The error refers to constructing a time value with a framerate of zero, which is illegal. Try importing the clip into a fresh project, let me know if it still comes in with the wrong framerate.
Since it's an MPEG, it has to be indexed by Premiere - you could also try to force Premiere to regenerate the index file. If you look under Preferences - Media, there's a path listed for the location of the Media Cache. Either use the 'Clean' button, or (as I prefer to do, just in case) navigate to that directory and blast the contents.