Preheat the oven to 325, and put the saffron in the hot water to "bloom.".
Coat the chicken pieces in oil, salt and pepper, and bake about 30 minutes, or until they reach 165.
Melt the butter In a large oven safe skillet.
Add the onion and pepper and saute until the onion is translucent.
Add the rice. Stir the rice around in the oil with the onion and pepper until it starts to take on a slight golden color.
Add the chicken stock, saffron and its water, salt, and bay leaf.
Place rice skillet in oven, and bake until all the water is absorbed.
Cook the peas, just until hot, and still crisp.
To serve, you can either leave the chicken pieces whole and serve on a bed of rice, or tear the chicken into small pieces and mix with rice. both are good. Either way, rice goes on the bottom, then peas, then chicken, then roasted peppers. It makes a colorful, impressive stack of yummy.