Rinse the rice until the water runs clear. Drain completely.
In a pot, add rice, water, salt, bay leaves, and cinnamon stick. Bring to a boil over medium-high heat.
Reduce to medium-low and simmer until rice is soft. Stir occasionally to prevent sticking. Add more water if needed.
Once the rice is tender, remove the bay leaves and cinnamon stick. Stir in milk, vanilla extract, and nutmeg.
Let simmer for another 8 minutes, adjusting consistency to your preference by adding more milk if needed.
Remove from heat and sweeten with condensed milk to taste. Serve warm.
