Heat paella pan over medium-high heat with 1/4 cup olive oil.
Season chicken with salt and pepper. Add chicken to paella pan and cook (turning occasionally) until browned (@8-10 minutes). Add chorizo and cook for an additional 2-3 minutes. Remove meat from pan and set aside.
To paella pan add onions, tomatoes, garlic and paprika; cook until onions are softened (@ 7-8 minutes).
Add rice and coat all of the grains. Add wine; bring to a boil, stirring; cook until the majority of the wine is absorbed. Stir in chicken broth, bay leaves, saffron, red peppers, red peppers, corn, salt and pepper; fold in the chicken and chorizo; bring to a boil, uncovered and without stirring the rice, over medium-high heat, 5 minutes.
Cover skillet tightly, turn heat to low, and cook until rice has absorbed the liquid (@15-20 minutes). The goal is to have a nice toasted rice bottom (also known as socarrat). Remove the pan from heat and let stand, covered, for five minutes. Finish with fresh parsley.