Conductors must be able to carry the load, just like feeders or branch circuits. But the requirements for OCP in 230.90 is not worded like it is for feeders or branch circuits. It just says not higher than the allowable ampacity of the conductor and never mentions an overcurrent device needing to be not less than 100% non continuous/ 125% continuous load like the sections covering feeders and branch circuits says.
I don't see that a 15 amp service overcurrent device is in violation of any code being connected to a 20 amp load. Not a good design though. The conductors need to be 20 amp conductors, but nothing says the overcurrent device needs to be a minimum rating, just that it can not exceed the conductor ampacity. Or did I miss it somewhere?