Heat the olive oil over medium heat in a large soup pot or Dutch oven. Add the beef and brown, breaking it up as you go and seasoning with a light sprinkle of salt and pepper. With a slotted spoon, transfer the beef to a bowl or plate. Drain off the grease in the pot, leaving a tablespoon or so to sauté the vegetables. (Alternatively, you may fully drain the grease and add another tablespoon of olive oil to the pot.)
Then, over medium heat, sauté the onion for 4-5 minutes or until turning golden in spots. Add the red and green bell pepper and garlic, and sauté for 2-3 minutes more, adding a pinch or two of salt and pepper.
Pour in the diced tomatoes, tomato sauce, broth, oregano, thyme, paprika, and the cooked beef. Bring the soup to a light boil, and then reduce the heat to low, cover and simmer for 30 minutes, stirring occasionally.
Meanwhile, cook the rice according to package directions. Once the soup is done, stir in the fresh parsley, sugar, and salt and pepper to taste. (I add ½ teaspoon of salt at this point, but total amount will depend on broth used, how lightly or liberally you seasoned earlier in the process, and personal preference.) Stir in desired amount of rice, top with optional cheese, and enjoy!