Its done all the time. If the panel is protected with a 150 amp disconnect outside, install anything you want that is rated at 150 amps or more. If your only disconnect is the main in the panel, you will have to have the POCO remove power anyhow to change out the panel, but buy a 40 or 42 space MAIN LUG panel, then buy a 150 amp main breaker conversion kit for it, or have a 40 or 42 space panel with the 150 amp main installed special ordered for you.
Check with the POCO to determine that actual size of the service wires and meter, it may already be 200 amp capable. Then check the size of the service entrance wire from the meter or the outside disconnect, and see if it is OK for 200 amp. Builder may have just cheaped out and installed the 150 amp panel to save a couple of bucks.
Charles