01 - Set Instant Pot to Sauté mode. Add oil and sauté onion and garlic until translucent, approximately 2 minutes.
02 - Add chicken pieces and cook for 3 to 4 minutes, stirring occasionally, until lightly browned on all sides.
03 - Stir in carrots, rice, salt, pepper, paprika, and thyme. Pour in chicken broth and mix thoroughly. Add bay leaf to the mixture.
04 - Cancel Sauté mode. Close lid and set valve to sealing. Cook on Manual or Pressure Cook mode for 10 minutes.
05 - Allow natural pressure release for 10 minutes after cooking completes, then release remaining pressure manually.
06 - Open lid and remove bay leaf. Stir in frozen peas, close lid, and let sit for 2 minutes to heat through.
07 - Fluff rice with fork, garnish with chopped parsley, and serve warm.