Heat a Dutch oven or large soup pot over medium-high heat. When the pot is hot, add the oil, onion, and bay leaf. Sauté onion and bay leaf until onion starts to soften. Add the meat and start cooking it, breaking it up.
Add the garlic, Italian seasoning, thyme, oregano, salt and pepper to the meat. Stir. Cook until done.
Add the chopped bell peppers, Worcestershire sauce, diced tomatoes with the juice, and tomato sauce. Stir well.
Pour in the broth. Then add in the paprika and bring soup to a simmer.
Rinse the rice in cold water until the water is clear. Then add the rice to the soup and put the lid on. Bring to a simmer and reduce the heat. Cook until the rice is cooked, about 20-30 minutes.
When the rice is cooked, taste the soup and adjust salt, if necessary.
Serve hot with garnish of chopped parsley and shredded cheddar cheese, if desired.