The 200 amp main breaker in your panel only protects what is after it (Ie. the bus). The wiring before your main breaker will be fused at the transformer.
Yeah, people often forget that a breaker protects what's connected to its load side not before it on the line side.
However, transformer fusing is rated for the transformer size and will not be rated for and protect the wire in service drops especially if the transformer feeds and is rated for the load of several homes. But this is a moot point since a home can't even pull more than its main breaker rating.
As far as being ok, u need to talk to your POCO and check several things-
1)make sure the meter is rated for the service size by looking for the letters
TA on the meter. Next to TA will either be 15 or 30. 15 is for 100 amps and 30 is for 200.
2) The wire in your service riser needs to be rated for 200 amps so u need to check the gauge of the wire.
The service drop should also be rated for 200amps but is not your responsibility. However, I have seen many service drops that are undersized but since they are freeair undersizing is not as much of a concern and many POCOs don't care! Some POCOs also don't seem to care about proper transformer sizing judging by the # of burnt/leaking cans I have seen up on poles!