HEAT oil in large skillet on medium-high heat. Add chicken and peppers; cover. Cook 4 to 5 min. on each side or until chicken is done (165°F), stirring peppers occasionally. Remove chicken from skillet; cover to keep warm.
ADD spaghetti sauce and water to skillet; stir. Bring to boil.
STIR in rice; top with chicken. Sprinkle with cheeses; cover. Cook on low heat 5 min. or until mozzarella cheese is melted.