Is it possible to create a policy group from the AOT in Dynamics AX 2012?
If not, what is the recommended way to create policy groups and what permissions are required to create those?
Security policies are created in AOT\Security\Policies. You need developer rights to do so.
Security policy groups are created by typing the name (free text) in the property window of the security policy. The new name will appear in the lookup next time you do a lookup in the property.