In food processor bowl with metal blade or blender container, combine corn and onion; process until smooth. Strain into large saucepan or Dutch oven. Discard pulp.
Add all remaining ingredients except cream to strained mixture; mix well. Cook over medium heat until mixture comes to a boil, stirring occasionally. Stir in cream; cook just until thoroughly heated. DO NOT BOIL. If desired, sprinkle with additional nutmeg.