you can output from After effects as an AVI (export using the same settings as your project settings in Premiere) and import that into Premiere like you would any other clip.
You'll need to play around with backgrounds and transparencies if you want to have just a text effect for example from AE over the top of a premiere clip, but you'll still be exporting as an AVI.
I don't think there's any way you can export the effect into Premiere and then change the settings of the effect within Premiere if that's what you want to do.
bit of a crap explanation by me, but I'm sure someone more helpful will respond soon.
Panasonic SD9, Panasonic NVGS-75, Canon MV600i