Preheat the oven 355 F.
Season chicken with ½ teaspoon of salt and ⅛ of pepper on each side.
Heat 2 tablespoons of olive oil in a large Dutch Oven pan on a medium heat.
Cook chicken on both sides for 7 minutes until skin is crispy and brown.
Transfer chicken to a plate and wipe the pan.
Heat the remaining tablespoon of olive oil in a pan and saute onion, garlic and both peppers for 3 minutes.
Add paprika and rice and cook stirring until well coated.
Add white wine and cook for 3 minutes.
Stir in saffron, diced tomatoes, bay leaf, remaining salt and pepper, chicken stock and bring to a boil.
Place chicken on top of rice, cover a pan with an ovenproof lid or aluminium foil and braise in the oven for 30-40 minutes until rice is cooked.
Remove from the oven, stir in olives.
Adjust salt and pepper if needed.
Sprinkle with parsley and serve immediately!