Hi Paul:
To my knowledge "moth balls" (napthalene or paradichlorobenzene) are effective against insect larvae, although I am not sure how susceptible beetle larvae are, relative to moth larvae - particularly if they are embedded in the wood. As long as the concentration of the vaporized material is high enough, moth balls may work as John suggests.
Alternatively, you can soak the item in denatured alcohol, which will kill most things on and in it. This includes not only insects, but fungi as well (which effectively stops the spalting process if you are concerned with this). Even if "alcohol soaking" may or may not work to speed-up the drying process as is claimed, one of the positives about it is the ability to stop insect or fungal degradation of the wood. I can attest to that - I have used it to kill-off wood-borers and to stop spalting, and know that it does work in this capacity. Even though I think the jury is still out on "alcohol soaking's" effectiveness as a drying method due to the lack of controlled experiments and data on use of the method, I still soak many pieces in alcohol. I figure it can't really hurt, has the "killing" effect described above, and may help to even-out moisture throughout the piece to promote more even drying (at least in concept).
I have also heard of people attempting to drip-in or inject pesticide solutions into the wood through the borer tunnels, but this may discolor the wood or may result in having persistent toxins in it, is time consuming and may still not be completely effective. I'm fairly sure I would not advise going down that path.
Lastly, you could try microwaving the piece - carefully - until the wood warms appreciably, if it is small enough to get into the microwave oven. On the assumption that the higher water content of the living insects (compared to the wood), they will heat more rapidly and thus result in an effective "kill". This might be a way to rid your rough-turned bowls of living insects, but the down side is that the wood may undergo cracking or other surface checking, which would be far worse than a minor infestation.
I'd suggest that you try the alcohol method first, since I do know that it works.
Good luck!
Rob Wallace