Heat chicken broth in the microwave for about a minute on high. Add annatto and turmeric powder to chicken broth.
In a medium skillet, heat olive oil on medium heat. Cook chicken and chorizo slices until browned, about two minutes.
Add onion, cook until translucent, about 3 minutes. Reduce heat to medium-low. Add garlic, stir fry until fragrant, another minute.
Add rice, paprika, bay leaf, salt, and pepper. Stir to coat in oil. Pat rice mixture evenly into the bottom of skillet, increase heat to high.
When rice begins to sizzle pour warm broth mixture and wine. Bring to a boil.
When broth has come to a boil, arrange bell peppers on top. Reduce heat to low, cover, and simmer until the rice is tender, about 20 minutes.
