In a heavy-bottomed skillet, cook butter, brown sugar, cinnamon, and nutmeg over medium heat, stirring frequently, until sugar dissolves. Reduce heat to medium-low; cook, stirring occasionally, until bubbles begin to form around sides of skillet, about 4 minutes. Stir in peaches; cook, stirring frequently, until peaches are just soft, 3 to 5 minutes.
In a large heatproof bowl, stir together peach mixture and condensed milk. Refrigerate, stirring occasionally, until mixture is cool to the touch, about 45 minutes.
In a large bowl, beat cold cream with a mixer at medium-high speed until stiff peaks form. Fold whipped cream into peach mixture. Spread mixture into cold loaf pan. Cover with plastic wrap, and freeze until firm before serving, at least 8 hours or overnight.
Recipe by Paula Deen Magazine at https://pauladeenmagazine.com/no-churn-caramelized-peach-ice-cream/