Remove any visible fat from chicken. In 10-inch nonstick skillet, heat 1/4 cup of the wine to boiling. Add chicken; cook, turning once, until brown. Remove chicken from skillet; keep warm.
In same skillet, heat bell peppers, olives, garlic, onions, Italian seasoning, and remaining 1 cup wine to boiling. Boil 5 minutes.
Add chicken; reduce heat to medium. Cook 10 to 15 minutes or until juice of chicken is no longer pink when center of thickest piece is cut (170°F for breasts; 180°F for thighs). Serve over rice.