In a large pot, soak the red beans in water overnight. Drain and rinse the beans before cooking.
In the same pot, heat the olive oil over medium heat. Add the diced onion, bell pepper, and celery. Sauté for about 5 minutes until the vegetables are softened.
Stir in the minced garlic, smoked paprika, thyme, cayenne pepper, and bay leaf. Cook for an additional minute until fragrant.
Add the soaked red beans and chicken broth to the pot. Bring to a boil, then reduce the heat to low and simmer uncovered for about 1.5 to 2 hours, or until the beans are tender. Stir occasionally and add more broth or water if needed.
In a separate pot, cook the rice according to package instructions.
Once the beans are tender, stir in the sliced smoked sausage and season with salt and pepper to taste. Simmer for another 10 minutes to heat the sausage through.
Serve the red beans over the cooked rice and garnish with chopped green onions.