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Bring water, beans and bay leaves to boil in large saucepan. Boil 2 minutes. Remove from heat. Let stand, covered, 1 hour
Meanwhile, heat oil in large skillet on medium-high heat. Add onion; cook and stir 3 minutes. Add bell pepper and 1 tablespoon of the Seasoning; cook and stir 2 minutes or until vegetables soften. Add to beans. Return beans to boil. Reduce heat to low; cover and simmer 1 1/2 hours, stirring occasionally
Stir remaining 1 tablespoon Seasoning, oregano and vinegar into beans. Cook, uncovered, 15 minutes or until beans are tender. Stir in olives. Serve over cooked white rice