Heat olive oil in a large deep skillet or Dutch oven over medium-high heat.
Add the sliced Italian sausage and cook, stirring occasionally, until browned on all sides, about 5 minutes.
Remove the sausage from the skillet and set aside.
In the same skillet, 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 for 4 minutes until slightly softened.
Stir in the rinsed rice and cook for 1 minute, stirring to coat the rice with the oil and vegetables.
Add the chicken broth, diced tomatoes with their juice, dried oregano, smoked paprika, salt, and black pepper. Stir to combine.
Return the browned sausage to the skillet and bring the mixture to a boil.
Reduce heat to low, cover, and simmer for 18-20 minutes, or until the rice is tender and liquid is absorbed.
Remove from heat and let stand, covered, for 5 minutes.
Fluff the rice with a fork and stir in the chopped fresh parsley.
Serve hot.