Heat olive oil in a large pot over medium heat.
Add the sliced chorizo and cook for 4-5 minutes until browned and slightly crispy. Remove chorizo from the pot and set aside.
In the same pot, add the chopped onion and diced red bell pepper. Sauté for 4 minutes until softened.
Add the minced garlic, smoked paprika, and dried oregano. Cook for 1 minute until fragrant.
Pour in the canned diced tomatoes with their juice and chicken broth. Stir to combine.
Add the dried penne pasta to the pot and stir to submerge the pasta in the liquid.
Bring the mixture to a boil, then reduce heat to medium-low and simmer uncovered for 12-15 minutes, stirring occasionally, until the pasta is cooked and most of the liquid is absorbed.
Return the cooked chorizo to the pot and stir in the heavy cream and grated Parmesan cheese.
Cook for an additional 2-3 minutes, stirring frequently, until the sauce is creamy and heated through.
Season with salt and freshly ground black pepper to taste.
Remove from heat and sprinkle chopped fresh parsley over the top before serving.