Multiple panels on single 200A meter base

[Jassem A.]

Can I have two 150A circuit panels on one 200A meter base if the calculated load is well under 200A? Can the power company require me to upgrade to 400A even though it's totally unnecessary for a single-family residence? The house came like this and has been this way 10-20 years I believe. The tenant has been complaining about everything under the sun and he thinks there is something wrong with the electrical  so he has been bothering the power company. He pays over a month late and I made the mistake of reducing his rent by $500 a while back but it was only supposed to be temporary so that he could save for a down payment to buy the house. Should I take him to court and wait for the power company to force me to call an electrician?