Melt butter in a medium size sauce pan and add onion. Cover saucepan and cook until onion is tender but not golden. Uncover saucepan and cook over low heat until liquid has evaporated.
Add rice and stir to coat rice. Add wine, chicken broth, salt and bay leaf. Stir once, bring to a boil and reduce heat. Cover saucepan and continue cooking over low heat until rice is cooked.
Stir in cream and parmesan cheese and season with salt and pepper.
Fluff rice with fork and serve immediately.