Place rice and 2 cups water in a medium saucepan, and bring to a boil. Cover, reduce heat, and simmer 20 minutes.
Heat olive oil in a medium saucepan over medium heat, and saute onion and green bell pepper until tender.
Stir steak, garlic, and browning sauce into the onion and green bell pepper mixture. Season with paprika, seasoning salt, and black pepper. Cook and stir until steak is evenly browned. Mix in 1 1/2 cups water, and bring to a boil.
In a small bowl, dissolve cornstarch in 1/2 cup water. Stir into the boiling steak mixture until thickened. Serve over the cooked rice.