In large saucepan, heat oil over medium-high heat. Add sausage, onions and peppers; sauté until onions are softened (about 3-5 minutes).
Add in beans, chicken broth, undrained tomatoes, chili powder, cumin and thyme. Bring to a boil, stirring frequently.
Stir in rice and continue simmering, stirring frequently, until rice is tender and liquid is absorbed.