No, the sum of the metering doesn't neccessarrily need to equal the whole of the service.
See:
Annex D ~ Example D4(a) Multifamily Dwelling; Example D4(b) Optional Calculation for Multifamily Dwelling
The Annex refers back to each applicable article,ie T220.10
A two-family home might require a house panel(40A), an 100A panel(1st floor) and a 60A panel (2nd flr) - but the service might be 150A...depending on the calculated load.
