Mix salt, paprika and pepper. Coat chicken evenly with seasoning mixture.
Heat oil in large skillet on medium heat. Add chicken; cook 5 to 6 minutes per side or until golden. Remove chicken from skillet. Pour off all but 1 tablespoon fat from skillet. Add bell pepper and onion; cook and stir about 5 minutes or until tender.
Stir in rice and garlic; cook and stir about 1 minute. Stir in broth and saffron. Bring to boil. Return chicken to skillet. Reduce heat to low; cover and simmer 20 minutes or until chicken is cooked through and rice is tender. Remove from heat. Stir in peas; cover. Let stand 5 minutes before serving. Garnish with sliced Spanish olives, if desired.