Curriculum Vitae of Krzysztof M. Ostaszewski

Education and professional certifications of Dr. Ostaszewski are listed here.


  • Since August 2000: Actuarial Program Director and Professor of Mathematics, Illinois State University, Normal, Illinois. Distinguished Professor of Mathematics effective August 2020.
  • September 2011 -- December 2013: Research Director for Life Insurance and Pensions at the Geneva Association (part-time appointment)
  • May 2000 -- July 2000: Visiting Professor of Finance, University of Ulm, Ulm, Germany.
  • August 1999 -- May 2000: Visiting Professor of Finance, John M. Olin School of Business, Washington University in St. Louis, Missouri. (on leave from the University of Louisville)
  • August 1997 -- July 2000: Professor of Mathematics and Actuarial Program Director (effective 1990), University of Louisville, Louisville, Kentucky. Associate Professor in the period 1991-1997. Assistant Professor: 1986-1991.
  • February 1995 -- July 1995: Fulbright Research Fellow in Poland, studying Actuarial Aspects of Free Market Reforms. (on leave from the University of Louisville)
  • December 1993 -- February 1995: Risk Analysis Director, Providian Capital Management (now a part of Aegon USA), Louisville, Kentucky. (on leave from the University of Louisville)
  • August 1993 -- December 1993: Asset/Liability Modeling Director, Hartford Life Insurance Companies, Simsbury, Connecticut. (on leave from the University of Louisville).
  • August 1985 -- July 1986: Visiting Assistant Professor of Mathematics, University of California, Davis, California.


  • Dr. Stanislaw Kluza, Former Chairman of Polish Financial Supervision Authority, Former Minister of Finance of the Republic of Poland, now faculy member at the Warsaw School of Economics, Institute of Statistics and Demography, ul. Madalinskiego 6/8, 02-513 Warszawa, Poland. E-mail:
  • Dr. James Carson, Daniel P. Amos Distinguished Professor in Insurance, Risk Management and Insurance Program, University of Georgia, Athens, GA 30602, U.S.A. Email:, tel. 706-542-3803.
  • Dr. Philip Booth, FIA, Professor of Insurance and Risk Management, Faculty of Actuarial Science and Insurance, Cass Business School, City University, London, also Editorial and Programme Director at the Institute of Economic Affairs, London, United Kingdom. E-mail:
  • Professor dr. hab. Leslaw Gajek, Former Director of Insurance Supervision of the Republic of Poland, Professor of Mathematics, Technical University of Lodz, ul. Wσlczanska 215, Lodz 93-005, Poland. E-mail:
  • Professor dr. Hans-Joachim Zwiesler, Direktor, Institut Fuer Finanz- Und Aktuarwissenschaften, Universitaet Ulm, Helmholzstrasse 22, Ulm D-89081, Germany. E-mail:

  • Achievements in Academia

    •  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, Actuarial Foundation, Primco Capital Management, United States Agency for International Development, Inter-American Development Bank, Bell South Foundation, NATO Advanced Study Institute, Kosciuszko 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 from 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 Insurance, Pinnacle 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 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 video channels entitled "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.

    Achievements in the Industry

    • 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.