Sweet and Sour Meatball Simmer

3/4 Lb frozen prepared meatballs
1 medium each red and yellow pepper cut into chunks
1/4 Cup water
1/4 Cup apricot jam
1/4 Cup Catalina Dressing
2 TBS soy sauce
3/4 tsp ground ginger and garlic powder
2 Cups cooked rice

Combine all the ingredients except rice in large skillet; cover. Cook on medium heat 10 minutes, stirring occasionally. Increase heat to medium-high; uncover. Cook 8 to 10 minutes or until sauce is thickened and meatballs are heated through, stirring occasionally. Serve over the hot cooked rice.