Coat bottom of lg. stock pot or Dutch oven w/ olive oil over med.-low heat.
Add chicken and cook until well browned on all sides, approx. 3-4 min. per side, working in batches as necessary. Set chicken aside when browned.
Add pancetta to pot and sauté until golden brown, approx. 5-7 min.
Add peppers and sauté until beginning to soften, approx. 5 min.
Add onion and sauté until translucent, approx. 3-4 min. Stir in garlic.
Add browned chicken.
Add bay leaf and let cook one minute.
Add wine and reduce, approx. 5-6 min.
Stir in tomatoes, tomato paste, stock, herbs, and seasonings.
Reduce heat to low. Cover and simmer until chicken is fork-tender and reaches temp of at least 165 F, approx. 60 min.
Remove bay leaf. Transfer to serving dish. Garnish as desired. Serve.