You don't have to capture. You ingest.
IE: Copy files from your camera memory card onto your hard drive using the media browser.
See extract from Adobe Help below:
Import assets from file-based sources with Media Browser
You can import assets into Premiere Pro directly from tapeless media. However, it is more efficient to transfer tapeless media contents to a hard disk before importing. Also, playback performance is much better from a dedicated internal hard drive or RAID than from a camera or memory card reader.
Use the Media Browser, instead of File > Import, to import files from tapeless sources. The Media Browser assembles the relevant files into coherent clips, and does not import irrelevant non-media files sometimes found in the folders of tapeless media.
- (Optional) Transfer the entire contents of one or more P2 cards, Sony Compact Flash cards, XDCAM media, XDCAM EX SxS cards, hard disk camcorders, DVDs, or AVCHD media to a hard disk. For information about transferring these media, see About transferring files. Note: For XDCAM EX, copy the entire BPAV folder and its contents, not just one MP4 file at a time.
- If the Media Browser is not already open, select Window > Media Browser.
Note: You can dock or group the Media Browser like any other panel in Premiere Pro.
- Browse to the folder containing the media files. The Media Browser shows a thumbnail or icon (depending on the format) and shot name for each shot in the folder. The Media Browser automatically aggregates spanned clips and shot metadata from the subfolders into single clips for any of these formats. The Media Browser shows different sets of metadata for different formats.
- (Optional) To preview a shot before importing it, double-click the shot in the Media Browser. Premiere Pro plays the clip in the Source Monitor without importing it into the Project panel.
- Either select File > Import From Browser, drag clips from the Media Browser into the Project panel, or drag clips from the Media Browser into a timeline.
The asset or assets are imported into the Project panel as whole clips.
- (Optional) Transfer the entire contents of one or more P2 cards, Sony Compact Flash cards, XDCAM media, XDCAM EX SxS cards, hard disk camcorders, DVDs, or AVCHD media to a hard disk. For information about transferring these media, see About transferring files.
I have been using Final Cut Pro for years and haven't been happy with Final Cut X. My camera records .mod files. Do I have to transcode these files so that Adobe can read them?
Also, what I do like about Final Cut X is that rendering is done in the background. Is the same true for Premiere? I imported a .mov file and it took a while to render.
Sorry, I was under the impression that the Panasonic AG-HMC40 recorded .mts file format.
There was some discussion in the thread below about your problem which may be of help.
One of the replies in the above link stated:
"I just ran into the same problem and solved it by changing the file extensions from .mod to .m2t."
Otherwise someone else may have some other pearls of wisdom to offer.