Heat vegetable oil in a large stockpot or Dutch oven over medium heat. Add sausage, onion and bell peppers. Cook, stirring occasionally, until vegetables are tender, about 4-5 minutes.
Stir in rice, garlic, paprika, oregano, onion powder, thyme and bay leaf until fragrant, about 1-2 minutes; season with salt and pepper, to taste.
Stir in chicken stock, diced tomatoes, tomato paste and hot sauce. Bring to a boil; cover, reduce heat and simmer until reduced and flavors have blended, about 15 minutes.
Stir in shrimp; season with salt and pepper, to taste. Cook, covered, until pink and cooked through and rice is tender, about 5 minutes. Stir in parsley.