In a large bowl toss the chicken with the soy sauce and set aside for 30-60 minutes to marinate.
Remove the chicken pieces from the bowl allowing excess soy sauce to drip back into the bowl and place skin side down in a large, cold skillet.
Set the skillet over medium high heat and cook the chicken until the skin is well browned - about 7-10 minutes depending on your stove's heat output. Leave the chicken alone at this point and don't be tempted to fuss with it. Lift a corner of one piece to see how it is progressing and take it out of the pan when it has a nice golden brown color.
While the chicken is browning mix the coconut milk, vinegar, garlic, bay leaves and pepper into the soy sauce left in the bowl.
Remove the chicken to a plate and pour off any fat in the pan.
Return the chicken to the pan, skin side down and pour in the coconut milk mixture.
Bring to a boil over high heat then reduce the heat to maintain a gentle simmer and cook, uncovered for about 20 minutes.
Flip the chicken over and continue cooking another 10 minutes or more if the thighs are particularly large. It should be tender enough that the meat will offer little or no resistance when poked with the tip of a small paring knife.
Remove the chicken to a plate and tent with foil to keep it warm.
If the sauce seems too thin, turn up the heat and reduce it until it thickens a bit. It should be just viscous enough to coat the back of a spoon. See note below.
When the sauce is the consistency you want it, return the chicken to the pan to warm it through and coat with sauce.
Serve the chicken over rice with the sauce.