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In 5- to 6-quart Dutch oven, heat oil on medium-high until hot. Sprinkle chicken all over with salt and black pepper; cook, in 2 batches, about 6 minutes per batch, until lightly browned on both sides. With tongs, transfer chicken pieces to small roasting pan (13- by 9-inch) or jelly-roll pan (1 1/2- by 10 1/2-inch).
Cover roasting pan with foil and bake chicken 25 to 30 minutes or until juices run clear when thickest part of thigh is pierced with tip of knife.
Meanwhile, in same Dutch oven, cook green peppers, garlic, and onion about 10 minutes or until vegetables are tender, stirring occasionally. Stir in paprika and cook 30 seconds. Add tomatoes with their juice, broth, water, and rice; heat to boiling on high. Reduce heat to low; cover and simmer 10 minutes. Stir in frozen peas and olives.
Grease two 2- to 2 1/2-quart glass or ceramic baking dishes. Spoon half the rice mixture into each prepared baking dish. Carefully tuck thighs into hot rice mixture. Cover and bake one dish 25 minutes or until rice is tender and most of liquid is absorbed. Fluff rice to serve. Meanwhile, prepare second baking dish for freezing (see Thawing and Reheating Tips).