In a large bowl, combine the flour, paprika, 1 teaspoon salt, and ½ teaspoon pepper. Add the chicken and toss to coat.
Heat 1 tablespoon of the oil in a large pot over medium-high heat. In batches, brown the chicken, turning, 6 to 8 minutes; transfer to a plate as it browns and add more oil as necessary.
Add the bell peppers, garlic, ½ cup of the broth, ½ teaspoon salt, and ¼ teaspoon pepper to the pot. Cook, stirring and scraping up any browned bits, until the peppers begin to soften, 4 to 6 minutes.
Add the olives, raisins, and the remaining 1½ cups of broth and bring to a boil. Nestle the chicken in the vegetables and simmer, covered, for 15 minutes. Uncover and simmer until the chicken is cooked through and the sauce is slightly thickened, 15 to 20 minutes.
Twenty minutes before the stew is done, cook the rice according to the package directions. Serve with the stew.