Heat oil in a large Dutch oven over medium-high heat. Add ham; sauté 1 minute. Add onion and garlic; sauté 2 minutes. Stir in tomato sauce and broth; bring to a boil. Add rice and next 5 ingredients (rice through bay leaf); bring to a boil. Cover, reduce heat, and simmer 20 minutes, stirring occasionally. Discard bay leaf. Sprinkle each serving evenly with bell pepper. Garnish with a cilantro sprig, if desired.