I just recently purchased PP & AE CC. putting together my first project on my new laptop and when i go to right click a clip on my Premiere pro timeline and proceed to push "Replace with after effects composition" It swaps to After Effects but nothing loads, i alt tab back to Premiere and it displays me the message "The importer reported a generic error"
If it's any help the footage is from my A7S filmed in SDXC format. everything works fine within the project. I've tried logging out and in of my adobe account updating restarting etc. had no luck.