(1) The state engineer shall inspect each dam that in the state engineer's opinion:

1. (a) poses a threat to human life; or
2. (b) could cause significant property damage if the dam failed.

(2) An inspection required by Subsection (1) shall occur:

1. (a) at increments commensurate with the relative risk to life and property; and
2. (b) not less than once every five years.