Image credit to: Beth Harris
Husk corn, cut kernels off corn and reserve cobs.
Place cobs in large pot with bay leaf, whole peppercorns, salt and 8 cups of water. Bring to boil, reduce heat and let simmer 30 minutes.
Meanwhile, heat oil in large pot over medium-low heat. Add onion and diced peppers. Cook until softened but not browned, about 10 minutes. Add garlic and cook until fragrant, about 1 minute. Increase heat to medium and add butter and corn kernels. Salt and pepper generously abd cook for a few minutes.
Drain corn cobs and add corn stock to corn/vegetable at desired consistency (may not need all of corn stock). Simmer 10 minutes. Using an immersion blender coarsely puree soup. Adjust for salt and pepper. Add smoked paprika. Serve, garnished with basil.