Preheat the oven to 350°F (175°C).
In a medium saucepan, bring 1 cup of chicken broth to a simmer. Add the uncooked rice and stir. Cover and cook for about 15 minutes, or until the rice is tender and the liquid is absorbed. Remove from heat.
In a large mixing bowl, combine the cream of mushroom soup, cream of chicken soup, onion soup mix, and olive oil. Mix until well combined.
Place the chicken breasts in the 9x13 inch baking dish and season with salt and pepper. Pour the soup mixture evenly over the chicken, ensuring it is well coated.
Spread the cooked rice over the chicken and sauce mixture, making sure it covers the entire dish.
Cover the baking dish tightly with aluminum foil and bake in the preheated oven for 30 minutes.
After 30 minutes, remove the foil, sprinkle the shredded cheddar cheese on top, and return to the oven for an additional 15 minutes, uncovered, until the cheese is melted and bubbly.
Once done, remove from the oven and let it sit for 5 minutes before serving. Garnish with fresh parsley if desired.