Preheat oven to 375° F.
To make the meatballs, in a large bowl, combine the ground chicken, breadcrumbs, egg, parsley, paprika, salt and pepper until evenly incorporated. Form into twelve equal meatballs, rolling between the palm of your hands. Place on a plate while you shape the rest.
In a small measuring cup or bowl, add the wine and sprinkle in the saffron. Set aside and allow to steep until ready to use.
Set a large dutch oven or heavy pot with a lid, over moderate heat with the 2 tablespoons of olive oil. Once hot, place the meatballs in a single layer, giving them enough space. Do not over-crowd the pot, do this step in batches if need be. Cook until the meatballs are fully browned on all sides, about 2 minutes per side. They don't need to be fully cooked at all. Transfer the meatballs onto a plate and set aside.
Once all of the meatballs have browned, add the onion and garlic to the skillet and cook until softened, about 1 to 2 minutes. Season with a pinch of salt, pepper and crushed red pepper flakes. Stir in the chopped peppers and tomato paste and cook until deep red in color, about 1 minute. Add the rice and bay leaves and cook for another minute or so to develop the rice’s flavor. Stir in the wine saffron mixture and cook until almost evaporated completely, making sure to scrape up the browned bits on the bottom of the pot. Stir in the chicken stock and bring to a simmer. Nestle in the meatballs and sprinkle with the olives on top.
Cover and transfer to the oven to bake for 25 minutes. Carefully remove from the oven, remove the lid and sprinkle the top with the peas. Cover and allow to rest for 10 minutes before serving. Garnish with parsley and enjoy!