Turn the Instant Pot to the sauté function and brown the ground beef or turkey. Drain any excess grease.

Add the onion, garlic, and bell peppers. Sauté for 2-3 minutes, stirring occasionally.

Stir in the beef broth, diced tomatoes, tomato sauce, Italian seasoning, paprika, salt, and pepper. Close the lid and set the Instant Pot to pressure cook on high for 10 minutes.

Once the cooking cycle is complete, allow a natural release for 5 minutes, then perform a quick release to let out any remaining pressure.

Stir in the cooked rice. Taste and adjust seasoning if needed.

Serve warm, garnished with fresh parsley if desired.