HEAT oil in large nonstick skillet on medium-high heat. Add chicken; cook 6 min. or until cooked through, stirring occasionally.
STIR in dressing, bouillon, mustard and peppers; cover. Simmer 2 min. or until heated through. Stir in rice; cover. Simmer 5 min. or until rice and peppers are tender.
REMOVE from heat; let stand 5 min. until liquid is absorbed.