2 Tbsp. finely chopped fresh parsley leaves or to taste
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.