It could meet Code, but there a lot of "ifs". Among them:
The meter can would have to be rated to accept the added conductors (most are not)
The calculated load would need to be less than the rating of the can and supply (service) conductors.
The two disconnects would need to be grouped.
I think Gus covered the basics- calculated load, grouping of discos, meter can lugs etc. If the load is calculated at less than 200 amps then just come off the 200 amp panel and add a sub panel. Perhaps that is easier said than done.