Prepare the rice according to the package’s instructions. While the rice cooks, begin making the soup.
Heat the oil in a large dutch oven or pot over medium high heat. Once hot, saute the onion for 2 - 3 minutes, until translucent. Add the beef, crumbling and cooking until browned. Drain any excess grease.
Add the remaining ingredients, except for the rice: beef broth, bell peppers, diced tomatoes, tomato sauce, basil, oregano, salt and pepper. Bring to a boil and then simmer, uncovered, 25 - 30 minutes, or until the bell peppers are tender. Stir occasionally.
Stir in 2 cups of cooked rice and simmer an additional 2 - 3 minutes, until heated through.
Taste and season, adding additional seasonings if preferred. Add additional beef broth if you prefer more liquid in your soup.
Serve warm, optionally topped with chopped parsley.