Heat olive oil in a large deep skillet or Dutch oven over medium-high heat.
Season chicken breasts evenly with salt, black pepper, and garlic powder on both sides.
Add the chicken breasts to the skillet and sear for 4-5 minutes on each side until golden brown but not fully cooked through. Remove chicken from the skillet and set aside.
In the same skillet, add the chopped onion and minced garlic. Sauté for 2-3 minutes until the onion is translucent and fragrant.
Add the rinsed rice to the skillet and stir to coat the rice with the oil, onions, and garlic. Cook for 1-2 minutes.
Pour in the chicken broth and heavy cream. Stir to combine and bring the mixture to a gentle boil.
Return the chicken breasts to the skillet, nestling them into the rice mixture.
Reduce heat to low, cover the skillet with a tight-fitting lid, and simmer for 20 minutes.
After 20 minutes, remove the lid and check if the rice is tender and the chicken is cooked through (internal temperature should reach 165°F/74°C). If needed, cook uncovered for an additional 3-5 minutes.
Stir in the grated Parmesan cheese and frozen peas until the cheese melts and peas are heated through.
Sprinkle chopped fresh parsley over the dish before serving.