Spray 12-inch skillet with cooking spray. Add oil; heat over medium-high heat. Add onion, bell pepper and garlic; cook 2 to 3 minutes, stirring occasionally, until vegetables are crisp-tender. Stir in broth, oregano, red pepper and bay leaves. Heat to boiling. Stir in rice; reduce heat. Cover; simmer 15 to 20 minutes or until liquid is absorbed.