Wash rice under cold running water until water runs clear and drain well. Bring milk to a boil with cinnamon sticks, add rice, return to a boil then reduce to a simmer. Cook 12-15 minutes or until just barely soft throughout, stirring occasionally. Add sweetened condensed milk and vanilla bean and continue to simmer very slowly covered for 10-15 additional minutes or until rice is plump and tender and sauce is the consistency of heavy cream. Chill in a bowl over ice water to stop cooking.
Place rum and raisins in a heavy bottomed pot and simmer over low heat until raisins have plumped and rum is almost gone. Set aside to cool and fold into chilled rice pudding. Serve icy cold with a dusting of cinnamon atop.
c.1996, M.S. Milliken & S. Feniger, all rights reserved