In large saucepan, heat 3 quarts water to boiling. With sharp knife, cut shallow X in bottom of each tomato. Add to boiling water, 2 or 3 at a time, for 10 seconds. Using a slotted spoon, remove tomatoes from boiling water; immediately plunge into ice water until cold. Drain. Peel and chop tomatoes.
In heavy 3-quart saucepan, heat oil over medium heat. Cook onion in oil 3 to 5 minutes, stirring frequently, until tender. Stir in chopped tomatoes, broth, tomato paste, salt, nutmeg and red pepper. Heat to boiling; reduce heat. Simmer uncovered 5 minutes or until tomatoes are soft. Stir in whipping cream.
In blender or food processor, place 2 1/2 cups tomato mixture. Cover; blend on medium speed 30 seconds or until smooth. Pour mixture into large bowl. Repeat with remaining tomato mixture. Return pureed mixture to saucepan. Heat over medium heat, stirring frequently, until hot. Top each serving with basil.