models of assets and liabilities, and added new ones for mortgage derivative securities (Collateralized Mortgage Obligations and others), Small Business Administration pools, Non-Durational Asset Strategies (various derivative investments), reverse mortgages, stocks, preferred stocks, high yield bonds, swaps and other hedges, TRAC Guaranteed Investment Contracts (indexed to S&P 500 or Shearson Lehman Bonds Index), and Trust Guaranteed Investment Contracts (synthetic GIC).
Cooperated in the study of duration, convexity, embedded options value, and overall market value for the existing block of retail annuity and life insurance at Providian Capital Management.
Created a theoretical framework for testing and benchmarking of Providian's Alternative Investment Strategies (derivative instruments), and then implemented the tests for regular use.
Created a plan for the interest rates modeling analytics and long-term economic analysis of the company for the computer system under development at Hartford Life Insurance Companies.
Regular contributor to the Polish Personal Finance Newsletter Sukces published in New York in the period 1991-2006.
Writer of a column "Fall in Love with Capitalism" for Echo Polish Weekly in Toronto, Canada, in the period 1987-1991.