Place rinsed beans in a medium pot. Cover with water and bring to a boil. Remove from heat and let stand for 1 hour.
In a large pot, cook pancetta until very crisp. Add onions, celery and bell pepper. Cook until the vegetables are done (8-10 minutes). Add salt and pepper and cayenne. Stir.
Add in the garlic, thyme, parsley and sausage. Cook until sausage is browned, stirring frequently.
Pour beans and chicken stock into pot. Stir and add bay leaves. Reduce heat to low. Simmer for 2 hours until the beans are done. Do not cover.
Serve over white rice. Garnish with chopped chives.