I have tried this in the current and beta versions of Premiere, and both give me strange issues.
I sent out a 1.5 hour long edit to proofreading for adjustment. I copied the corrections into a text document and tried to Text > Import > Import Corrected Transcript (TXT) and I get horrible results.
I have the original TXT file so I tried to import that - also horrible results.
first half has the time code and speaker name but <Type your caption here> until about 00:43:50:00 when it starts filling in the captions from the beginning but with the wrong speaker, The text is off, and towarrds the end it just puts all of the rest of the text under the last timecode.
Same results in both versions. Using both the original exported text file and the corrected file.
The Text corrections took the proofreader over a day to review - to stat again and work in SRT format would be costly - am i missing something?