Spanish-Style Chicken with Saffron Rice (Arroz con Pollo)

1 tablespoon olive oil

1 large onion , chopped

1 large red bell pepper , cut into 1/2-inch pieces

4 garlic cloves, minced

2 teaspoons paprika

2 cups long-grain white rice

1/4 cups dry white wine

1 (14-oz) can diced tomatoes including juice

1 

3/4 cups chicken broth

3/4 teaspoon crumbled saffron threads

1 bay leaf (not California)

1 cup frozen pea s (not thawed)

1/2 cup pimiento-stuffed green olives, coarsely chopped

Garnish: chopped fresh flat-leaf parsley