Heat the olive oil in a large deep skillet or Dutch oven over medium-high heat.
Add the sliced Italian sausage and cook until browned on all sides, about 5 minutes. Remove sausage from the pan and set aside.
In the same pan, add the diced onion and cook until softened, about 3 minutes.
Add the minced garlic and cook for 30 seconds until fragrant.
Add the sliced red and green bell peppers and cook until slightly tender, about 4 minutes.
Stir in the rinsed rice, dried oregano, smoked paprika, crushed red pepper flakes, salt, and black pepper. Cook for 1 minute, stirring to coat the rice and vegetables with the spices.
Pour in the chicken broth and stir to combine.
Return the browned sausage to the pan, distributing it evenly.
Bring the mixture to a boil, then reduce heat to low and cover with a tight-fitting lid.
Simmer for 18-20 minutes, or until the rice is cooked and liquid is absorbed.
Remove from heat and let sit, covered, for 5 minutes.
Fluff the rice with a fork and stir in the chopped fresh parsley before serving.