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BEAT egg with wire whisk in large saucepan. Gradually add milk, beating until well blended. Add dry pudding mix; stir 2 minutes or until well blended. Stir in rice and raisins.
BRING to full rolling boil on medium heat, stirring constantly. Remove from heat. Cool 5 minutes, stirring occasionally. Pour evenly into 10 dessert dishes or 1-1/2-quart serving bowl.
SPRINKLE evenly with cinnamon and nutmeg. Serve warm. Or, cover and refrigerate until ready to serve.