The International Summer School "Insurance and Finance: Science, Practice and Education” (Foros, 2006) was organised in the frame of the EU Tempus Project IB-JEP-25054 "Training Centre for Actuaries and Financil Analysts" coordinating by the Mälardalen University and aiming creation of such training centre at Kiev University. Proceedings of the school contains 18 papers and are published as a special issue of the international journal "Theory of Stochstic Processes", v. 12(28), no. 3-4, pp 1-275