HONG KONG (Reuters Breakingviews) - NEW REMIT. Online insurance company Waterdrop’s plans to list in New York are on hold, four sources told Reuters, as regulators at home worry its business model is too risky. While Chinese financial watchdogs constantly intervene in domestic initial public offerings, they have remained largely hands off when it came to U.S. bourses. If the China Banking and Insurance Regulatory Commission starts systematically vetting mainland companies trying to tap American markets, it will mark a major expansion of oversight. Tencent-backed Waterdrop distributes insurance policies and facilitates crowd-funding for medical treatment - a scandal-plagued business. On the other hand, Beijing did nothing to stop peer-to-peer outfits from floating in New York right before it effectively banned the practice: shares in Yirendai, which debuted as a P2P lender, are down 63% from their IPO price. If CBIRC officials are preparing to protect U.S. investors from companies they are planning to swat, the Securities and Exchange Commission may thank them. Investment bankers and equity backers, not so much. (By Pete Sweeney)