HEAT oven to 350ºF.
HEAT oil in large skillet. Add peppers and onions; cook and stir 5 min. or until crisp-tender. Stir in taco seasoning mix and water; cook and stir 1 min. Spoon into large bowl; cool 10 min.
ADD meat, rice, eggs, 1 cup cheese and 1/2 cup salsa to vegetable mixture; mix just until blended. Divide in half.
SHAPE half the meat mixture into 8x4-inch loaf in 13x9-inch baking dish sprayed with cooking spray; top with 1/4 cup each of the remaining salsa and cheese. Press remaining meat mixture into 12 muffin pan cups sprayed with cooking spray; top with remaining salsa, then cheese.
BAKE 55 min. or until done (160ºF), removing mini meatloaves from oven after 15 to 20 min. Cool mini meatloaves completely.
SLICE large meatloaf to serve. Transfer mini meatloaves to freezer-weight resealable plastic bag; seal bag. Freeze up to 3 months.