(a) A reimbursing employer is entitled to the rights and privileges and subject to the duties and responsibilities of all provisions of this subtitle other than the following provisions of Chapter 204, which do not apply to a reimbursing employer:
(1) Sections 204.001-204.008;
(2) Subchapters B, C, and D of Chapter 204; and
(3) Sections 204.081-204.085.
(b) An election to become a reimbursing employer is a waiver of the rights afforded under Chapter 204 that do not apply to a reimbursing employer.