Sprinkle chicken pieces with salt and pepper. In a very large skillet cook chicken in hot butter about 5 minutes per side or until browned. Drain off fat.
Meanwhile, in a small mixing bowl combine the whipping cream, tomato paste, thyme, bay leaf, and saffron; mix well.
Pour cream mixture over chicken in skillet. Bring to a boil; reduce heat. Cover and simmer 30 to 35 minutes or until tender and no longer pink (an instant-read thermometer inserted in the thickest part of the thigh registers 180 degrees F). Remove chicken from skillet; keep warm. Boil sauce gently about 5 minutes or until desired consistency. Discard bay leaf. To serve, arrange chicken on a serving platter and spoon sauce over chicken. Makes 6 servings.