It's not addressed in the NEC anywhere that I am aware of. As a generality, AHJs that I have encountered use the following statement out of 430.6.A.1 as justification for going ahead and using nameplate values:
Motors built for low speeds (less than
1200 RPM) or high torques may have higher full-load currents,
and multispeed motors will have full-load current
varying with speed, in which case the nameplate current
ratings shall be used.
But that doesn't help when you have to design the circuit and components long before the motor arrives and often before the motor is even ordered. The 1.2A/HP comes from an EASA (Electrical Apparatus Service Assoc.) guidebook I still have that has a reproduction of the 1996 NEC Table 430.150 (which is now 250) and at the bottom of that chart, there is one more row of values entitled "Over 200HP" and labeled;
[Approximate Amps / HP] [200V = 2.72] [208V = 2.64] [230V = 2.4] [460V = 1.2] [575V = .96] [2300V = .24] [4000V = .14]
I don't know if that is actually printed in the 1996 NEC, I no longer have a copy that old (it's not in the 2002 however). But even if it was, it no longer is. I have found that just like the values in 430.250, the number comes out a little conservatively higher than what I see on motors, so for sure don't use that for setting OL relays. But I find it's a good value to use for sizing conductors, OCPDs etc.