Where are the two panels going to be located? If one is to serve an outbuilding see 230.40 exception number 3. Also what code are you on? As that would affect whether you need the outside disconnect or not.
it seems likely that these are not "feeders" but rather two sets of service conductors.
That's what it sounds like and what about the EM disconnect EF mentioned?
Yes generally you can have 2 to 6 service disconnects, in separate enclosures, each fed with their own service conductors. They generally would need to be grouped in one location. There is no length restriction on the service conductors after the meter as long as you are outside. Note per 2020 code you need an external emergency disconnect. Also note class 320 sockets are just about impossible to get you would probably need to put a box after the meter to split your conductors out.
To further expand on this, OP has one service. He is allowed to split it up to six disconnecting means. Then for dwellings in 2020 NEC came the emergency disconnect rule, but said disconnect does not necessarily have to be the "service disconnect", though often times it ends up serving both purposes.
Yes you are correct exception 3 does not help you here, one of the sets must feed a separate structure. I just mentioned it because your OP wasn't very detailed, and sometimes that's what people want to do with that second 200 amp set is feed a separate structure.
but exception 2 does allow the 2-6 service disconnecting means grouped at one location.
Correct. My thinking was he was trying to avoid mounting service disconnects and keep them service conductors. Just wanted to make sure he was aware of exception 3 if one set was feeding a detached structure. But yes exception two is what he is looking at for the same structure.
But since he said 2020 NEC applies he does need an emergency disconnect as well, and in most cases is simplest to make it the service disconnect as well.
