In a Dutch oven over medium heat, add oil and when hot, add chicken pieces and generously season with salt, pepper and smoked paprika.
Toss until no longer pink, about 5 minutes. If the meat sticks at the bottom of the pot, add a little oil.
Using a slotted spoon, transfer the chicken to a bowl and set aside.
Add butter and when melted, add onions, carrot and celery; cook for 7 minutes.
Add red peppers and sauté for 2 minutes.
Add garlic, rosemary and thyme; sauté for 30 seconds. Add flour, stir to coat and cook for 2 minutes, stirring constantly.
Add potatoes, broth and return chicken pieces including any accumulated juices. Stir well, add bay leaves, increase the heat to high and bring to a boil.
When it gets there, cover and reduce heat back to medium. Simmer for 15 minutes, stirring occasionally.
The last 5 minutes, remove the lid and add cayenne pepper. Stir and cook for the remaining time, uncovered.
Add blanched green beans and frozen peas. Bring the mixture back to a simmer and cook for 8 minutes, uncovered.
Stir in heavy cream and when it starts simmering again, set the timer for 2 minutes.
When time is up, taste and adjust seasonings if needed. Serve in warm bowls and sprinkle on chopped parsley.