An important trend is taking place in financial services: the formation of Advisor-As-Owner (AAO) insurance entities. This corporate form has critical governance and regulatory implications centered on conflict of interests. As a result of these implications and the complex jurisdictional fabric of insurance and advisory regulation, the growth of AAOs has drawn the attention of multiple regulatory bodies. These organizations are in various stages of forming policy responses. Our discussions with senior industry leaders confirm that the potential business benefits enabled by the AAO model are closely aligned with the governance and risk controls (both operational and portfolio related) essential to its implementation. Our goal with this paper is to make recommendations on these AAO-related governance policies and management practices, many of which also apply to non-AAO insurers investing in alternatives.