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Combine wine and saffron; let stand until ready to use. Season chicken on both sides with salt and pepper. Heat oil in a large braiser or heavy-bottomed, straight-sided saute pan over medium-high heat. Cook chicken, skin side down, until browned, 4 to 5 minutes. Flip, and cook until golden brown, 2 minutes; transfer to a plate.
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Reduce heat to medium, and cook onion and garlic, stirring often, until tender, 10 to 15 minutes. Add tomato, and cook, stirring often, for 15 minutes. Stir in wine-saffron mixture, 1 tablespoon salt, 1/2 teaspoon pepper, and the bay leaves. Cook until wine is almost completely evaporated, 10 to 15 minutes. Add chicken, stock, rice, and olives; bring to a simmer.
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Reduce heat to low. Cook, covered, stirring halfway through, until rice is tender, about 45 minutes. (If rice is not done, add more stock, cup at a time.) Remove from heat and let stand, covered, for 10 minutes. Discard bay leaves. Season with salt and pepper.