In a large saucepan, combine the milk, egg and pudding mix. Add rice and raisins. Bring to a boil over medium heat, stirring constantly. Cook and stir for 2 minutes or until mixture reaches 160°. Remove from the heat; cool for 5 minutes, stirring twice.
Spoon into individual desserts dishes or a serving bowl. Serve immediately or cover with plastic wrap and refrigerate. Sprinkle with cinnamon and nutmeg just before serving.