Meter locations can vary pending on lines companies, some lines companies stipulate there must be a external meterbox with point of isolation, mainly for the event of a fire so the fireguys can isolate there, also for replacing the meter while no one home
What area are you in? Have you checked with your lines company as to what theor standards are?
I have seen some inspectors refuse to liven with out an external meterbox when connection to the network back in the early days as this became a new trend, not sure how it is now as i still install external meetering for this reason of isolation.

