Spray a 9 x 13-inch baking dish with cooking spray and set aside.
Heat the olive oil in a large pan on medium-high heat.
Add the onions and green peppers and cook, stirring occasionally until vegetables are tender, about 8 minutes.
Add the garlic and cook, stirring for a minute more.
Add in the sausage and red beans and stir.
Mix in the can of undrained diced tomatoes and chilies, the rice and the chicken broth. Stir well.
Transfer to the baking dish and top with shredded cheddar cheese.
Cover baking dish with foil and bake for 30 minutes.
Serve.
Notes
If you find the Ro-Tel brand of diced tomatoes and chilies too spicy for your tastes, a reader suggested using a regular can of diced tomatoes and a can of mild diced green chili peppers instead. It still gives the great flavor without too much heat.