Heat 1 tablespoon oil in a large skillet over medium high heat. Once hot, cook the peppers 5 - 6 minutes on each side, until almost cooked through. Set aside and cut into slices once cooled.
Add another tablespoon of oil to the skillet. Cook the onion, bell peppers and jalapeno for 3 - 4 minutes, until barely tender.
Stir in the cooked sausage and the remaining ingredients: crushed tomatoes, chicken broth, paprika, thyme, oregano, bay leaf, and salt and pepper to taste.
Bring the skillet to a boil and simmer, covered and stirring occasionally, for 15 - 20 minutes, until the sausage is cooked through.** Taste and season with additional salt and pepper. Add additional broth if preferred.
Discard bay leaf. Serve warm, optionally over rice or pasta.