WASHINGTON — Defying a veto threat from President Obama, the House approved legislation on Friday that would allow insurance companies to renew individual health insurance policies and sell similar ones to new customers next year even if the coverage does not provide all the benefits and consumer protections required by the new health care law.

The vote was 261 to 157, with 39 Democrats bucking their party leadership and the White House to vote in favor of the bill. Hours after the vote, Mr. Obama and top aides met for over an hour with insurance executives after industry leaders complained Thursday that they had been blindsided by a White House reversal on canceled policies. The president described the meeting as a “brainstorming” session about how to ensure changes to the health care law go smoothly.

The insurance representatives, from more than a dozen companies, said they would work with the administration to protect the financial viability of the new marketplaces, but did not say how. Afterward, Karen Ignagni, the president of America’s Health Insurance Plans, a trade group, said it was a “very productive” meeting, but would not go into detail.

The legislation approved by the House would go further than the fix announced on Thursday by Mr. Obama, who said he would temporarily waive some requirements of the law and allow insurers to renew “current policies for current enrollees” for a year.