Heat a large, heavy-duty, oven-safe skillet with a fitted lid over medium heat.
Add the ground beef to the skillet and cook until no pink remains, breaking it up as it cooks. Use a slotted spoon to transfer the beef to a plate, leaving the fat in the pan to cook the peppers and onions in.
Add the peppers and onions to the skillet and cook for a few minutes, just until soft, and then add the beef back in.
Stir in the tomato paste, Worcestershire sauce, Italian seasoning, garlic powder, kosher salt, and pepper.
Add the beef broth, canned tomatoes (with their juices), and tomato sauce, and bring to a simmer.
Once simmering, reduce the heat to low and stir in the rice. Cover the skillet and cook for about 15 minutes, or until the rice is soft and fluffy and most of the liquid has been absorbed. Start checking on the rice after 10 minutes and continue cooking as needed.
Once the rice is done cooking, turn off the heat and give the mixture a good stir, and then sprinkle the shredded cheese evenly over the top. Place the cover on the skillet and let the cheese melt naturally. You can serve right away, or add an optional panko and Parmesan cheese topping.
For the topping, combine the panko breadcrumbs, parmesan cheese, and melted butter in a small dish. Sprinkle the mixture evenly over the top of the melted cheese, then broil on high for a few minutes, until golden and crisp.
Remove the skillet from the oven, scoop it into serving bowls, and dig in!