Preheat the oven to 375 degrees F.
Combine wine and saffron; let stand until ready to use.
Season chicken on both sides with salt and pepper. Heat oil in a large pan over medium-high heat. Cook chicken, skin side down, until browned, 4 to 5 minutes.
Flip, and cook until golden brown; transfer to a plate.
Drain any excess oil, leaving 1 teaspoon of oil in the pan.
Reduce heat to medium and cook onion, red bell pepper and garlic, stirring often, until tender, 5 to 7 minutes. Stir in wine-saffron mixture, 3/4 teaspoon salt, 1/2 teaspoon pepper, and the bay leaf.
Cook until wine is almost completely evaporated, 5 to 10 minutes. Add chicken thighs, broth and rice; bring to a simmer.
Cover the pan and place it in the oven. Bake for 30 minutes.
Remove the pan from the oven. Stir the peas into the rice.
Top with parsley and serve.