1. Shake chicken with flour in plastic bag to coat well. Brown, a few pieces at a time, in oil in large skillet; drain on paper toweling.
2. Place rice in a 10-cup, shallow, baking dish; arrange the browned chicken on top.
3. Stir water into chicken drippings in skillet; blend in the Spanish-rice seasoning mix; bring to boiling. Pour over chicken and rice; cover.
4. Bake in moderate oven (350°) for 30 minutes; uncover; lay green-pepper rings and sliced olives on top. Cover and bake 30 minutes longer, or until chicken and rice are tender, and liquid is absorbed.