Trim chicken. If any are very thick, cut in half.
Place chicken and 1 c water (or enough water to just cover the chicken) in a large pot. Cover and bring to a boil. Simmer for 5 minutes.
Add onion, green peppers, and tomatoes to pot. Bring to a boil.
Add rice. Cover and simmer, stirring occasionally, for 20 minutes, or until chicken is cooked through and rice is soft. (Add water as necessary)
Stir in chopped olives.
Garnish with basil and serve