Heat oil in large deep skillet and brown chicken on all sides, in batches if necessary, about 15 minutes. Remove chicken from skillet; set aside.
Cook onion and red pepper in drippings over medium-high heat, stirring occasionally, tender lightly golden, about 6 minutes.
Stir in rice and cook, stirring occasionally, until rice is golden. Stir in water, Knorr® Mi Arroz™ Red Rice Seasoning Mix and bay leaf. Bring to a boil overhigh heat. Reduce heat to low and simmer covered cook 10 minutes. Stir in olives. Arrange chicken on top of rice. Bring to a boil over high heat. Reduce heat to medium and cook covered 15 minutes.
Stir in peas. Cook until almost all the water is absorbed* and chicken is thouroughly cooked, about 10 minutes. Remove from heat; stir. Let stand covered 10 minutes. Arrange chicken and rice on serving platter, then sprinkle with parsley.