Heat oil in heavy large pot over medium-high heat. Add chorizo and next 4 ingredients. Saute' until sausage is cooked through, breaking up sausage with back of spoon, about 10 minutes. Add garlic and thyme; saute' 2 minutes. Add 5 cups broth; bring to boil, reduce heat to medium, and simmer 20 minutes. Add beans and chicken; simmer until chicken is just cooked through, about 10 minutes, adding more broth if desired. Discard bay leaves. Season with salt and pepper.