Transformer OCPD Sizing, Please Help

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I recently came across an installation where a 400A fused disconnect feeds a 440kVA transformer. There is no secondary protection. The FLA on the high side is 529A.

According to 450.3(B) the overcurrent protection should be 125% X 529 =662 A, which rounds up to 700A. It has been in service for several years and hasn't blown because I believe the connected load to be no more than 300kVA (361A).

Am I correct in calculating the OCPD to be 700A or is sizing the transformer's primary protection based on the calculated load acceptable somewhere in the code???
 
450.3(B) says that the OCPD for primary only protection shall be a "maximum" of 125% of the rated primary current. Nothing prohibits it from being smaller. As long as the OCPD and conductors are sufficient for the load to be served, there is no Code issue.
 
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