Rinse the rice, then put it in a heavy saucepan with the milk, sugar, honey, vanilla, raisins, and cinnamon.
Bring the pan to a low boil and then lower to a simmer. Cook, stirring every few minutes, until thickened into a pudding consistency. This usually takes 25 to 30 minutes.
Allow to cool or even refrigerate. Sprinkle with a little nutmeg when serving.